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Protecting Your Business and Clients with Rigging Insurance

In the world of rigging, your daily tasks involve handling valuable client property, often in complex environments with potential risks to the public and surrounding property. The sheer weight and scale of the equipment you work with inherently carries a high level of risk. Specialized rigging insurance is vital to safeguard your business from financial disaster in the event of an accident.

Beyond General Liability: Why Rigging Insurance is Essential

While general liability insurance might seem sufficient, it often doesn't cover the specific risks associated with rigging operations. Rigging insurance, offered by many insurance carriers, provides tailored coverage to address these unique needs. This additional protection could be available from your current provider, so it's worth exploring with them first.

Obtaining Rigging Insurance: What to Expect

The process of acquiring rigging insurance typically involves:

  • Contacting your current insurance broker: Investigate if they offer rigging or crane insurance.
  • Working with a specialized underwriter: If your current broker doesn't offer rigging insurance, your insurance company might be able to connect you with a specialized underwriter who does.
Providing detailed information: Be prepared to submit a comprehensive application, including: 

  • Company overview highlighting your safety practices and policies.
  • Financial information and a current balance sheet.
  • Inventory details of your major rigging and crane equipment, including types, makes, models, and values.
  • Copies of standard subcontractor contracts and rental agreements.
  • Details of past significant monetary claims and workers' compensation experience modification factor.
  • Information on your recent contracts (typically the last five), including project value and lift details.

The Specialized Application: A Deeper Dive

The application for rigging insurance can be detailed. Here's what you might be asked for, in addition to general company information:

  • Payroll and gross receipts breakdowns: Provide estimates broken down by work classification and labor type.
  • Work distribution details: Specify the percentage of work performed in-house, subcontracted out, or taken on as a subcontractor yourself.
  • Industry focus: Indicate the percentage of your contracts completed in specific major industrial fields (utilities, marine, oil fields, etc.).
  • Manufacturing and fabrication involvement: Outline the extent to which your company manufactures or fabricates equipment.
  • Equipment rental practices: Detail the extent to which you rent out crane, hoist, or rigging equipment to clients.

Coverage Options Tailored to Your Needs

Most insurance companies offer a variety of coverage options to match your specific rigging activities. Here are some common examples:

  • Per-project coverage: Tailored protection for individual projects.
  • "On-hook" liability: Covers loading, unloading, and transporting stages, including third-party loss of use.
  • Crane boom collapse and overweight transport coverage: Provides protection for specific incidents.
  • Pollution and transit exposure coverage: Offers safeguards against pollution-related damages during transport.
  • Leased and rented equipment coverage: Protects your business for leased or rented equipment.

Risk Management: A Proactive Approach

The rigging industry faces unique challenges. Specialized rigging insurance is a crucial risk management tool in today's litigious environment. "Going bare" (operating without adequate insurance) is a risky financial and operational decision that could jeopardize your entire company. By investing in proper insurance coverage, you can ensure the continued success and stability of your business.