EXCAVATION INSURANCE GROUP
How Do I Schedule New Equipment Onto My Policy?
Excavation Insurance Group explains what to do the moment new equipment is purchased so it's actually covered before it hits the jobsite.
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Quick answer: Contact your agent as soon as the purchase closes, not at renewal, with the machine’s make, model, year, serial or VIN number, and purchase price or agreed value. Excavation Insurance Group can typically add a machine to an existing equipment floater within days, and coverage should be confirmed in writing before the machine goes to work on a jobsite.
WHY WAITING FOR RENEWAL IS THE WRONG MOVE
A machine that’s been bought, delivered, and put to work on a jobsite has zero coverage until it’s actually added to the schedule, no matter how long you’ve had a relationship with your agent or how routine the purchase felt. Waiting until the next renewal to “clean up the schedule” means running that machine uninsured for however many months stand between now and then. The fix takes one phone call or email, there’s no reason to carry that exposure.
WHAT TO HAVE READY WHEN YOU CALL
Have the equipment’s make, model, and year, the serial or VIN number, the purchase price or agreed value, and how you want it valued, actual cash value or replacement cost. If it’s leased rather than purchased outright, have the lease agreement’s insurance requirements on hand too, since the leasing company may need to be added as a loss payee. Getting these details together before the call speeds up how quickly the machine is actually on the schedule and covered.
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