What Is A Crane Insurance And Rigging Insurance Program?
It is not easy to execute tasks in a safe manner that involve lifting heavy objects. Crane is important equipment used in a wide range of industries. These tasks involve a range of risks, hazards and potential disasters. Overloading the crane, colliding with electrical wires, loaded materials falling off, and more, these risks involved in crane operations can be damaging, dangerous and extremely costly.
This is the reason why you should explore all the options available to you to choose the right crane insurance and rigging insurance program. Depending on the needs of a business, there are different types of crane insurance and rigging insurance programs.
You can also work with an independent agent to eliminate all the hassles involved in searching and buying a policy. The agent can also help you in customizing the coverage you need.
In simple words, crane insurance protects your crane against theft, vandalism, fire, storms, accidents and other natural and human damages. These damages can occur during operation and transportation. Crane insurance covers these damages. However, these damages do not include wear and tear on the equipment. A complete policy covers third-party liability as well.
This coverage is for contractors. These are the people moving the property. This includes operations including lifting, transporting and then setting it into place.
Why Crane Insurance
Most of the project contracts make it mandatory to have some sort of rigger’s liability coverage for the crane operator. However, it is good for your equipment, business and workers to have additional coverages as well. This can protect your business from lawsuits, and business and equipment from expensive repairs.
Your crane is costly and heavy equipment that can cause massive damage if not handled properly. Even a minor accident during the operation and transportation can cause serious and costly damage. Mother nature factors and some man-made factors can cause permanent damage to the machine. When a damaged machine remains out of operation, this can lead to financial losses. With a crane and rigging insurance program, you can minimize your financial losses. You get protection against third-party liability claims.
What Does This Program Cover?
The goal of this policy is to protect your business when your equipment endures some sort of damage. Your crane might get damaged on the job, due to some act of vandalism. A third party injury or damage can lead to third party liability claims. The right insurance policy covers these liability claims.
A crane insurance and rigging insurance program covers the following key components:
- General liability
- Physical liability
- Rented/leased equipment
- Inland marine
- Equipment floater
- Auto liability
- Optional add-ons to coverage
- Excess liability
- Equipment breakdown
- Business interruption
The cost of this insurance program depends on the amount and value of the equipment you have rented or you own. The size and location of your business are other important factors. For example, when it is a high-value property, it can involve expensive lawsuits. This is the reason why the cost of policies for big businesses in major metropolitan areas is high.