{"id":87,"date":"2018-07-27T09:18:37","date_gmt":"2018-07-27T13:18:37","guid":{"rendered":"https:\/\/insuremytools.ca\/blog\/?p=87"},"modified":"2018-07-27T09:18:37","modified_gmt":"2018-07-27T13:18:37","slug":"machinery-and-equipment-coverage-explained","status":"publish","type":"post","link":"https:\/\/insuremytools.ca\/blog\/2018\/07\/machinery-and-equipment-coverage-explained\/","title":{"rendered":"Machinery and Equipment Coverage Explained"},"content":{"rendered":"<p>Anyone that has ever relied on a tool or a piece of equipment for their job could imagine what could happen if it ever failed or was stolen. Having the right equipment for the job is essential and if that equipment is no longer available, you may find yourself in a position where you simply cannot finish the job. We don&#8217;t want to see that ever happen to your business, so in our insurance packages we include coverage for Machinery and Equipment and the rental use of comparative equipment should yours suffer an insurable loss.<\/p>\n<p>When it comes to your business, you already know that the more details you know the better. For that reason we have put together this article to make sure you know basics about Machinery and Equipment Coverage, and how it will benefit your business operations.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69e72bb93889c\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69e72bb93889c\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/insuremytools.ca\/blog\/2018\/07\/machinery-and-equipment-coverage-explained\/#What_is_Machinery_and_Equipment_Coverage\" >What is Machinery and Equipment Coverage?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/insuremytools.ca\/blog\/2018\/07\/machinery-and-equipment-coverage-explained\/#Is_There_Replacement_Cost_Available\" >Is There Replacement Cost Available?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/insuremytools.ca\/blog\/2018\/07\/machinery-and-equipment-coverage-explained\/#What_Are_The_Limits_on_Coverage\" >What Are The Limits on Coverage?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/insuremytools.ca\/blog\/2018\/07\/machinery-and-equipment-coverage-explained\/#Machinery_and_Equipment_Coverage\" >Machinery and Equipment Coverage<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/insuremytools.ca\/blog\/2018\/07\/machinery-and-equipment-coverage-explained\/#Loss_of_Use_Limits_rental\" >Loss of Use Limits (rental)<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/insuremytools.ca\/blog\/2018\/07\/machinery-and-equipment-coverage-explained\/#Plus_Package_Perks_on_Machinery_and_Equipment_Coverage\" >Plus Package Perks on Machinery and Equipment Coverage<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/insuremytools.ca\/blog\/2018\/07\/machinery-and-equipment-coverage-explained\/#Real_Life_Example\" >Real Life Example<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/insuremytools.ca\/blog\/2018\/07\/machinery-and-equipment-coverage-explained\/#Wrap_Up\" >Wrap Up<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_is_Machinery_and_Equipment_Coverage\"><\/span>What is Machinery and Equipment Coverage?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The machinery and equipment coverage is for your machines and equipment that have a value of more than $2,500 (Ex. Bobcats or backhoes) including <strong>Rented or Borrowed Equipment<\/strong>.<\/p>\n<p>Built into all <a title=\"InsureMyTools.ca\" href=\"https:\/\/insuremytools.ca\/\">InsureMyTools.ca<\/a> insurance packages is the loss of use coverage for your equipment. This means that if you have your backhoe stolen, there is coverage available for you to rent a backhoe until your replacement arrives.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Is_There_Replacement_Cost_Available\"><\/span>Is There Replacement Cost Available?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Yes, replacement cost replaces &#8216;actual cash value&#8217; on all of our packages provided you are the original purchaser of the equipment exclusive of the selling dealer and the loss or damage occurs within sixty months (5 years) of the date on which the equipment was first delivered to you.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_Are_The_Limits_on_Coverage\"><\/span>What Are The Limits on Coverage?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Every insurance policy will have limits (maximums) to their coverages. At <a title=\"InsureMyTools.ca\" href=\"https:\/\/insuremytools.ca\/\">InsureMyTools.ca<\/a> we have packages available that will fit most companies needs. To ensure complete transparency, we have put our limits for each package below. These numbers are up to date as of the time of the writing of this article (July, 2018).