Overall the public liability risk for this occupation is high, although the risk at the premises is fairly limited, as there would be few visitors. The main risk is associated with work “on-site”, particularly any pumping work. Work in or adjacent to occupied buildings creates the highest exposures and includes damage to customer and other third party property, business interruptions e.g. from interruption of gas or water supply and third party injuries from tools, equipment and materials. Unoccupied construction sites present risks depending on the relationships between the insured and other tradesmen on site, site access and the insured’s contractual responsibilities. Good risk management of on-site risks (where occupied or unoccupied) is essential.
The underwriter/adviser will be interested in:
The most common concrete pumping claims include over-spray, property damage caused by a boom (structures / utilities) and injury caused by or around a concrete pump truck.
Motor / Plant:
Insurance companies are now becoming more selective as to which clients they take on, for example, you may be required to advise:
Due to higher volumes of claims and loss ratio's, there are fewer insurers willing to take on concrete pumping businesses, especially if you own and operate boom pumps that are over 10 years old.
Some insurance companies are now favouring certain makes of booms over others. This feedback is based on increased financial costs during part replacement / repair delays and third party property damage claims caused by product failure (collapse).
We recommend being proactive with your risk management and ensuring that your broker is familiar with the industry restrictions and requirements.
Concrete pump trucks are unique machines, they are often imported and require specialised companies to build and repair.
On average, even minor concrete pumping motor claims take four to six weeks to be repaired. Major claims which involve a significant repair can take up to twelve weeks, predominantly from delays in sourcing parts.
It is very important to consider insuring for Increased Cost of Working (Substitute Hire Costs) or Loss of Revenue, when insuring your concrete pump trucks. Whilst this coverage is expensive, the financial obligation to absorb during the repair duration can make things difficult, particularly for small businesses.
Concrete Pumping Insurance Broker Brisbane:
Hunter Broking Group can assist with Concrete Pumping Insurance & Concrete Pumping Equipment Insurance. Through industry specific insurers, your designated advisor has access to a comprehensive range of insurance products that be can tailored to suit most fleet schedules and projects. We can arrange insurance for various segments in the Concrete Pumping industry including:
Hunter Broking Group pride themselves on having a local presence with a national strength, our technical product experience allows us to manage and service Concrete Pumping insurance products such as:
Concrete pumping equipment is a core focus for our advisors, whether we are looking after line pumps or heavy 65m boom pumps, Hunter Broking Group have the experience to provide the appropriate advice for your size and risk exposures.
Our experienced brokers can help you get the most appropriate insurance cover by assessing your specific needs and recommending the best value insurance solution for your business, whilst still maintaining the highest standard of cover.
Surround yourself with professionals who make your life easier, when you call through to us – this is our objective.