Crane Insurance
Whether you’re lifting heavy loads on a high-rise project or moving equipment in a remote location, Crane Insurance is essential to keep your business running smoothly.
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Why Does Your Business Need Crane Insurance?
Crane operations involve risks, including accidental damage, third-party injuries or equipment breakdowns.Â
Here’s why Crane Insurance is a must for businesses:
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Protects Your Equipment: Covers damage to your crane from accidents, fire, theft or natural disasters such as storms.
Covers Liability Risks: Protects against claims for property damage or injuries caused by your crane operations.
Supports Your Workforce: Can include Workers’ Compensation Cover for crane operators injured on the job.
Meets Contract Requirements: Many construction projects require proof of insurance before you can start work.
Minimises Downtime: Covers lost income if your crane is out of action due to repairs or accidents.
What Does Crane Insurance Cover?
Crane Insurance protects your business from financial losses related to crane operations, such as:
01
Crane Damage: Covers repairs or replacement for your crane that has been damaged due to accidents, fire, theft, vandalism or water damage (whether they’re on-site, in transit or stored).
02
Public Liability: Protects against claims for third-party property damage or injuries caused by your crane, such as damage to a building or injury to a bystander. This is customisable based on your project scope and crane type.
03
On-Hook Liability: Covers damage to loads being lifted (e.g., materials or equipment) during crane operations. This is crucial for projects involving high-value or fragile items.
04
Downtime or Loss of Income: Compensates for lost profits if your crane is out of service due to an accident or breakdown, helping cover wages or project delays.
05
Workers’ Compensation: Covers medical costs, lost wages or disability benefits for crane operators injured on the job. This is mandatory for businesses with employees in Australia.
06
Issues During Transit: Protects your crane during transportation between job sites, covering accidents, collisions or theft.
Recent Updates in Crane Insurance
The Crane Insurance landscape is always evolving and staying informed is key.Â
Here are some recent trends and updates in Australia:
Increased Demand for Custom Policies
More businesses are seeking tailored Crane Insurance due to diverse project requirements, such as multi-lift operations or offshore construction.
Focus on Safety Compliance
nsurers are emphasising safety training and certifications which can lower premiums for compliant businesses.
Rising Premiums for High-Risk Sites
Projects in remote or hazardous locations may face higher costs, making insurance broker expertise crucial for finding affordable coverage.
Digital Tools for Quotes
Some online platforms allow brokers to manage policies and claims more efficiently, speeding up the process for clients.
Transitioning Underwriters
Some providers have updated their underwriting partners, offering enhanced coverage options.
Frequently asked questions
Can I insure a hired or leased crane?
Yes, hired-in or leased cranes can be covered under a Plant and Equipment Policy. If you want to ensure your policy includes coverage for equipment you don’t own but use for your projects, you can reach out to us at Tank Insurance.
Can Crane Insurance cover multi-lift operations?
Yes, Multi-Lift Coverage is available for projects using multiple cranes together. This protects against accidents or damages during coordinated lifts.
What’s the difference between Crane Insurance and Truck Insurance?
Crane Insurance covers the crane itself and its operations, including lifting risks. Truck Insurance covers the vehicle it’s mounted on but doesn’t include crane-specific risks like on-hook liability. You can bundle both for comprehensive protection.