Inland marine??

[CanaryBoss]

I was told by my insurance agent today that I need an inland marine policy on my chipper. Has anyone ever heard of such a thing?

 

[KentuckySawyer]

Yes

 

[colb]

I was told by my insurance agent today that I need an inland marine policy on my chipper. Has anyone ever heard of such a thing?

You need one on anything that doesn't have it's own insurance, if you want to recover insurance money in the event of theft. All the "equipment". So, skid steer, chainsaws, trailers, etc., but not automobiles, the business, the staff, etc. If you can guard it, then you might choose to go without it, but you'll have to decide if you could operate the next day if someone cleaned you out overnight.

 

[CanaryBoss]

Thanks for the input. Turns out it’s common

 

[Reach]

It is quite common, we have it on our chipper specifically, but also to cover skid steer, saws, etc. Also we have rented equipment coverage, which I believe is through our Inland Marine policy, but could be through one of the other policies we have, I don’t remember...

 

[Steve Connally]

I have 3 inland marine policies. Believe it or not the crane boom mounted on the truck has to have its own policy

 

[Fivepoints]

Steve, why does your boom have to have its own inland marine? Our crane has an inland marine policy that covers our whole crane.

 

[evo]

I have 3 inland marine policies. Believe it or not the crane boom mounted on the truck has to have its own policy

Some one might steal the crane off the truck..

 

[colb]

Someone might rip an atm out of a bank with the grapple saw. Heck, Steve might.

 

[CanaryBoss]

Sounds like something I might do. Got to pay for it somehow

 

[CanaryBoss]

Any recommendations for an insurance carrier? I have reached my aggregate limit with my current carrier and they will not insure any more $ with me. Now I just have a single chipper I need insured outside of my regular policy

 

[ATH]

Just to be clear, you don't "need" inland marine on that chipper...it is just not protected as an asset. You still protected from a liability standpoint under the regular policy, right?

You need to answer 2 questions:
1) what is the probability of a covered loss?
2) if it is not covered by insurance, can you sustain that loss without insurance?

 

[CanaryBoss]

I’ve placed it as collateral. I need insurance. Any suggestions?

 

[colb]

Get a canary in a cage and attach it to the chipper. If the canary disappears, you'll know the chipper is gone.

If you have an all lines agent, they should be easily able to turf one up for you. Inland marine policies are pretty easy to get...

 

[Steve Connally]

Steve, why does your boom have to have its own inland marine? Our crane has an inland marine policy that covers our whole crane.

The cab and chassis is covered but a commercial auto. The difference is this is a "broom truck" like deal. If your crane is titled, manufactured, and registered as a crane then its one policy. Like a grove or something. These other trucks are built on a chassis that already has a vin so it's considered 2 different components.

 

[Benjo75]

All of my bucket trucks are covered under one policy but they want the truck and the boom valued separately. It's up to me how much I want each valued for. Whatever I have it set as is fine with them but they won't pay any more than that amount.

 

[flyingsquirrel25]

Any recommendations for an insurance carrier? I have reached my aggregate limit with my current carrier and they will not insure any more $ with me. Now I just have a single chipper I need insured outside of my regular policy

Don’t stop at the chipper! Anything that is not covered by an auto policy should be covered by inland marine for your protection. Chippers, lifts, skid steers, small equipment, grinders, etc.etc.etc. Check with your auto insurance too because sometimes trailers are covered if connected to a truck some times not. But almost always the tools on the truck or trailer are not ! Think about the $$$ in saws on your truck if some scum bag cleaned you out! I could easily cover a couple but it would hurt if I had to replace them all. Had a guy locally a few years back had his barn catch fire, everything went up. Don’t know his insurance situation but he is really just starting to come back from it. It’s scary to think it could all be gone in a blink of an eye!

 

[Serf Life]

My policy keeps going up without any claims and while the gear is depreciating. Just quoted $4k/yr for chipper and mini, up $400 from last year through Acadia Insurance. Asked my agent to shop around, any cheaper ones out there?

 

[Serf Life]

For comparison I just signed papers on a Kioti tractor for ~$30k, insurance is inhouse and $1500 total for 84mo. So basically wtf?

 

[Treemuel]

My policy keeps going up without any claims and while the gear is depreciating. Just quoted $4k/yr for chipper and mini, up $400 from last year through Acadia Insurance. Asked my agent to shop around, any cheaper ones out there?

My policy is through Ohio Mutual and they cover everything under one policy: GL, commercial auto, and inland marine. Maybe see if there's an agent near you who works with them to get a quote. I definitely seem to be getting a pretty good deal from everything else I've heard.