Wet mix concrete delivery is a crucial aspect of the construction
industry, but it also comes with its own set of risks and challenges. Businesses involved in this sector need to have adequate insurance coverage to protect themselves from potential financial losses. In this blog post, we will discuss the key considerations and coverage required for insuring concrete wet mix delivery.
Solidification of the Load
One of the main issues with wet mix concrete delivery is the solidification of the load. Insurers often exclude this from coverage, or the coverage is reliant on an insurable event happening to trigger it. This can leave businesses exposed to significant financial losses in the event of a claim. It is crucial to ensure that your insurance policy covers solidification to protect your business from these losses.
Ownership of the Barrel
In many cases, the barrel used for wet mix concrete delivery is not owned by the transport operator, but rather by the company they work for. However, the contract requirement is often for the truck owner to also insure the barrel. This is an important consideration when seeking insurance coverage. Make sure your policy covers the barrel as well as the truck to avoid any gaps in coverage.
Motor insurance is another critical aspect of coverage in the wet mix concrete delivery sector. It needs to cover replacement or hired-in vehicles as it is common for a truck to be hired for a day from head office while the owner's truck is being serviced.
Downtime cover should also be taken to protect your business's lost income in the event of a claim when the truck is off the road being repaired.
Public Liability Insurance
Public liability insurance is essential coverage for the wet mix concrete delivery sector. It needs to be specifically extended to include industry-specific terms such as rip and tear and wrongful delivery. These terms are specific to the concrete industry and are not typically covered in standard public liability policies. Ensure that your policy includes these terms to avoid any potential coverage gaps.
Personal Accident Insurance
Many contracts also stipulate that the driver has personal accident insurance. This is an additional type of insurance that businesses need to consider when seeking coverage. It provides coverage for the driver in the event of an accident or injury while on the job.
Choose a Specialist Insurer
Finally, it is crucial to use an insurer who specializes in the agitator sector and has the knowledge and resources to handle claims
quickly. While it may be tempting to go with the cheapest insurer, this could end up costing your business significantly more in lost income if the insurer takes too long to assess the damage and authorize the claim. Furthermore, a cheap insurer may not cover solidification, leaving businesses exposed to significant financial losses.
Most trucks in this sector are earning $4k per week and using a specialist insurer can help protect your business from potential losses. There is no point going with the cheapest insurer if saves a few hundred dollars, when the cheap insurer could easily add 3 weeks to the assessment of the damage and claim authorisation, costing the business an extra $12k in lost income for what could have been $300 - $700 extra.
In conclusion, businesses involved in the wet mix concrete delivery sector need to be aware of the specific insurance coverage required to protect themselves from potential financial losses. By working with a specialist insurance broker and ensuring adequate coverage for all potential risks, businesses can operate with confidence and peace of mind.
Contact Truck Insurance HQ
today to get a customized insurance quote for your Wet Mix Concrete Delivery business. With our help, you can have peace of mind knowing that your business is protected from any unforeseen events.