subject: Why Crane Insurance Is Important for Construction Projects [print this page] Why Crane Insurance Is Important for Construction Projects
If there is one thing that defines modern civilization, it would be our skyscrapers. On the extremely rare chance that an alien observer looked down upon Earth, he would be surprised at the preponderance of tall buildings dotting this planet. The surprise would be even more if the current sojourn is a repeat visit after 50 years, for Mans vertical expansion had only just started then.
To prove the truth of the statement above, consider the fact that while the Empire State Building (1454 feet) constructed in 1931 retained its position as the tallest building in the world for over 40 years, the title has changed hands thrice in the last decade - from Petronas Towers (1482 feet) to Taipei 101 (1474 feet) to the massive Burj Khalifa (2717 feet). And if there is one bit of machinery that has helped fuel this growth, it is the crane.
A crane is defined as "a lifting machine, generally equipped with a winder (also called a wire rope drum), wire ropes or chains and sheaves, that can be used both to lift and lower materials and to move them horizontally."
Nowadays, whenever you think of construction, a crane has to be present for the heavy lifting. However, working with machinery weighing hundreds of tons poses significant challenges and some risks as well. Crane insurance covers not only the machinery but the men who operate them as well. In order to be adequately protected from these risks crane insurance is a must. In the same way cranes are mandatory for modern construction, crane insurance is a necessity wherever a crane is being operated. Hence, its importance in construction cannot be emphasized enough.
A typical crane insurance policy offers the following coverage:
1. General Liability - Protects the construction company against any mistakes committed during operation of the crane. It provides cover against any claims made by any third party, say a bystander injured during crane operation.
2. Auto Liability - Cranes can be either driven or transported via a tractor trailer. Those that are driven can be considered mobile equipment and covered under auto liability insurance.
3. Property and Equipment - Provides cover against physical and mechanical damage to the crane and associated machinery and covers the cost of replacing them. I also include coverage on boom overload, over-the-road liability, loss of income and extra expense, loss of rents, custody and control and attachments coverage.
4. Workers Compensation - Workers at the construction site where the crane is being operated have their health covered by this section. In the event of an accident resulting in injury or death, the insurance company pays for medical treatment and compensation respectively.
5. Excess Liability - This provides cover in situations in addition to what is specified above. Also, it protects the insurer against events like earthquakes, riots and floods that may not be covered by the aforementioned policies.
Construction is a demanding field, requiring strength, courage, skill and determination. One can alleviate the stress somewhat by taking out a crane insurance policy - for the sake of the equipment and the personnel.
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