Mobile Equipment Insurance
Definition - What does Mobile Equipment Insurance mean?
Mobile equipment insurance is insurance coverage for mobile equipment that does not qualify as motor vehicles, including tractors, forklifts, and excavators.
Insuranceopedia explains Mobile Equipment Insurance
Mobile equipment typically remains on the property of the insured and is not meant to be driven regularly on streets, highways, or other roadways.
Although mobile equipment does not operate on the roads the way cars and trucks do, it is still exposed to many of the same risks. For example, a tractor might be involved in a collision or a forklift might be stolen from the owner's property. Mobile equipment insurance allows owners to hedge against these risks.