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”.
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.
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…
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.
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 … Read more
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.
A Steel River Company
Get in touch
2989 Kingsgate Way
Richland, WA 99354-5311