<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Machinery_and_Equipment_Coverage\"><\/span>Machinery and Equipment Coverage<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Basic Package\n<ul>\n<li>$10,000<\/li>\n<\/ul>\n<\/li>\n<li>Classic Package\n<ul>\n<li>$25,000<\/li>\n<\/ul>\n<\/li>\n<li>Plus Package\n<ul>\n<li>$50,000<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>You can read more about our packages on our <a title=\"InsureMyTools.ca Packages\" href=\"https:\/\/insuremytools.ca\/#packages\">website<\/a>.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Loss_of_Use_Limits_rental\"><\/span>Loss of Use Limits (rental)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Basic Package\n<ul>\n<li>Loss of Use Limit: $10,000\/year<\/li>\n<\/ul>\n<\/li>\n<li>Classic Package\n<ul>\n<li>Loss of Use Limit: $10,000\/year<\/li>\n<\/ul>\n<\/li>\n<li>Plus Package\n<ul>\n<li>Loss of Use Limit: $25,000\/year<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>You can read more about our packages on our <a title=\"InsureMyTools.ca Packages\" href=\"https:\/\/insuremytools.ca\/#packages\">website<\/a>.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Plus_Package_Perks_on_Machinery_and_Equipment_Coverage\"><\/span>Plus Package Perks on Machinery and Equipment Coverage<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Our most prestigious coverage package has some perks over the Basic and Classic packages. The machinery and equipment coverage is also enhanced for the Plus insurance package with coverages that are not available for the other two packages.<\/p>\n<p>The Plus package also includes coverage for:<\/p>\n<ul>\n<li>\u201cMachinery and Equipment \u2014 Coverage for Sinking into Ice and Muskeg\u201d\n<ul>\n<li>Limit of $25,000<\/li>\n<\/ul>\n<\/li>\n<li>\u201cMachinery and Equipment \u2014 Fire Department Service Charge\u201d\n<ul>\n<li>Limit of $10,000<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>You can read more about our packages on our <a title=\"InsureMyTools.ca Packages\" href=\"https:\/\/insuremytools.ca\/#packages\">website<\/a>.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Real_Life_Example\"><\/span>Real Life Example<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>During excavation work for the construction of a parking lot, an excavation contractor locked up a brand new backhoe and left it on the work site at the end of the day. The next morning, the backhoe, valued at $58,000 was gone.<\/p>\n<p><strong>Coverage<\/strong>: Machinery and Equipment, including Replacement Cost and Loss of Use. Replacement cost is built into all packages for the first 60 months (5 years) provided you are the original purchaser of the equipment exclusive of the selling dealer.<\/p>\n<p><strong>Final Loss Settlement Amount<\/strong>: $58,000 to replace the backhoe; $10,000<br \/>\nto rent backhoe until replacement arrived.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Wrap_Up\"><\/span>Wrap Up<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>If you have read this far down the article, you already know how important this coverage could be to your business. If you are not currently insured with us, don&#8217;t hesitate to get a <strong><a title=\"InsureMyTools.ca Quote!\" href=\"https:\/\/insuremytools.ca\/#quote\">Free Quote<\/a><\/strong> to see if we can save you money and provide you with better coverage.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Anyone that has ever relied on a tool or a piece of equipment for their job could imagine what could happen if it ever failed or was stolen. Having the right equipment for the job is essential and if that equipment is no longer available, you may find yourself in a position where you simply &hellip;<\/p>\n","protected":false},"author":1,"featured_media":88,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,16,32],"tags":[20,38,34,35,37,33,36,18],"class_list":["post-87","post","type-post","status-publish","format-standard","has-post-thumbnail","placeholder-for-hentry","category-commercial-general-liability-cgl","category-insuremytools-ca","category-machinery-equipment","tag-contractors","tag-coverages","tag-equipment","tag-machinery","tag-packages","tag-rental","tag-replacement-cost","tag-trades","entry entry-center"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/insuremytools.ca\/blog\/wp-json\/wp\/v2\/posts\/87","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/insuremytools.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insuremytools.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insuremytools.ca\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/insuremytools.ca\/blog\/wp-json\/wp\/v2\/comments?post=87"}],"version-history":[{"count":0,"href":"https:\/\/insuremytools.ca\/blog\/wp-json\/wp\/v2\/posts\/87\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/insuremytools.ca\/blog\/wp-json\/wp\/v2\/media\/88"}],"wp:attachment":[{"href":"https:\/\/insuremytools.ca\/blog\/wp-json\/wp\/v2\/media?parent=87"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insuremytools.ca\/blog\/wp-json\/wp\/v2\/categories?post=87"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insuremytools.ca\/blog\/wp-json\/wp\/v2\/tags?post=87"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}