Contents Theft Vandalism Comprehensive Liability Acts of God |
The Small Tractor
FAQ Frequently Asked Questions "What about insurance?"
Insurance coverage for your tractor should include theft, vandalism, comprehensive, liability and "acts of God." Theft of household, farm and construction equipment is big business. Thousands of "hot" tractors and related equipment are bought and sold each year. In most states such thefts are misdemeanors, so penalties for these crimes are light and there is little deterrent to this lucrative activity. There is not much you can do to prevent your tractor from being stolen except to store it in a locked building or garage. But, you should make sure that your insurance policy protects you from loss if your tractor is stolen. The author's homeowner's policy covers theft of his tractor (up to a maximum dollar amount), since it is required for "normal maintenance" of the property. Your policy may be similar, but check to be sure. Vandalism, especially in rural areas, can include anything from childish pranks to arson. Even minor damage to your equipment may be costly to repair, so be certain your insurance policy protects you from expenses due to the entire malicious spectrum. And make sure the deductable amount is reasonable. Comprehensive coverage insures you against accidental damage to your property. Since accidents involving your tractor are certainly possible, it is prudent to insure against costs which may result from such accidents -- again, with reasonable deductable. Liability coverage insures you against accidental damage to others and their property. Make sure your insurance covers damage your tractor may accidentally do to other people and their possessions. "Acts of God" are usually weather related: floods, hurricanes, forest fires, lightning, snow, wind, hail, meteorites, storms, etc. Any of these things could damage your tractor or related equipment and your insurance coverage should protect you from financial loss due to these events. |
|
Copyright (c)
1997 by Ken Burner. All rights reserved. |
Return
to more Frequently Asked Questions