Tractor Insurance?

   / Tractor Insurance? #21  
We run an Equine Boarding Facility in north Florida and my insurer just asked for VIN's on my equipment. Then an addendum for it all at no increase in premium.
I find it odd that y'all are having all these increases.
Counting my Blessings.
 
   / Tractor Insurance? #22  
Is this insurance required since there is a bank note on the tractor? Is this a requirement like having full coverage on a vehicle since it is financed?

When I purchased my previous financed tractor on credit I had to show / have insurance. I added it to my homeowners policy and provided the info to finance company.

We run an Equine Boarding Facility in north Florida and my insurer just asked for VIN's on my equipment. Then an addendum for it all at no increase in premium.
I find it odd that y'all are having all these increases.
Counting my Blessings.

As mentioned, my last tractor was covered by HO insurance but later I found out HO insurance does not cover my tractors if they leave my property which is why I bought PDI (physical damage insurance) which covers my tractors / attachments while on or off my property. Plus, when working on someone else's property, liability ins. is also good to have.
 
   / Tractor Insurance? #23  
Is this insurance required since there is a bank note on the tractor? Is this a requirement like having full coverage on a vehicle since it is financed?

most banks will require physical damage insurance at least during the term of the note. They often provide it themselves, like Kubota did on my zero interest loan,
or you can buy it lots of places. Normally called an equipment floater, you can add coverage sometimes to your homeowners for everything but business use.
I guarantee your homeowners insurer will deny any claim arising out of business pursuits. And whoever told you gifts were ok...be careful. That's compensation...
I'm a retired insurance underwriter and used to teach these policies word by word to trainees. Really boring stuff, and what's most important is the liability end.
Be very careful about who is driving your equipment and whether onsite or off. Policies are pretty clear on this what they will pay for and what not. Usually if you go off premises, unless to another property you own, you need what historically has been called inland marine coverage. You can go anywhere with specified coverage, but always always watch the exclusions. Have your insurance agent clearly tell you what is NOT covered. And WHO is not covered. And WHERE.
I let my BIL drive my Kubota on my own land yesterday and I was fine. But would I let my friendly local fireman who runs a landscape business on the side borrow my tractor? no no no Not without lots of hold harmless agreements signed. And they don't always hold up. Say the guy you lended your tractor goes postal and goes on a ramming spree. Good luck...

Umbrella policies are excellent, have had a large one for almost forty years. But they have exclusions too and business pursuits is usually one of them.

Everything is fine until it isn't. When people get hurt, understandings can get forgotten ,sometimes out of desperate need. Sure you don't want your tractor burning up and not being covered. The bank however usually has what's called a "single interest" coverage on the policy, meaning if you really screw up and do something invalidating your coverage, the bank gets paid because they had a legitimate interest and they did nothing wrong.

I have been offered money time and time again to do little jobs. Tractors do so much...but I always say no. I'm not losing my retirement to some lawsuit.
I once said I'd do a job for a homemade apple pie. Hopefully that would not stand up in court as compensation...my it was good.
 
   / Tractor Insurance?
  • Thread Starter
#24  
Would you please state who you got this coverage from? What is the amount covered, etc.?


I got it from the CNH link provided on page 1 of this thread. $17K on the tractor and $3K on the loader is how they wrote it on a 2004 kubota L3430 HSTC with loader

Here's the contact info.......

Karla Monticelli

Sales Coordinator

CNH Industrial Insurance Agency Inc.

10411 Corporate Drive, Suite 200

Pleasant Prairie, WI 53158

Direct: 262.891.6087

Fax: 262.636.4949

Toll-Free Support: 866.559.6814

Karla.monticelli@cnhagency.com

Agency Email: insurance@cnhagency.com
 
   / Tractor Insurance? #25  
I don't carry it anymore but I paid about $280 for an inland marine policy through Chubb on my 2007 Kioti DK40se with loader and Woods BH valued at about $30K.
 
   / Tractor Insurance? #26  
How many people would not have insurance if the tractor is paid for and it does not leave the property?
 
   / Tractor Insurance? #28  
I am in the process of buying a new tractor for about $46K out the door. Auto Owners will add it to my home policy [ only fire and theft ] over and above my normal insurance for about $60 a year. I have a umbrella policy to cover my actions both on and off my property, NOT FOR HIRE. My 2011 Mahindra has Mahindra comprehensive for six years for about $800. Which is similar to most tractor manufacturer loan insurance premiums on damage/fire/theft. When my six years runs out, I will add it to my home owners policy for fire and theft.
 
   / Tractor Insurance? #29  
My agent recommended an "Inland Marine" policy.Cost $157/year for on my own property only.Needed VIN numbers of tractor ,loader,implements:approximately $40,000 coverage.
 
   / Tractor Insurance? #30  
That's why I cancelled mine.

For most folks, it's treated as normal household contents, machinery to maintain the residence, like a big lawnmower, and the limit is the contents limit on your homeowners.
Now try to claim a burned up 200hp tractor on your homeowners might be a stretch...not too many people have utility tractors that big. But when my required coverage on my Kubota falls off next year, I won't replace it either. No sense covering something twice.
 

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