Marine Construction® Magazine

  • Home
  • RESOURCES
    • EQUIPMENT
    • MATERIALS
    • MANUALS
    • SERVICES
    • LEGAL
    • EDUCATION
    • SAFETY
  • SUBSCRIPTION
    • ISSUES
  • SOFTWARE
  • ADVERTISING
  • WEBINAR
    • VIDEOS
  • CONTACT US
  • BLOG
  • Classifieds
MCMag NEWS
  • Duties of a “Pile Inspector”   |   Feb 02 2021

  • Driving Piling Over Water and Lifting Equipment   |   Feb 02 2021

  • ESC’S MARINE & FOUNDATION PILING   |   Jan 13 2021

  • NUCOR COLMAN DOCK – SEATTLE, WASHINGTON   |   Jan 12 2021

  • Composite Fendering Piles Fit The Bill   |   Nov 24 2020

  • Composites Upgrade Marine Infrastructure   |   Nov 24 2020

 
You are at :Home»BLOG»Is Your Heavy Equipment Covered?

Is Your Heavy Equipment Covered?

MCMag Jan 29 2020 BLOG Leave a comment 5589 Views

Heavy equipment insurance is a broad term that basically means the coverage you get to specifically cover any equipment that gets damaged or goes missing during a job. that may sound simple, however, it can cover more than that. You can get coverage for loss, employee equipment, borrowed tools, clean up, and much more. 

Types of Heavy Equipment Coverage

Within heavy equipment insurance coverage contractors have some options. The ideal coverage options allow a contractor to easily replace damaged or stolen equipment without cost after the deductible.

Operating risk refers to any damage that happens while the equipment is in operation or being transported. Things like fire, theft, weather, and more are covered.

What About Leased Equipment?

If you lease equipment for a job you may be held liable if the machine is damaged. Many times your contractor’s policy will not protect you. 

If you lease heavy equipment you should check with the company you are renting from, you may be required to get insurance on that piece of equipment. You can add a rental policy to your Marine Coverage, and you will be covered for sure. 

Can You Loan Equipment?

Every contractor should speak with their insurance agency and find out if they can loan heavy equipment. You want to confirm your existing policy will cover a machine if you were to loan it out.

Generally, insurance companies frown upon this. Certain policies will allow it, but you must confirm before engaging in such activities.

Will Your Current Heavy Equipment Insurance Policy Protect You If Something Bad Occurs?

There should be no such things as a one-size-fits-all heavy equipment insurance policy. Contractors have unique needs and require specialized insurance offerings to meet the demand within the industry. 

As a contractor or company within the construction industry, it’s imperative you dive into your current policy and see if there are any gaps.

Here is an example: 

A contractor leased a piece of equipment for a job and failed to add Equipment Rented Coverage on their policy. The equipment was destroyed by vandals. The contract with the rental company required the contractor to protect/cover the equipment.

The Result: The Contractor paid in full out of pocket!

2020-01-29
MCMag
Twitter Facebook linkedin Pinterest Email Print More

Authors

Posted by : MCMag
Previous Article :

Floating Breakwaters, Docks and Marina Systems

Next Article :

Understanding Contractors Insurance

Related Articles

FLOATING DOCKS PREVENT SEVERE DAMAGE TO BOATS DURING HURRICANES

FLOATING DOCKS PREVENT SEVERE DAMAGE TO BOATS DURING HURRICANES

MCMag Sep 17 2020
Quiet Pile Driving Technology

Quiet Pile Driving Technology

MCMag Mar 20 2020
U.S. Navy FRP Composite Submarine Camels

U.S. Navy FRP Composite Submarine Camels

MCMag Nov 23 2020

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *


Deprecated: ctct_get_settings_option is deprecated since version 1.9.0! Use constant_contact_get_option instead. in /home/jennifersmith/public_html/wp-includes/functions.php on line 4859

Advertisement

Current Issue

Current Issue

Previous Issue

Current Issue

More Info!

Marine Construction® Magazine publishes Six (6) Issues per year, once every 2-Months. We are by no means your typical publication. With over 30,000 readers, we pride ourselves on covering the topics of “actual usefulness” to our readers. Yes, we are a little unorthodox but…we like it like that. The bottom line is, if you are in the Marine Construction or related industry…you’ve come to the right place.

Random Posts

  • BARGE & FLOATING EQUIPMENT SAFETY

    BARGE & FLOATING EQUIPMENT SAFETY

    MCMag Jul 16 2020
  • Mooring Operations and Port Facility Safety

    Mooring Operations and Port Facility Safety

    MCMag Sep 30 2020
  • Understanding Contractors Insurance

    Understanding Contractors Insurance

    MCMag Jan 31 2020

Follow us

Sign up for our eNewsletter

Select list(s) to subscribe to


By submitting this form, you are consenting to receive marketing emails from: J.J. Smith & Company, P.O. Box 1915, Naples, FL, 34106, http://www.marineconstructionmagazine.com. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact
© Copyright 2019, MarineConstruction®Magazine. All Rights Reserved