One of the truly great injustices done to crane owners and insurance companies by the manufacturers, that is costing millions of dollars annually in unnecessary crane component replacement, is spreading the misconception that unless a repair or repair process to a crane is approved by an OEM it is to be considered a “modification”.
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There is no question that there is a heightened awareness related to crane incidents which has created an increased attentiveness to crane inspections. And, there is a never-ending list of agencies with standards and regulations that apply to crane inspections.
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For agents and underwriters, the process of gathering information and performing due diligence when insuring cranes, should be detailed and thorough. In addition, consideration must be given to how you will manage the post-accident experience should an accident occur…
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Is risk transfer bad? Not at all. On second thought, though, I suppose it depends on which side of it you land. But that’s not really what I want to focus on. Risk transfer can be a pretty complicated thing, so understanding exactly where your risk lies is essential.
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This article is by Tim Hillegonds, a former insurance expert at NBIS After spending a decade in the insurance industry listening to policyholders share their opinions regarding everything from coverage to deductibles to claims adjusters, I’ve come to one very important conclusion: Most people don’t like insurance. I know it’s hard to believe, but I [...]
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Most people would agree that taking a woodshop class in high school doesn’t qualify you to frame a house. The same is true when it comes to cranes. There’s a big difference between “heavy equipment” as a general category and knowing the value and ins and outs of a 300-ton crawler crane or a 500 ton all-terrain crane.
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Crane and other heavy construction equipment accidents can be challenging to repair. It can also be difficult to provide accurate appraisals and assessments for putting the machinery back into service. But, if you are a customer or an insurance provider it is not too much to expect.
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One way to help mitigate the loss exposure is through the crane accident recovery process. When a crane turns over and the boom is lying across a jobsite, or worse, across someone’s backyard, most owners first reaction is to get the site cleaned up as quickly as possible. Crane company owners get worried about bad press and people talking. General contractors start screaming…
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Removing camber and sweep from a damaged hydraulic boom is a lot less expensive than buying a new one. And when repairs can be done more cost effectively, the insurance company pays out less money, there’s a smaller figure on the crane owner’s loss run, and crane insurance rates don’t climb as high.
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