What insurance source for privately owned 2021 Kubota M62 TLB.... in Virginia?

[fried1765]

Looking for stand alone equipment insurance, for private owner use - 2021 M62 TLB.
Machine is paid in full, and will be located/used on private property in Virginia.

ONLY fire and theft, $70K coverage needed!
Machine will live in shipping container.

No structures yet, no homeowners coverage desired at this time
Can't seem to get a response from Inland Marine Ins. Co.
Suggestions/Ideas for M62 TLB loss coverage only?

 

[NCL4701]

Virginia Farm Bureau
Grange

Probably more but those come to mind immediately. Might have a little trouble finding a carrier to insure a machine permanently housed at an unoccupied location even if it is in a shipping container but I don’t know much about underwriting procedures in VA. And no, I don’t sell insurance or work for either of those companies.

 

[Daferris]

Find an agent that specializes in Commercial insurance. You should be able to get a stand alone inland marine policy. just be aware that it likely will be a surplus lines policy and probably be close to a $1,000 a year as a stand alone risk....

 

[fried1765]

Virginia Farm Bureau
Grange

Probably more but those come to mind immediately. Might have a little trouble finding a carrier to insure a machine permanently housed at an unoccupied location even if it is in a shipping container but I don’t know much about underwriting procedures in VA. And no, I don’t sell insurance or work for either of those companies.

Thanks,
I will follow up on that lead tomorrow.

 

[Elliott in GA]

If the owner has homeowners insurance at his residence (different place from the equipment location), it is possible to add the equipment location, structures there (the container) and equipment as an endorsement on his residential property. We did this with Cincinnati Insurance. Home policy is in Savannah, and the land, structures (sheds) and equipment are in north Georgia. Our tractor is covered by KTAC, but we have other equipment on site.

I am sure it varies by the company. However, USAA was willing to do the same thing, but their price was higher than our current coverage.

 

[fried1765]

If the owner has homeowners insurance at his residence (different place from the equipment location), it is possible to add the equipment location, structures there (the container) and equipment as an endorsement on his residential property. We did this with Cincinnati Insurance. Home policy is in Savannah, and the land, structures (sheds) and equipment are in north Georgia. Our tractor is covered by KTAC, but we have other equipment on site.

I am sure it varies by the company. However, USAA was willing to do the same thing, but their price was higher than our current coverage.

Ah Ha, USAA said No!
Guess I better check with a supervisor at USAA.

 

[Elliott in GA]

Ah Ha, USAA said No!
Guess I better check with a supervisor at USAA.

I wish you good luck.

It may also depend on state law or more likely who does the actual underwriting for USAA. It is my understanding that USAA sometimes/often uses other companies depending on location and the type of insurance.

 

[fried1765]

I wish you good luck.

It may also depend on state law or more likely who does the actual underwriting for USAA. It is my understanding that USAA sometimes/often uses other companies depending on location and the type of insurance.

I do suspect that state law may be an issue.

 

[Smokeydog]

Sometimes it pays to be self insured. Gates, locks, cameras, paint, gps etc. Stenciled or weld bead names or numbers. Thieves can’t sell easily.
My equipment tractors, dump truck, trailers for my own use thru Farm Bureau is reasonable. For any commercial use not covered and 10-20X more.

 

[Smokeydog]

Due diligence when I bought my M59 at a really good price I researched the seller and original buyer (landscaper) thru Kubota to make sure it wasn’t stolen. Many years afterwards before i noticed it had large letter/numerals, call sign, painted on top of the canopy. ID you can see from the air and missed by thieves. Something you airmen could appreciate.

 

[Yotekiller]

I insured my new 2502 through my home insurance (Farmers Insurance) . I added 30K of open peril replacement insurance for $170 a year.