Insure Your Concrete Pumps Insure Your Concrete Pumps: Concrete pumping business has many challenges, one of which is adequately insured in the event of a problem. Many concrete pumping companies have pumps and assume that they are automatically insured under their general liability insurance policy, unfortunately they are not.
Trailer concrete pumps should be provided under what is called an interior marine float. This type of insurance policy provides comprehensive coverage for your pump, insuring it against dangers such as theft, vandalism, and the damage you could cause in the event of a car accident. This is similar to the coverage you can have in your car.
Liability Coverage
Like any other trailer, liability coverage is automatically extended from the vehicle to the trailer it tows. For example: If your trailer erases another vehicle, your auto insurance policy will cover the responsibility of repairing the vehicle you have damaged. Repairs will only be provided within the limits of your policy. Remember that if your truck's auto insurance policy does not include commercial coverage, the insurance company will most likely refuse your claim. Make sure you have an appropriate automotive trade policy before towing anything for professional use.
Concrete Pumps
What about concrete pumps that you can drive, how are they insured? Since these types of pumps are self-propelled, they should be insured under a standard commercial automobile policy. Be sure to mention any custom equipment you have to your agent. As with any auto insurance policy, custom equipment must be marked as such and approved within the limits of coverage. Custom equipment can include all aftermarket stereo systems, hose reels, ladder racks, etc.
Always indicate the replacement cost you would like in case your pump is stolen and ask for it to be stated in your policy. This way you will be sure to have enough to replace the pump in case of a loss. Some carriers provide the actual cash value of your pumps unless otherwise requested. This means that you will get the replacement cost minus the amortization to pay you on your pump. The actual cash value may not be sufficient to purchase another pump if yours is damaged, this option is not recommended.
Always consult your insurance agent before making any final decisions regarding your insurance policy. Each concrete pump is different and may have specific needs. Keep these points in mind when shopping for your insurance policy and you will be well on your way to protecting your business in the event of a loss.
