Do you own and operate a mounted equipment unit? If you want to make sure the mounted equipment insurance you’re planning to buy will offer the right protection coverage, why not carefully read about the different risks this type of equipment may be exposed to, both when in use and not in use.
Unpredictable weather conditions
One of the risk elements beyond our control is unpredictable weather conditions that can generally affect the mounted equipment, regardless of whether you are using it or it’s stored safely at the storage area. I suggest you ask the insurance company about the ideal protection for your mounted equipment insurance such as the type of cover that can compensate you in the event this equipment is damaged by severe flooding.
Another hazard that can place your mounted equipment unit at great risk of potential damage is an accidental fire. Again, if you want to make sure you are protected against the unforeseen incident of accidental fire that could occur where the unit is stored, is by asking your insurance provider if they can add this protection coverage to your proposed mounted equipment insurance policy.
The operation of a mounted equipment unit requires skills and knowledge about its safe handling because there are also potential risks if the assigned operator of this equipment unit lacks the required experience. Of course, there are also cases where mishandling of this unit could lead to accidents and property damage. It’s crucial that the mounted equipment insurance policy you buy will offer enough protection for such incidents and include property as well as third party liability coverage.
Among the risks you have to deal with when operating the mounted equipment is an incident of sudden breakdown that could arise due to poor maintenance. Remember, if you don’t follow the required care and maintenance of your mounted equipment some parts may more prone to wear and tear and require repairs or replacement. You can include repairs and replacement as part of your protection coverage when customising a mounted equipment insurance policy.
Theft or vandalism
One of the risks that your mounted equipment is exposed to is theft or vandalism. No matter how secure is the area is where this unit is kept, there will be cases where thieves will attempt to steal it due to its high resale value in the marketplace. Inquire with your prospective insurer about the type of protection that would be appropriate against burglary or vandalism.
What is the ideal mounted equipment insurance policy?
Choosing the ideal mounted equipment insurance policy requires careful assessment of your heavy equipment’s specific protection coverage needs. While you are still in the process of making a final selection from various insurance policies, I advise you talk to a licensed insurance broker who has background in heavy equipment and machinery. Confide your concerns with this expert, like the daily risks involved while using this equipment. Remember, extending the right protection coverage on your mounted equipment insurance is one of the best ways to help you keep on track with your business operation.