High Hazard/High Value Contractors Equipment: Underwriting & Claims-High Hazard/High Value Contractors Equipment: Underwriting & Claims

Video Transcription

Video Summary

This webinar, hosted by the Inland Marine Underwriters Association, focused on underwriting and claims considerations for high hazard, high value contractors’ equipment. Moderated by Dee Pershey, the session featured John Clark and Corey Bledsoe, who discussed common and specialized equipment exposures across industries such as logging, cranes, recycling, oil and gas, drilling, and leased/rented equipment.<br /><br />They emphasized key underwriting concerns including fire, overturn/collapse, theft, vandalism, collision, environmental conditions, transport risk, and improper equipment use. Logging equipment was highlighted as especially fire-prone due to dry debris, continuous operation, and remote locations. Crane risks centered on collapse, operator certification, transport, and high loss severity. Oil and gas equipment presented unique risks from lightning, blowouts, fires, and rough, isolated operating environments. The presenters also discussed valuation issues, noting the importance of clearly defining ACV versus RCV, using precise manufacturing dates, and avoiding underinsurance.<br /><br />Corey shared claims examples showing how losses can range from repairable incidents to total losses, and stressed the importance of maintenance, fire suppression, route planning, and geotechnical awareness. John reinforced the need for thorough underwriting questions, appropriate deductibles, and careful review of schedules, especially for high-value and leased/rented equipment. The webinar concluded with practical takeaways, a recommendation to attend IMUA/Ritchie Brothers equipment site tours, and a Q&A on theft prevention controls and maintenance protocols.

Asset Caption

Contractors equipment used in high-hazard environments presents unique underwriting challenges and significant claims exposure. This session provides a practical overview of the risks associated with high-value and high-hazard equipment, along with strategies for effective underwriting and claims management.

Presenters highlight key considerations in evaluating contractors equipment risks, including equipment valuation, operational hazards, jobsite conditions, and loss trends. The discussion also highlights common claim scenarios, coverage considerations, and best practices for mitigating loss severity. Through real-world examples and industry insights, this session helps underwriting and claims professionals better understand how to assess complex contractors equipment risks, improve risk selection, and respond effectively when losses occur.

Gain actionable knowledge to support stronger underwriting decisions, more effective claims handling, and improved collaboration between underwriting and claims teams.

Moderated by:

Dee Pershay, AMIM
Senior Lead Underwriter, US Inland Marine
QBE International Markets | European Operations

Presented by:

John Clarke
Inland Marine Segment Manager
Selective Insurance Company of America
Northeast Region & New Jersey Region

Cory Bledsoe, CPCU, AIC, AINS, AIS
Claims Manager
Inland Marine Claims
Markel

Keywords

inland marine underwriting

contractors equipment

high hazard equipment

claims considerations

logging equipment

crane risks

oil and gas equipment

equipment valuation

theft prevention

fire suppression

underinsurance

leased rented equipment