Concrete pumping is a business that can have many difficulties. There is a steep learning curve that new concrete pump business owners must master so their businesses will be successful. One of these difficulties is finding the right type of insurance so their concrete boom pump is adequately insured. Unfortunately, many concrete pumping owners believe that their pumps are insured through their traditional liability insurance, when in fact, it is not.
Inland Marine Floater
A trailer automatic concrete pump(autobomba de concreto) needs to be under a type of insurance coverage known as inland marine floater insurance. This type of policy protects the pump with comprehensive coverage. It ensures it from such incidents such as:
Theft
Accident damage
Vandalism
In fact, this insurance coverage is very similar to auto insurance.
Just like any other type of liability coverage for a trailer, the coverage is extended automatically from the vehicle that is towing the trailer to the actual trailer itself. For example, if your trailer concrete pump sideswipes another vehicle or object during transport, your vehicle insurance policy will offer liability coverage in order to repair the damaged vehicle.
However, it is important to note that only the repairs that are covered in your policy will be authorized by the insurance company. This means that if your vehicle insurance policy(póliza de seguro de vehículo) does not include comprehensive business coverage, the claim may be denied. So, be sure you have the proper business coverage included in your auto insurance policy before you tow any company equipment.
Self-Propelled Concrete Pumps
How are concrete pumps that you can drive are insured? These pumps are considered self-propelled pumps. This means that will need to be covered under a commercial auto insurance policy.
Be sure to include any customized equipment that is included with the pump. This information can affect any limits on coverage as well as how much the premium will be. Examples of customized equipment include:
Hose reels
Aftermarket radio systems
Ladder racks
Replacement Cost In The Event Of Theft
It is important to include the replacement cost when you are insuring your concrete boom pump. This should be included in case the pump is stolen, and the replacement cost should be specifically stated in the policy. When you want to purchase a concrete boom pump, AIMIX will be your best partner: https://aimixingenieria.com/
By including this information in the policy, you will be assured that you will have enough to replace the pump if it is ever loss or stolen.
Most insurance companies will include the actual cash value of the pump in the policy unless you request otherwise. What this means is that, in the event of theft or loss, you will get the replacement cost minus the depreciation cost of the pump. Because the actual cash value may not be enough money for you to purchase a new concrete pump, it is a good idea to speak with your insurance agent about other options.
You should always speak with your insurance agent before you agree to any insurance coverage. Each type of concrete pump is different, and each type has its own specific needs. Remember these factors when you are shopping for concrete boom pump insurance coverage so you will have the best coverage for your business needs.
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