Insurance 3720 On the Way - ? on Insurance and Doing Favors

454shooter · May 16, 2005

The order was placed for a 3720 with 448 hoe, 72"MMM and 300CX loader today. John Deere says June 13 delivery. I am using the 0% 3 year JD financing and they require the tractor be insured. I called my agent and they related that it would be covered only on my property under my homeowners insurance. But, I do take it to relatives for snow removal and probably will get roped into other things now that I will have a hoe. I can insure it for $307 per year for driving on the roadway (1000 deductible) but that would not cover an accident due to operator 'error' (such as digging up a utility line or bumping a foundation, ect.). General liability insurance would be around $450.00 per year. While I won't be going into business I am sure I will do very limited favors for friends. What do you tractor owners that travel off your property do in the line of insurance? Anyone have a friend sign a release of liability form before doing a favor? And do you put registration plates on the tractor for legal use (not farm related) on the roadway?
Thanks in advance...........Shooter

beenthere · May 16, 2005

If I do jobs off my property (as I don't charge), I assume the property owners insurance would handle any damage done. I take the risk otherwise, and don't fret over it.

GeorgeC · May 16, 2005

I agree..

V8DAK · May 17, 2005

I have a similar problem, my trailer when hitched to my pickup, is covered by my auto-insurance, but the load on the trailer is covered by my homeowners insurance and is limited to 10% of total policy value. I would need to have a $350,000 to $400,000 dollar policy to cover the cost of my JD 4115 with 46 BH, FEL, and 72" MM Mower. I don't even feel comfortable towing the unit back to the dealers for fear someone will rear end me. I need coverage for a half dozen trailer trips a year. I will be watching this thread to see if anyone has the answers. Thanks, Bill

bigpete · May 17, 2005

I do favor off of my property, too. I don't take any money for the work which I think is one of the keys to being covered during transport and the work.

rockyridgefarm · May 17, 2005

Stuff happens. With a backhoe, stuff happens a LOT.

Dig up a fiber and you could be out tens of thousands of dollars. Call the utility locate first, and dig up a fiber, it still might be your problem.

Tear up a house, and the homeonwners insurance pays, then sues you to cover it.

Make sure you know before hand what the liabilty is, and the cost of coverage. You might not be able to afford to do even free work.