On-site property insurance coverage and rates
On-site property insurance protects your equipment while it's at the auction site—before the auction or after you buy it.
Coverage: 100 percent of the equipment value.
Buyers -Property insurance rate example
| Location | 30-day Rate / Minimum Premium | e.g. $10,000 Item | e.g. $50,000 Item | e.g. $100,000 Item |
| U.S., Canada | $0.50 per $1,000 value* / $10.00 minimum | $10.00 for 30 days | $30 for 30 days | $61 for 30 days |
| Europe | €0.50 per €1,000 value* / €10.00 minimum | €10.00 for 30 days | €30 for 30 days | €61 for 30 days |
| Australia | $0.50 per $1,000 value / $10.00 minimum | $10.00 for 30 days | $34 for 30 days | $68 for 30 days |
| Mexico | $0.50 per $1,000 value / $10.00 minimum | $10.00 for 30 days | $37 for 30 days | $74 for 30 days |
Additional $6.00 or €6.00 processing fee per lot
* Rates for USA, Canada, Australia, and Europe will be applied to the selling value for purchases.
Limits: equipment with a declared or selling value over $500,000 (€500,000) requires pre-approval.
Deductible for USA, Canada, Panama, Australia and Mexico:
- Equipment valued at $5,000 or less: $250 deductible (or equivalent)
- Equipment valued at more than $5,000: deductible is 3% of value with $500 minimum (or equivalent)
- Higher deductibles may apply for certain perils or locations
Deductible in Europe:
- Equipment valued at €5,000 or less: €100 per accident or occurrence
- Equipment valued at greater than €5,000: 1% per accident or occurrence, subject to a minimum deductible of €500 per lot.
Cargo insurance coverage and rates
Cargo insurance protects your equipment against damage or loss while in transit to or from a Ritchie Bros. auction site.
Coverage: 100 percent of the equipment value. Includes 30 days on-site property insurance. No deductible.
Buyers - Domestic cargo insurance rate examples:
| Location | Domestic Rate / Minimum Premium | e.g. $10,000 Item | e.g. $50,000 Item | e.g. $100,000 Item |
| U.S., Canada | $1.25 per $1,000 value* / $35 minimum | $35.00 for 30 days | $77 for 30 days | $154 for 30 days |
| Europe** | €1.25 per €1,000 value* / €35 minimum | €35.00 for 30 days | €77 for 30 days | €154 for 30 days |
| Australia | $1.25 per $1,000 value* / $35 minimum | $35.00 for 30 days | $83 for 30 days | $166 for 30 days |
| Mexico | $1.25 per $1,000 value / $35 minimum | $35.00 for 30 days | $83 for 30 days | $166 for 30 days |
Buyers - International cargo insurance rate examples:
| Location | International Rate / Minimum Premium | e.g. $10,000 Item | e.g. $50,000 Item | e.g. $100,000 Item |
| U.S., Canada | $1.75 per $1,000 value* / $55 minimum | $55.00 for 30 days | $108 for 30 days | $216 for 30 days |
| Europe** | €1.75 per €1,000 value* / €55 minimum | €55.00 for 30 days | €108 for 30 days | €216 for 30 days |
| Australia | $1.75 per $1,000 value* / $55 minimum | $55.00 for 30 days | $114 for 30 days | $228 for 30 days |
| Mexico | $1.75 per $1,000 value / $55 minimum | $55.00 for 30 days | $142 for 30 days | $284 for 30 days |
Deductible for Mexico
- $500 deductible
Additional $6.00 or €6.00 processing fee per lot.
* Rates for USA, Canada, Australia, and Europe will be applied to the selling value for purchases.
Limits: equipment with a declared or selling value over $500,000 (€500,000) requires pre-approval.
** European countries include:
Andorra, Austria, Belgium, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Netherlands, Norway, Malta, Monaco, Poland, Portugal, Romania, San Marino, Slovenia, Slovakia, Spain, Sweden, Switzerland, Turkey, UK and Ukraine.