Insurance costs on CTL with mulching head

[Silvic]

What are you guys finding is the range of cost for insurance on your mulcher heads and CTL's. Of course I know the head and the CTL manufacturer effect the value and thus the cost but curious what the range of cost is running. I am in the market for one and wondering if the insurance quotes are reasonable or not. Which companies seem to be the best for this type of coverage?

 

[yellowdogsvc]

There's a lot that goes into figuring insurance. If the machine isn't paid off, your finance company will require both liability and inland marine type insurance. If you are hauling something as heavy as a CTL and mulcher, you'll need good commercial insurance on your truck and if your state is like mine, trailer. Don't trust a personal policy to protect you. There are probably exclusions for commercial work. Even if you are using it on your own farm, I'd carry hefty insurance just in case you are in an accident since the extra weight will tweak your tow vehicle and trailer. My insurance company allows me to place a value on "replacement" cost. That takes a little figuring time but supposedly if I have a loss, I get the full replacement value and not just the depreciated value an adjuster pulls out of his butt but the policy costs more. I protect just about everything I own unless I'm sure it's not leaving the ranch and a fire won't affect it.

I'm not sure how to separate out just my machine and head but I'm sure it's well over $1000 per year do to the high replacement cost.

 

[lumberjack1986]

I pay about 1.5% of the insured value for my inland marine policy. For my other company, the dealer's open lot policy is .3% of that policy limit. My cargo insurance is a flat fee per vehicle and it also has an inland marine rider on it. All of the policies have a 20% coinsurance clause.

 

[Silvic]

Well to update the thread.
My inland marine policy ran $1 per 1000 value plus fees and taxes. Ended up being 1.12% of insured value with $1000 deductible.