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 | Sternsher
Join Date: Posts: 1 
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2001-12-03 33638
I did a little research and just wanted to know know what others are doing for inusrance on their tractors and equipment. Our 4100 and implements are covered by our homeowners policy as long as no "paid" commercial work is done. We did increase our coverage since our home-owners policy covered "contents" of the home up to 60% of the home's value including the tractor and implements - even if the tractor is kept in the pole barn. We increased the content coverage to 75% of our home's value for about $11 a month which will cover the $22,000.00 we have in green "toys" in the pole barn (this coverage is for "new" replacement - not current "bluebook" value replacement). Neighbor checked on his homeowners policy for his Kubota B7500 and found out he wasn't covered but for $1,000 for "garage" items on his "cheap" policy he always bragged about. Any thoughts from others would be appreciated...
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| PJDrew
Join Date: Posts: 1
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2001-12-03 33639
Sternsher,
Most people should have their tractors specifically endorsed and they are normalled settled on a Actual Cash Value (market value) only. If you have a compact tractor, your likely to have a farm or habby farm insurance policy. A few home owner policy's will cover tractors as regular contents but you better double check with your agent for sure. This piece of equipment is not something a typical homeowner's has. Also most policys state that motorized vehicles or machines(which your 4100 is) are covered only when used "solely for the service of the insured premises and not liscense for road use". Non-paid work off premises is still off premises. Whether you get paid or not may make little difference and you run the risk of no coverage in a claim situation. Again, I would stress verifiying how this is covered with your agent and make sure you document what he tells you. In case of problems down the road. Regards PJ Drew ....
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| Mike Yager
Join Date: Posts: 1
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2001-12-04 33645
My tractor is covered under my homeowner's. It has a high limit that covers this kind of equipment. ....
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| TomG
Join Date: Feb 2002 Posts: 5406 Upper Ottawa Valley 
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2001-12-04 33646
As several people noted,, a general homeowner's policy may provide little coverage for the tractor. My tractor and implements are covered as specific endorsements to the policy and for declared market valves.
The policy covers losses to the tractor and liability for damage. However, there is no coverage for property damage caused by the tractor or damage to the tractor through 'accidents'. We have two properties about 10-miles apart. I checked and the policy provides liability coverage for travel between the properties. The tractor may be unattended for periods of a week or more while it is at our camp. The insurer wanted more security than the tractor just sitting in the open. I buried a large timber 5' down with a loop of 3/8" transport chain around it. I lock the chain around an axle and chain implements to the tractor. As a security measure, it's token, but it's enough to keep the insurer happy.
As noted, it's a very good idea to understand the actual coverage of a policy. I was surprised to find that leaving a house 'unattended' can compromise coverage. We inherited 500-gallons of used oil with our camp (actually, it was the former owner's oil but it was mostly on our neighbour's property). After quite a struggle, we found a waste oil company to come and pump it. Later our insurance broker told us that she hoped we understood that if there has been an accident involving the oil, there might have been no insurance coverage. The concept she said is that insurance is to cover accidental loss. A loss where there is reasonable chance for a prudent person to foresee an accident is not necessarily an accident under law. That's a 'hardball' position, but one that an insurer could throw.
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| Sternsher
Join Date: Posts: 1
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2001-12-05 33673
I checked on having it specifically endorsed and my insurance company does not require it unless it's used commercially. My home-owners policy also covers me for liability and property damage on or off the premises and for use of the equipment and the equipment itself on or off the premises as long as I'm not paid for any work being done (questions posed to my agent: so if I want to pull a wagon in the parade or help the neighbor plowing his garden, I'm covered - YES). I should clarify that by having my policy cover contents of the "home", I can use the insurance funds to apply towards anything up to 75% value of the home, so replacing the tractor with a new one if the barn or house burns down is not a problem since my coverage is now high enough - now - to allow adequate funds to do so. I should mention that I'm also paying double the annual premiums of my neighbor mentioned previously - he pays very little but has minimal and limited coverage. On a side note, also found out if I'm on vacation and things like my camcorder are damaged, my home-owner's policy covers it. THANKS FOR ALL YOUR FEEDBACK - caused me to double-check some items with my insurance agent. ....
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| TomG
Join Date: Feb 2002 Posts: 5406 Upper Ottawa Valley
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2001-12-06 33675
It sounds like a very good policy, and I'm not sure that level of coverage is available under my homeowner's policy. This subject has come up before, and some people were amazed at how little coverage and how many restrictions on use there were under their policies. It's good to check. The consequences of exposure to big liabilities without knowing it can be catastrophic. ....
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