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Backhoe Insurance

Discussion in 'General Industry Questions' started by cosmaar1, Aug 3, 2022.

  1. cosmaar1

    cosmaar1 Senior Member

    Joined:
    May 14, 2020
    Messages:
    336
    Location:
    Ohio
    Hello all. Just wanted to pick some brains for those of you who carry insurance policies on your personal machine that is not located on your home premises.

    I have a parcel of land about 15 minutes from my house, which is still my property, but as I am trying to move from Liberty Mutual, I’m having a hard time getting someone to understand how to insure it.

    I’m thinking a separate policy would probably be better, but have no idea who carries personal insurance for these.

    any help would be appreciated.
     
  2. ianjoub

    ianjoub Senior Member

    Joined:
    Jun 22, 2018
    Messages:
    1,046
    Location:
    Homosassa, FL USA
    I have insurance on a couple of pieces of equipment, dozer and excavator, on a property I own, but don't live at. It is through State Farm and I believe it is written as an inland marine policy.
     
    cosmaar1 likes this.
  3. terex herder

    terex herder Senior Member

    Joined:
    Nov 10, 2017
    Messages:
    1,104
    Location:
    Kansas
    The inland marine policies I am familiar with cover goods in transit.

    Depending on the size of your parcel, Ohio Farm Bureau may insure it if it is just for your personal usage.
     
    cosmaar1 likes this.
  4. CM1995

    CM1995 Administrator

    Joined:
    Jan 21, 2007
    Messages:
    11,557
    Occupation:
    Running what I brung and taking what I win
    Location:
    Alabama
    We have an inland marine policy along side our GL and WC policies that covers our equipment and small tools. The term "marine" throws people off as it doesn't only cover items on a boat as the name implies or goods in transit, it also covers contractors equipment and various other things.

    https://www.insuranceopedia.com/definition/2359/inland-marine-policy

    I have always carried an inland marine policy for equipment and small tools. The larger equipment has a schedule of values per piece with a set dollar value cap for small tools per claim usually around $15K-20K for our polices. We set the insured value of the larger iron in a schedule and pick an amount for the small tools as it all relates to the premiums you pay just like any other insurance - accept the risk you are willing to pay for.
     
    Tinkerer and cosmaar1 like this.
  5. Bumpsteer

    Bumpsteer Senior Member

    Joined:
    Sep 2, 2009
    Messages:
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    Occupation:
    Mechanical designer
    Location:
    Front seat on the Struggle Bus
    My inland marine policy is thru Auto Owners.

    Ed
     
  6. emmett518

    emmett518 Senior Member

    Joined:
    Mar 24, 2021
    Messages:
    740
    Location:
    USA
    Farm bureaus understand this sort of stuff. When I called my home insurance guy, his response to my query was "why did you buy a backhoe? Homeowners never buy that sort of stuff." Had no idea what to do with me.
     
    cosmaar1 likes this.
  7. joelx777

    joelx777 Well-Known Member

    Joined:
    Apr 1, 2022
    Messages:
    57
    Location:
    Washington State
    I use Travelers insurance. I pay $300 a year for $25k coverage on my excavator and $20k on my tractor.
     
  8. cosmaar1

    cosmaar1 Senior Member

    Joined:
    May 14, 2020
    Messages:
    336
    Location:
    Ohio
    I switched insurances last week and ended up going with Allstate. I quoted probably 10 different insurance companies and called around to the local farm places, but when it came to having a 2nd parcel of property and just a backhoe on it, I always had an issue and it couldn't be covered. Allstate was able to cover the liability on the land with the backhoe for about $125 or so per year.
     
    aighead likes this.