Inland Marine Insurance Policy. Is it really needed?

[BIG WOOD]

Since our truckmounts are mounted to our Van/Boxtruck/Trailer, and the full coverage Insurance policy on our vehicles covers everything (Average $70k coverage)
-What does the inland marine policy cover that the Commercial Auto policy doesn't cover?

 

[Mikey P]

Good grief, what telemarketer got a hold of you now?

 

[scotty747]

Turning on the water at an empty and flooding a house.

 

[Nomad74]

The things that keep you up at night.

 

[BIG WOOD]

Good grief, what telemarketer got a hold of you now?

I've had that policy in the past with my local insurance. I dropped it about a year ago, when I couldn't find a valid reason to have it. I'm just wanting others opinions

 

[clean image]

If you were to pick your truck up and shake out everything inside, that’s what inland marine covers.. how much is that to replace?

I have it. My main stone machine cost 9k to replace.

buy insurance otherwise your self insuring it.

 

[Fat Mike]

Just wait for payroll fees, workman’s comp and taxes it gets better. Then they audit the wages/and gross and insurance and comp charge more as those numbers go up also.

What a painful necessary evil insurance is

 

[BIG WOOD]

Who here has actually had to file a claim on that policy? And what happened?

 

[BIG WOOD]

What about some of the big guys in this business?
@CJ-FL @Brian H @The Great Oz

what’s your knowledge of this policy and is it really needed for our truckmounts?
my current provider is AutoOwners

 

[bob vawter]

What about some of the big guys in this business?
@CJ-FL @Brian H @The Great Oz

what’s your knowledge of this policy and is it really needed for our truckmounts?
my current provider is AutoOwners

40 years.....I never carried a lick of insurance other than normal every day broad coverage......my State Farm guy told me that as long as the machine was BOLTED to my van it was covered for theft or vandalism.
Towards the end ....as I started acquiring more and more equity in my house and neat cars......I could foresee some clown
Doing a trip and fall on a hose or wet tile....
Soo I sold my business to CRASH and never looked back......
I jus wanna add a great big thanks to those
On here that work hard and pay their taxes on time
But insurance......no thanks!

And yes....I was very lucky!

 

[ronbeatty]

Your slide in has it's own power source, your other equipment is screwed to the truck and is not part of it. I would ask your broker for a letter from the insurance underwriter verifying that coverage. I seriously doubt you will get it.
30 years ago, I bought a new Butler and ask our broker to provide the underwriters verification that the truck and unit would be covered as one. They did provide it in writing. I hit a deer with that truck and the insurance adjuster deducted a double deductible and treated it as a separate unit. I called the state insurance department and they made the insurance company honor their policy.
I would suggest taking out the inland marine with replacement cost. If you have a loss, it will be much easier to settle.

 

[bob vawter]

Your slide in has it's own power source, your other equipment is screwed to the truck and is not part of it. I would ask your broker for a letter from the insurance underwriter verifying that coverage. I seriously doubt you will get it.
30 years ago, I bought a new Butler and ask our broker to provide the underwriters verification that the truck and unit would be covered as one. They did provide it in writing. I hit a deer with that truck and the insurance adjuster deducted a double deductible and treated it as a separate unit. I called the state insurance department and they made the insurance company honor their policy.
I would suggest taking out the inland marine with replacement cost. If you have a loss, it will be much easier to settle.

Well ya I would suggest that as well.....but I didn't wanna.....

 

[DAT]

What if you truckmount caught on fire while driving? I think inland marine insurance covers that..

 

[Andy]

Since our truckmounts are mounted to our Van/Boxtruck/Trailer,

It is attached to the vehicle but they are not part of the vehicle. Direct Drive units are considered part of the vehicle. Talk to an insurance agent that gives you an explanation that makes sense. keep looking until you find one that does and can show you on paper. Insurance agents are salesmen make sure that what they say can be shown on paper. My Insurance agent said 'it was covered,' is meaningless.

 

[Hack Attack]

What if you truckmount caught on fire while driving? I think inland marine insurance covers that..

well in hindsight don't do what I did

I pulled over, tried to put it out, and called the fire brigade

should of driven it through the fence into the empty paddock and let it burn

 

[Jim Williams]

My bank made me get the extra policy covering the machine when I financed the TM. Suntrust ain't gonna lose their $$$$.

 

[BIG WOOD]

My bank made me get the extra policy covering the machine when I financed the TM. Suntrust ain't gonna lose their $$$$.

That’s what I’m going through now. I’m currently changing this loan On my tm over from a personal to a business and the bank was making certain it had proper coverage.

 

[JS41035]

I have inland marine.

 

[Old Coastie]

I use Auto Owners. The equipment is covered even if it is in an elf’s truck.
That turns me on.

 

[BIG WOOD]

I use Auto Owners. The equipment is covered even if it is in an elf’s truck.
That turns me on.

I was hoping someone would chime in with the same company. It shows on my policy that I have $70k replacement cost. I’ll check Monday on getting that letter from the underwriter

 

[Kenny Hayes]

Who here has actually had to file a claim on that policy? And what happened?

GO GET your Inland Marine policy back!!! Your Commercial Auto policy doesn’t cover your truckmount or wands, or anything else. In case of a loss, your box truck will be deprecated from its cost new, without equipment!!!! This is not a Homeowner policy!!!! Quit being so tight! It also has nothing to do with flooding a house. Listen to me, get it back!

 

[Kenny Hayes]

Im a better insurance man than carpet cleaner, janitor, floor care specialist. Do as I say!!!

 

[BIG WOOD]

Im a better insurance man than carpet cleaner, janitor, floor care specialist. Do as I say!!!

You mean to say you're a slimy life insurance salesman as your secondary income?

 

[Kenny Hayes]

I did NOT say that!!!! In my other life I was a property and casualty Independent insurance agent I only sold life and health as an accommodation So, get your a$$ on the phone to your agent and rewrite that policy, now!!
My only second income is my partners SS and pension

 

[scotty747]

I was just kidding btw. I wouldn't be without it.