Inland marine Equipment
Scrap yards frequently use mobile equipment such as cranes, loaders, and specialized vehicles to move materials between locations. Inland Marine insurance covers these high-value assets while in transit or operating at various job sites. It protects against theft, damage, and loss, ensuring your equipment is covered wherever it's needed.
Equipment breakdown (w/ production machinery)
Scrap yards depend on heavy machinery for processing, shredding, and sorting materials. Equipment Breakdown insurance covers the costs associated with mechanical failure or electrical issues in essential equipment. Whether it’s a baler or a shredder that breaks down, this policy helps cover repair, replacement, and downtime costs to keep your yard running smoothly.
Crime
Crime insurance helps protect scrap yards from financial losses due to employee theft, fraud, or burglary. Given the high value of scrap metal and cash transactions, this coverage is critical in safeguarding your business from internal and external criminal activity, including the theft of metals, money, or valuable parts.
Management Liability
Management Liability insurance protects the leaders of your scrap yard from claims of wrongful acts in running the business. It includes Directors and Officers coverage and Employment Practices Liability, shielding your management team from lawsuits related to employee disputes, mismanagement claims, or regulatory issues.
Cyber
Even scrap yards are vulnerable to cyber threats, especially with the increasing use of technology for inventory management and business transactions. Cyber insurance covers the costs of data breaches, ransomware, and other cyber attacks that could disrupt your operations or compromise sensitive information, providing essential protection for your digital assets.
