Montana Contractors: How is your equipment covered, and at what cost?

When insuring your mobile equipment, are you certain you're receiving full value in the event of a loss? Many business owners assume that their mobile equipment is covered at full replacement cost, but the reality might be different.

In most cases, Mobile Equipment/Inland Marine/Equipment Floater policies are written on an Actual Cash Value (ACV) basis. This means that depreciation is factored in when determining the payout in the event of a claim. While you're paying a premium based on the value you provide on your application, the amount you receive after a loss could be significantly lower than expected due to depreciation.

It's important to review your policy carefully to ensure you're not leaving money on the table. By understanding how your equipment is valued and insured, you can make sure you’re not overpaying for coverage that won’t deliver when you need it most.

Would you like to review your current policy and explore options that better suit your needs?

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