Annual Meetings-Session IV: High Value/High Hazard Equipment: Top Five Underwriting Considerations for Cranes: Simple Steps to Help Eliminate Uncertainty

Session IV: High Value/High Hazard Equipment: Top Five Underwriting Considerations for Cranes: Simple Steps to Help Eliminate Uncertainty

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Pdf Summary

The document outlines five critical underwriting considerations for insuring different types of cranes, such as crawler cranes, all-terrain cranes, truck cranes, boom trucks, rough terrain cranes, conventional truck cranes, and tower cranes. It stresses the importance of understanding the specific features and risks associated with each type of crane before insuring them. Customer considerations include loss history, safety culture, facilities audit, and equipment inspection. Policy considerations cover aspects like actual cash value, loss of use, recovery, third-party repair provision, leased and rented equipment, and valuation. Post-accident mitigation and subrogation strategies are also highlighted, emphasizing the need to control the process and assets using experts. A loss example illustrates important factors to consider when dealing with crane insurance claims, such as repair versus replacement costs. Efforts to mitigate exposure and resolve disputes between parties involved in a crane accident scenario are also discussed. Overall, the document aims to provide a comprehensive guide for insurance professionals on navigating the complexities of insuring different types of cranes effectively and efficiently.

Asset Caption

Presented by:
Jay Shiffler, Vice President, WHECO Corporation

Keywords

underwriting considerations

insuring cranes

crawler cranes

all-terrain cranes

truck cranes

boom trucks

rough terrain cranes

tower cranes

customer considerations

policy considerations