I don't buy insurance for the equipment but I bet my customers buy it.  For each good drilling job I send out, there is probably 2.5 million in equipment and they pay around 5,000 a day.  When things do go wrong though I have to save all of my notes and certifications on the equipment because as any of you in law know they have 364 days to file a claim so thats when I have to go to court.  They try to bring things up long after the fact so you forget what happened.