Insuring Equipment In Transit
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Insuring Equipment In Transit
Tip written by: Infraspection Institute
Shipping infrared equipment is a frequent necessity for thermographers. Taking the time to make certain that equipment is adequately insured can help prevent bigger problems in the event of loss or damage.
Many companies insure their infrared equipment to guard against loss or damage while the equipment is in use or transit by company employees. Typically referred to as Inland Marine or Scheduled Equipment, this coverage is generally purchased in addition to the contents portion of a company’s general insurance policy. In order to be covered, equipment must be specifically identified by make, model, serial number and value.
For those who find it necessary to ship equipment via a third party or common carrier, purchasing additional coverage known as ‘Goods in Transit’ may be a smart move. While many shipping companies offer options for ‘insurance’, such coverage is often quite limited and may be insufficient to properly guard against loss. In addition to providing better coverage, a Goods in Transit policy is usually less expensive than insurance offered by freight or parcel carriers.
Regardless of how you insure your equipment, be certain to review your policy with your insurance professional and understand exactly what is covered. Lastly, always make certain that equipment is covered for replacement cost rather than ‘Fair Market Value’.
Care and use of infrared equipment is one of the many topics covered in the Level I Infraspection Institute Certified Infrared Thermographer training course. For more information including course locations and dates, visit us online at infraspection.com.
