Trailer concrete pumps should be insured under what is called an inland marine floaters. This type of insurance policy offers comprehensive coverage for your pump, ensuring it of danger such as theft, vandalism and damage you may cause it in case of a car accident. This is similar to your coverage coverage.
Just like any other trailer, the liability is automatically extended from the vehicle to the trailer it is towing. For example: If your trailer sides with another vehicle, your auto policy will provide liability coverage to repair the vehicle you damaged. Repairs are only provided up to your policy limits. Remember if the auto policy that your truck did not include commercial coverage, the insurance company will most likely deny your claim. Make sure you have a proper business auto policy before you drag anything for business use.
What about concrete pumps you can ride, how are they insured? Because these type of pumps are self-propelled, they need to be insured under a standard commercial auto policy. Make sure to refer your customized equipment to your agent. Just like on any auto policy, customized equipment should be stated as such and endorsed within the coverage limits. Custom equipment can include aftermarket stereo systems, hose reels, ladder racks, etc.
Always provide the replacement costs you want if your pump is stolen and request it should be stated in your policy. This way you will be sure that you have enough to replace the pump in case of loss. Some carriers provide real money value for your pumps unless otherwise requested. This means you will get the replacement cost minus depreciation to compensate you on your pump. The real money value may not be enough to buy another pump if yours is damaged. This option is not recommended.
Always consult your insurance agent before making any final decisions in your insurance policy. Each concrete pump is different and may have specific requirements. Keep these points in mind when you are shopping your insurance policy, and you will be well on your way to protecting your business in case of loss.