Through a partnership with J.C. Stevens Inc., Philadelphia, Pa., Markel Insurance Co., Richmond, Va., has developed a commercial insurance program tailored to small crane operations. Working with local insurance brokers, crane owners can arrange for appropriate coverage for any small business that involves the use of a crane.
While other insurance packages might restrict coverage to just crane operators specifically, this program involves the crane use, as well. “We pick up that separate exposure for the crane portion,” says Megan Rose, program director for J.C. Stevens. “We’ve always focused our program [on] crane operators; however, it’s not just designed for them, but for those in any business [which] uses a crane.”
One example of a company that would be covered by this program might be a tree arborist who wants to purchase one crane for use with tree trimming or a towing and recovery service with a fleet of cranes used to recover very large vehicles—someone who has a crane and needs coverage, Rose says.
“The crane may be a separate entity of the business and may need to be insured separately,” reiterates Frank Noyes, executive underwriter for Markel Insurance, which is a division of Markel Corp.
J.C. Stevens has a history of working in the crane service sector as an insurance program underwriter, manager, and administrator. Markel is a specialty lines insurance company that identifies program niches across many industries. In search of an avenue for expansion, J.C. Stevens teamed up with Markel to offer the program to small crane companies. “Small” is defined as companies under $2 million in receipts, according to Rose.
The program offers over-the-road coverage for mobile equipment; on-hook coverage; blanket additional insured coverage; a blanket waiver of subrogation; primary non-contributory wording; per project aggregate; stop-gap in monopolistic states; coverage for personnel baskets; coverage for incidental exposures; a separate auto policy for those in need of electronic ID cards or auto filings; excess liability up to $5 million; and same-day quotes.
To read more about this insurance program, see the April issue of Crane Hot Line or read it in the CHL digital issue.