What kind of insurance do you have for your truckmount?

[davep105]

I am thinking of switching my insurance agents. The new one gives me a little work with some of his rentals. The one I am using now has my truckmount insured under my commercial van policy. This guys says that I can't do that becuse it can be removed from the van and I need to put it under a business policy? Going to meet with him tommorrow. Wanted to ask how some of you guys have your equipment insured.

 

[esquireservicesinc]

We have Selective Insurance here through a local agent. We carry a $3,000,000 general liabiliy and I am pretty sre he is right about the fact it can be removed. I have a "Bailees" policy which covers rugs in transit, which is important if you are picking up rugs and cleaning them. The equipment policy is definitely different from the commercial van.

 

[TimP]

My insurance is all done through one company.

I have liability insurance, vehicle insurance, and equipment insurance.

The equipment insurance is called an "inland marine" policy or something like that I think. It's insured for a $ ammount, but has listed the items insured. Which will cover my equipment in the event of a crash or theft, required by my lease company. I think it's like 400 a year but I'm not entirely sure since that number is just off the top of my head.

 

[esquireservicesinc]

My insurance is all done through one company.

I have liability insurance, vehicle insurance, and equipment insurance.

The equipment insurance is called an "inland marine" policy or something like that I think. It's insured for a $ ammount, but has listed the items insured. Which will cover my equipment in the event of a crash or theft, required by my lease company. I think it's like 400 a year but I'm not entirely sure since that number is just off the top of my head.

Inland marine is right! I couldn't think of the name of it.

 

[Terry]

I've my both my HM cds(pto) and HM boxer insured under my vechicle policy. It took getting all the machines numbers, cost and pictures to the agent who had the underwriters decide how to proceed. A good policy at a good price.
You have to be persistant to make sure you're covered properly, some insurance agents haven't a clue what a truckmount is.

I know of 1 guy who had a used van carrying a new truckmount that caught fire (wire in van heater) He didn't have insurance on the machine and is out of business.

 

[esquireservicesinc]

I've my both my HM cds(pto) and HM boxer insured under my vechicle policy. It took getting all the machines numbers, cost and pictures to the agent who had the underwriters decide how to proceed. A good policy at a good price.
You have to be persistant to make sure you're covered properly, some insurance agents haven't a clue what a truckmount is.

I know of 1 guy who had a used van carrying a new truckmount that caught fire (wire in van heater) He didn't have insurance on the machine and is out of business.

And I am sure he is not the only one out here who is not properly insured.

 

[TimP]

If you're leasing like I am.....the lease company makes sure you are covered to cover their on rears.... I'm required to have .5 mil liability on the van for their rear, and of course full coverage since they own the van. I only carry like 150 grand on my personal vehicles...keep in mind that most homes aren't over 100 grand for hitting a building and well if someone gets hurt they better get well for 150 grand or less. Oh and I have nothing to loose really so I don't need any more.

 

[Larry B]

Van is on commercial auto

TM is covered on our GL with an equipment waiver.

 

[davep105]

Thanks for all the info. I am trying to get everything insured the right way.

 

[Carpet Cleaning Fool]

You might need a minimum of Business General Liability, Inland Marine, and Commercial Auto. My two favorites are Zurich Insurance (800-431-4836) or a local Farmers Insurance company.

 

[Able 1]

Great thread! My agent just asked me how much is your equipment worth I said I wanted coverage to $25,000. Now I question what my coverage actually covers.

 

[Terry]

run the scenerio by your agent of your van being in an accident and getting totaled causing your truckmount to be totaled also. See if you have full replacement cost.
I for a number of years was so called covered under equipment, questioned it to find out I would have got little or nothing for my truckmount. Thankfully nothing happened while I was improperly insured.

 

[esquireservicesinc]

Also look into loss of income. Selective really has a nice commercial package.

 

[Supersucker]

Gotta read those policies! Here is a guide to reading them:

1) Perils insured against. Is the policy all-risk or named peril?

2) Exclusions. Some items may be excluded from coverage

3) Supplementary Coverage. Extensions of coverage, additional insurance not listed previously

4) Specific limits. Quite a list of these on most homeowner policies, for example.

If you have any questions about coverage, it is much better to ask an adjuster than an agent, just the way it is from my experience.

 

[daniel@procarpet]

What type of insurance should I get to insure all of my equipment and trucks? I currently have a 2 million dollars liabity policy with some equipment coverage. My trucks are ensured on a separate policy. I have two trucks and machines. I have heard of replacement cost insurance. Does this apply to truckmounts or can I only get insurace that pays fair market value? What do you guys currently pay for your insurance policies?

 

[daniel@procarpet]

Opps, I meant insure not ensure

 

[MicahR]

What is inland marine coverage?
Inland marine coverage protects against damage to property such as valuable papers, accounts receivable, fine arts, contractors equipment or any other specialized equipment.

Why do I need inland marine coverage?
Almost every business depends on some kind of specialized property to do business. Be it valuable papers, laptops or surveying equipment, property coverage protects you against loss of or damage to these essential pieces of your business. It only takes one disaster to wipe out your equipment.

 

[esquireservicesinc]

What type of insurance should I get to insure all of my equipment and trucks? I currently have a 2 million dollars liabity policy with some equipment coverage. My trucks are ensured on a separate policy. I have two trucks and machines. I have heard of replacement cost insurance. Does this apply to truckmounts or can I only get insurace that pays fair market value? What do you guys currently pay for your insurance policies?

A good commercial policy company, such as Selective can get you set up with all the right coverages. Inland marine is important and covers the TM and other equipment. If you do a lot of picking up of valuable oriental rugs I would suggest a Baillees writer, which is also available through Selective. This covers someone elses property that is in your possession. Definitely spend some time with an agent who really knows this. We carry a $3,000,000 GL policy due to the size of some of our commercial accounts.

 

[davep105]

My agent told me that he could group my liability and equipment insurance together in a package, it has the marine insurance. It covers the cost of my truckmount which was 10,000 and 5,000 for other equipment in my van or in my garage. If my tm gets totaled in the future than I would only get what its worth at that time. He says that it has some stuff in the policy that I probably would'nt need but its a good deal to buy it in the bussiness package? The cost is about 1300.00 per year.

 

[Curtis Pennington]

Enough to cover my van and buy another TM.

 

[Spurling]

for those who use a space heater .. you may want to mention that .. some agencies like loop holes to escape coverage .. they may say you used a heater improperly .. therefore youre not covered .. also make sure your wire is a 10 guage ..12 will work but 10 is safer ..years ago I used 14 and melted the end ..