How to Properly Secure Your Concrete Pumps
The concrete pumping business presents many challenges, one of which is being adequately insured when something goes wrong. Many concrete pumping companies have pumps and assume they are automatically insured under their general liability policy, unfortunately they are not.
Trailer concrete pumps must be secured under what is called an inboard marine float. This type of insurance policy provides comprehensive coverage for your pump, insuring it against perils such as theft, vandalism, and damage it may cause you in the event of a car accident. This is similar to the coverage you may have on your car.
Like any other trailer, liability coverage automatically extends from the vehicle to the trailer it is towing. For example: If your trailer hits another vehicle, your auto policy will provide liability coverage to repair the vehicle you damaged. Repairs will only be provided up to the limits of your policy. Keep in mind that if the auto policy your truck carries does not include commercial coverage, the insurance company will most likely deny your claim. Make sure you have an appropriate commercial auto policy before towing anything for commercial use.
What about the concrete pumps you can drive? How are they insured? Because these types of pumps are self-propelled, they should be insured under a standard commercial auto policy. Be sure to mention any custom equipment you have to your agent. As with any auto policy, custom equipment must be listed as such and endorsed against the coverage limits. Custom equipment can include any aftermarket stereo system, hose reels, ladder racks, etc.
Always provide the replacement cost you would like if your pump is stolen and request that it be stated in your policy. This will ensure that you have enough to replace the pump in the event of a leak. Some companies provide the actual cash value of their pumps unless otherwise requested. This means you’ll get replacement cost less depreciation to make up for your pump. The actual cash value may not be enough to purchase another pump if yours is damaged, this option is not recommended.
Always consult your insurance agent before making any final decision on your insurance policy. Every concrete pump is different and may have specific needs. Keep these points in mind when shopping for your insurance policy, and you’ll be well on your way to protecting your business in the event of loss.
