This morning I have been working on making sure that all of our GPS equipment is insured. This is a tricky situation and a lot of people don’t know how you need to insure all of your GPS equipment. There are a few things you need to be aware of. If you have anything with a Serial Number you had better make sure that you have it insured. And just because you have your monitor insured it does not mean that your activations in that monitor are insured. A lot of companies will not replace activations that they can not get taken off of the monitor, either by software or sending the hardware to them. John Deere is a real stickler on this, as I’m sure others are. Usually the activations are the biggest cost out of the entire purchase.
Here is how I breakdown everything for the insurance.
- Displays
- Receivers
- Activations
- RTK Equipment (radio, modem)
- Steering Equipment (ATU, Ez-Steer, etc;)
- Application Equipment (Rate Controllers, Ez-Boom)
Anything with a serial number should be listed separately with their own individual values. It is very unlikely that if you group every thing together as one piece that it will all actually be on that same piece of equipment at the same time.
Don’t include the activations in the value of the display. This is where a lot of people go wrong and say well I have my monitor insured so the activations are insured. Insurance is likely going to only pay for hardware cost, not what you might say is on the display, unless you list them out individually and tell them what piece of equipment the activation is on. What I am sending to my agent has the activations listed with the serial number of the display/receiver the activation is currently on. I am sure there are ways you can prove this after the fact, but I for one do not want to get into a paper battle with Insurance.
Its not hard to have $15000 wrapped up in a single display and that could be financially hard to replace without insurance. We all know anything can happen at any time. Fire, theft, accidents. It is a good safety net to have all of this stuff insured in case something does happen.