Machine Insurance

[rkonnen]

Does anyone know of a company that offer machine insurance. Have done a web search but not much luck.
Brg,
REK

[zool]

Did you ask the right questions?

Seriously.

Where is the machine?
What is the machine used for?
Did you buy the machine or build it?

If the machine is in your home and it it used for a hobby and you built it, then it is personal property and MIGHT be covered in your house insurance, though watch out for exclusions and definitions in the policy. Hope you saved all the receipts and have a photographs and a note from your grandmother that you actually did build it. If you make ANY money EVER though the use of the machine, the insurance company COULD say the machine is used for commercial purposes and disallow the claim. You know those insurance companies, all they like to do is collect premiums and deny claims. Ruins their day when they actually have to write a check....

If the machine is used for commercial purposes, and you purchased it, it will be insured individually as equipment by a commercial lines carrier.

But laws are different in all 50 states and as with all insurance, and, as usual, it depends how to insure it.

As much as you may not like to, the best course of action would be to contact an insurance agent.

[underthetire]

I don't remember the companies name, but I've delt with several on the repair side. They are out there, and do pay for catastrophic machine failures like spindles etc. I know the premiums weren't cheap.

[flyinchips]

I think what you want is an "Overland Policy" for your machine(s). Not every insurance carrier will know what this is or offer it, you'll have to ask around to locate the correct provider.

[rkonnen]

This has to do with businesses purchasing a new machine.There are companies that will insure a new machine, usually for the term of there loan. I was looking for recommendations if anyone had used such services. Your average insurance agent usually does not have a clue what you are talking about when asking about machine insurance. I have found that Travelers might offer it. Still any experiences, let us know.
Brg,
REK

[Shane123]

The company my brother works for has a sister company about 100 miles south of their plant. they just bought a new trumpf laser to replace an older unit, and sent the older unit to the north plant. the day after the new trumpf was installed, they got flash flooded, 4 foot of water in their building. all 4 trumpf lasers destroyed, romer inspection arm destroyed. 3d scanning machine destroyed. some large brake presses destroyed. They have insurance for up to 10 million dollars, and it wont cover all the damage. Lessen learned, dont build your plant in a damn fishbowl.......

[zool]

The company my brother works for has a sister company about 100 miles south of their plant. they just bought a new trumpf laser to replace an older unit, and sent the older unit to the north plant. the day after the new trumpf was installed, they got flash flooded, 4 foot of water in their building. all 4 trumpf lasers destroyed, romer inspection arm destroyed. 3d scanning machine destroyed. some large brake presses destroyed. They have insurance for up to 10 million dollars, and it wont cover all the damage. Lessen learned, dont build your plant in a damn fishbowl.......

To avoid this tragedy, all the plant engineer or risk administrator had to do was look at USGS topographic maps, and FEMA Flood Zone maps. The FEMA maps are in every town, city, country planning and zoning office. Google maps on the internet or based on USGS maps.

Obviously no one thought of asking around at places like the Fire Department, Sheriff's Department, or of some old guy who had lived in the area for 100-years.

Maybe something simple like renting a plane and pilot for a couple hours and flying over the area to get the lay of the land ...literally.

Obviously, just driving around and observing was too much as well.

Now someone's head has gone from where the sun don't shine to the chopping block in one easy motion.

[Shane123]

To avoid this tragedy, all the plant engineer or risk administrator had to do was look at USGS topographic maps, and FEMA Flood Zone maps. The FEMA maps are in every town, city, country planning and zoning office. Google maps on the internet or based on USGS maps.

Obviously no one thought of asking around at places like the Fire Department, Sheriff's Department, or of some old guy who had lived in the area for 100-years.

Maybe something simple like renting a plane and pilot for a couple hours and flying over the area to get the lay of the land ...literally.

Obviously, just driving around and observing was too much as well.

Now someone's head has gone from where the sun don't shine to the chopping block in one easy motion.

it hasn't helped that the army corps of engineers have purposely flooded the missouri river since june, so any kind of hard rain during that time will cause flash flooding since the ground is saturated.

[zool]

it hasn't helped that the army corps of engineers have purposely flooded the missouri river since june, so any kind of hard rain during that time will cause flash flooding since the ground is saturated.

Then the impending potential for a loss was well known and predictable .. now even less sympathy. Someone was not paying attention to the larger physical and environmental reality.

An insured has a responsibility under the insurance contract to take steps to mitigate damages. Looks like the lawyers are going to get rich arguing over what a "reasonable and well-informed person" would have done.