Insurance Rates

[erthmover]

I was wondering what everybody pays for insurance per year for excavating and grading. I'll be looking for insurance soon and would like to get and idea of what kind of numbers I could expect. Thanks

 

[dayexco]

get ready to bend over and take it like a man!

 

[Bob Horrell]

It depends a lot on how deep you are excavating. A lot of folks fudge on what depth they say they excavate. The problem is if you have a problem on an excavation deeper than you are covered for, you are in deep dodo.

 

[dayexco]

you ins. company asks what depth you dig? you need to call them on every job you do then?

 

[Bob Horrell]

The way it works in California is that the rates are somewhat reasonable for depths up to 5ft. Over that it really gets out of hand. Many guys insure for up to 5ft but dig deeper. The problem is that they are not covered if the depth exceeds 5ft and there is a problem.
The first question asked when seeking insurance for excavating is what is the deepest you excavate. The costs increase once the depth requires shoring or benching to prevent wall collapse. You also have to figure that California is probably far worse than other states on this issue as it is with most things. It is a lousy place to do business. If it weren't for my grandkids, I would be out of here in a heartbeat.

 

[salopez]

Here in Md I can do down 15ft (as deep as my hoe will go) and pay 1200 a year. which covers all my stuff and anything I can damage with them.

 

[Orchard Ex]

Here in Md I can do down 15ft (as deep as my hoe will go) and pay 1200 a year. which covers all my stuff and anything I can damage with them.

Can I ask what company is that? And how much coverage in liability? I might have to get a quote from them...

 

[dayexco]

i've been in the excavating business since 1980....worked for my dad who started in 47....i'm pushing 40 yrs in this stuff, and i've YET to ever have an ins. agent ask me how deep i'm digging. just make sure you carry "XCU" which stands for explosion, collapse, underground

orchard, 1200 a yr.? geesus, i pay more than double that a month, with a 2,000 deductible on all my cable cuts, etc.

 

[itsgottobegreen]

i have the same company as salopez (my partner in crime when it snows) its farm and family insurance.

 

[Jeff D.]

.... 1200 a yr.? geesus, i pay more than double that a month,.....

I get real nervous when I read stuff like this,and I wonder if I'm way underinsured.I looked for the "XCU" that Dayexco mentioned in my policy,and couldn't find it???

Dayexco,what questions do you get asked when you're checking on insurance?Could yours be so much because you have a larger co.,have a number of employees,have a high percent of your income from excavation??

Erthmover,I had the same question awhile back on a different thread,

https://www.heavyequipmentforums.com/Forum/showthread.php?t=949

I'd sure hate too find out,after the fact,I'm underinsured for what I do.

 

[Orchard Ex]

and i've YET to ever have an ins. agent ask me how deep i'm digging.

That was the first thing mine asked. Then they asked if I was going to dig for swimming pools because that was even higher than "regular" excavating. They couldn't explain why though.

orchard, 1200 a yr.? geesus, i pay more than double that a month, with a 2,000 deductible on all my cable cuts, etc.

Are you getting me and salopez confused, cause 1200 for what he was describing seemed like a real good price - that's why I asked how much coverage and what company.

 

[dayexco]

i do a lot of city jobs, and commercial jobs....most times the contract specifications require that i carry the XCU. i'd check with your agent. if he advises you not to buy it because of your type of liability exposure, i sure wouldn't pay for it

 

[salopez]

Might I add that I don't have any employees run the hoe...
That made a big. difference in my policy.