Insuring equipment

[Oldfarmall]

My property is quite a distance from where I live, and I keep my tractors there. Until now, nothing is insured but since I have a brand new tractor I need insurance ( to satisfy financing). My homeowners doesn't cover it. Does anyone know if there is separate insurance available to cover equipment??

 

[VIEWQUEST]

I got my New Holland insured through:
CNH Capital Insurance Agency Inc.
233 Lake Ave.
Racine, Wisconsin 53403

ph 262-636-4919

Have you been offered insurance through your dealership? I would think that they woulld be able to help you out.

 

[Oldfarmall]

Actually, I never considered asking, so I will call my dealer tomorrow. Thanks!

 

[GaryE]

You need to look into an "Inland Marian” policy.

Good luck,

Gary

 

[LarryRB]

I just got an inland marine policy.. Cost was $280.00 for a year and covers 37,000 in value. This is a commercial inland marine. The homeowners or standard policy wasn't much cheaper at 250.00

 

[oldgoat2]

In this area, rural property usually carries a separate farm/ranch policy for liability only if there are no out buildings. Scheduled equipment attached to the policy is normally quite reasonable. About .8-1% of the equipments value per year, if I remember correctly, for equipment under 20K. Less for higher cost equipment.

 

[Marooned]

My dealer offered me insurance through Kubota when I purchased my tractor. But since I keep it @ my homestead I just added it to my Homeowner's policy. My Homeowner's is through a rural farmers insurance group and adding the tractor was quite reasonably priced. $100 bucks a year for $26k worth of coverage.

 

[6or7dazeaweek]

Been looking myself for insurance and the Inland Marine policy is one way to go. My homeowners would only cover it while it was on my property. If I removed it to help a neighbor, all bets were off as far as insurance coverage. I spoke with my agent after mentioning an Inland Marine policy & she said that she could accomodate all of my power equipment.

To make a long story short, when I got a quote from the Deere dealer last week I mentioned insurance coverage. He got his book out & said it would cost me $100 per year for coverage. I do believe that's the way to go with financed tractors.

 

[GaryE]

<font color="blue"> "Inland Marian” </font>

I nead to spell more better... /forums/images/graemlins/confused.gif

 

[2nstonge]

you must have been watching Gilligan's Island during the thread.

 

[Oldfarmall]

Thanks to everyone! My homeowners won't cover it. The policy is awful because the house is under restoration and no one will cover it until a couple of major projects are finished. Inland Marine may be the better choice. My quote for a Farm/ Ranch policy was nearly $2k. There is a 100y.o old barn on the property that we are going to restore but right now I believe it is affecting the farm policy. I have a call in to the agent.

 

[6or7dazeaweek]

No...he just might have had a bad day & had a couple of brewski's like I do on occasion. That in itself lends to typo's /forums/images/graemlins/blush.gif

 

[GaryE]

<font color="blue"> you must have been watching Gilligan's Island during the thread. </font>

<font color="blue"> No...he just might have had a bad day & had a couple of brewski's like I do on occasion. </font>

It might have been a little of both! /forums/images/graemlins/grin.gif

 

[Ryno1]

ViewQuest, better check. I got the insurance through CNH when I bought but once the loan was paid off - the insurance was gone.