What it does

IM 7000 is AAIS's Contractors' Equipment Coverage form. Carrier forms schedules for AAIS-based commercial package programs list it under that title, and AAIS lists contractors' equipment among the construction classes in its Inland Marine Guide. AAIS (American Association of Insurance Services) publishes this form in its Inland Marine Guide, a multistate program of inland marine forms, rules and rating procedures that AAIS member insurers adopt. AAIS numbers its inland marine forms with the IM prefix and four digits, which distinguishes them from ISO's CM and IH forms.

Who needs it

Contractors with owned, leased or rented equipment and tools that travel between yards and jobsites; equipment lenders and lessors usually require it.

Quoting and selling notes

Gather an equipment schedule with serial numbers and values, rented-in and rented-out equipment, theft protection and loss history. Compare the AAIS form with the ISO alternative (IH 00 68) when a carrier offers both: additional coverages such as rental reimbursement, employee tools and newly acquired equipment differ between programs.

Before presenting it

AAIS forms are available to member insurers, and carriers often add their own endorsements or edition changes. Obtain the carrier's specimen and review covered property, property not covered, exclusions, valuation, deductible and coinsurance or reporting conditions with the insured.

Related forms

IM 7100, IH 00 68.