EXCAVATION INSURANCE GROUP
What Happens If My Excavator Is Stolen From a Jobsite?
Excavation Insurance Group walks through how an equipment theft claim gets paid, what to do in the first 24 hours, and why an accurate equipment schedule matters.
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Quick answer: Excavation Insurance Group on this: If the excavator is scheduled on an equipment floater, the policy pays out based on the valuation method on file, actual cash value or replacement cost, up to the scheduled limit, once you file a police report and provide proof of ownership. If it was never scheduled, or the schedule is outdated, there’s nothing to pay a claim against.
WHAT TO DO IN THE FIRST 24 HOURS
File a police report immediately, both for the claim itself and because it starts the clock on any recovery effort. Notify your agent or carrier as soon as possible. If the machine had GPS tracking or telematics, pull that data right away, it can materially speed up both recovery and the claims process. Document the equipment’s last known condition and location with whatever photos or records you have.
WHY THE SCHEDULE MATTERS MORE THAN PEOPLE REALIZE
An equipment floater pays against what’s actually listed on the schedule, at the value listed on the schedule. A machine that was upgraded, added to the fleet, or never formally scheduled after purchase can leave a contractor with a real loss and no corresponding claim to file. Keeping the equipment schedule current isn’t paperwork for its own sake, it’s what makes a theft claim payable at all.
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Related: How Do I Schedule New Equipment Onto My Policy? | What’s Actual Cash Value vs Replacement Cost for Equipment Claims?
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