The forestry industry is home to some of the most complex heavy machinery a worker may need. From serrated blades to heavy chains and more, forestry equipment needs special protection to operate appropriately and safely.
However, most forestry teams worry most about damage to their equipment and team—and they spend less time thinking about what would happen if the equipment were stolen entirely. Forestry insurance can be comprehensive but may not cover every peril a team can face while on the job.
Forestry equipment can cost tens or even hundreds of thousands of dollars to replace. The theft expense can be even more substantial than the bills for damage or repair. Here’s how to know if your forestry equipment theft is protected under forestry insurance coverage and what types of insurance to secure if it is not.
Is Equipment Theft A Covered Peril In Forestry Insurance?
The short answer to whether theft is covered under the typical forestry insurance policy is “maybe.” Every insurance policy is unique and tailored not only to the insurer and geographic location but also to the type of work being done, the risk profile of the insured, and many other factors.
Thus, generalized forestry insurance may include provisions for theft of forestry equipment, tools, and heavy machinery, or these elements may be excluded from standard policies—particularly for high-value items.
Forestry insurance is a mixture of multiple underlying types of coverage, so always be sure to read the details of your policy carefully to understand what it covers and what is excluded. Some of the basic policies that can help to protect your forestry equipment, either as an addendum to forestry insurance or as part of it, include:
Inland Marine Coverage In Forestry Equipment Insurance
Inland marine insurance is a policy that covers equipment and machinery while in transit. Many forestry insurance policies will protect equipment on the job site or in storage at a company-owned facility. Still, they may not cover theft that occurs between these two locations.
If your company operates in a distant location or if the job requires numerous trips to and from the land tract where work is occurring, inland marine insurance is an effective addition to protect against theft on the road.
Commercial Property Coverage In Forestry Equipment Insurance
Commercial property insurance is one of the most common types of coverage to protect against forestry equipment theft. A business’ physical assets can be covered under this policy, but be aware of exclusions based on metrics such as weight or value.
Certain equipment may need an expanded policy or rider to be covered. Many commercial property insurance policies only cover theft that occurs on the business’s owned sites, so read the details to ensure you are comprehensively protected.
What To Look For In Forestry Equipment Insurance Coverage
Another common type of insurance that may be included within an overarching forestry insurance policy or purchased on its own is equipment insurance. This coverage, specifically targeting the tools and machinery that companies use frequently, includes protections against theft, vandalism, and third-party acts. However, always check whether the equipment you use most frequently is included.
Forestry equipment insurance policies often allow policyholders to collaborate with the insurance agency to name specific tools or machinery they would like to have covered if they are not automatically included. In the case of expensive equipment, this may result in a premium increase; however, bundling with other policies or raising the deductible can mitigate the financial impact of such an inclusion.
Get A Free Quote On Forestry Equipment Insurance From Burton & Company
Forestry companies would not get far without their tools, equipment, and machinery. In addition to protecting them against damage and the cost of repairs should something go wrong, forestry businesses need to secure protection from theft and vandalism to ensure the operation continues on schedule.
Most companies do not consider theft a possibility, especially of large equipment, because they believe it would be too difficult or noticeable for a bad actor to seize these machines clandestinely.
In reality, theft remains a consistent problem in the exposed elements of forestry work, as much of the process is conducted in rural areas with minimal surveillance. The experts at Burton & Company can help you explore forestry insurance policies to understand what they include and determine if supplemental coverage is needed.
Whether your business would benefit from equipment, inland marine, commercial property, or another type of protection, we will work with your company’s unique challenges to create a tailored mixture of protection. Contact Burton & Company to discuss equipment theft insurance options for your forestry business.
