If you are about to set out on a project involving a crane in any capacity, chances are high that you need Crane Insurance.
Despite years of frequent use in construction projects around the world, crane accidents and issues are more likely than you might expect. Natural disasters can occur, wires can get crossed, materials can fall off of the crane and injure someone, the crane can be overloaded, and so much more. These manifold hazards mean that operating a crane can be very costly — which is why you need to be protected in case of issues.
Crane Insurance is the best way to do that. Let’s explore why.
Why Do I Need Crane Insurance?
Before any project involving a crane is undertaken, the operator of said crane should — and is often required to — be covered under what is called “rigger’s liability” or “hook coverage.” This essentially dictates the coverage designated for the crane operator, including their coverage for acts like lifting the crane, transporting it, and eventually setting it into place. A policy of this nature should also cover the third party’s property.
However, it is often advisable to seek coverage beyond mere “rigger’s liability.” While “hook coverage” may support smaller claims or basic fixes, crane insurance can protect you from more expensive repairs and potential lawsuits. Additionally, coverage under crane insurance reduces your exposure to potential financial loss while protecting you against liability claims made by third parties.
What Does Crane Insurance Cover?
Generally speaking, crane insurance policies are planned to protect your business in the unfortunate event that your crane sees damage or destruction while on the job. Additionally, crane and rigger’s insurance can protect you from liability in areas like vandalism, injury or damage to a third party, and even in cases of theft.
More specifically, crane insurance can cover components like general liability, physical damage, the cost of rented equipment used while your usual equipment is undergoing repairs, liability of autos transporting cranes, and more. Another key component may be inland marine coverage, which covers any equipment that cannot be affixed in a single location — a coverage that can be expanded with equipment floater coverage. Additional add-ons are also available, such as excess liability coverage, equipment breakdown coverage, coverage in cases of business interruption due to maintenance, and more.
Conway E&S will partner with your agency; and help design the best insurance program specifically suited for your insured.
The Lines of Coverage offered by Conway E&S can include:
- General Liability
- Riggers Liability
- Inland Marine
How Much Does Crane Insurance Cost?
Costs for crane insurance can vary depending on factors like your total amount of exposure, the value of the equipment owned by your business, and, crucially, your location.
In New York City, for example, getting crane insurance can cost considerably more, due to the complexities of the jobs, legal climate and labor law issues, then it would be for an operation located in a close-by neighboring state.
Again, as the range of these costs is large due to the numerous factors that impact it, the best way to determine the potential cost of your coverage is by reaching out to Conway E&S. With decades of experience underwriting and supporting clients in a multitude of fields, we can help you find the solution you need for your project. For more information, please contact Ken Helmick.