I was not aware that it was necessary to have your own insurance if you were colocating. What type of insurance do you need to purchase in order to cover you own equipment? Does the data center offer it?
Many of people are not, and they think the datacenter is fine or will cover them.
But the bad part is, it will not!
Just checkout on the forums or ring some companies, it is like home insurance but for companies and contents.
If you are doing colo to a remote location make sure you package your server carefully and insure it. We receive almost a package a week/2 weeks that is damaged. Some have even been packaged by fedex or ups. Nothing worse than having your colo box per-configured and ready to drop in and go (also already paid for colo) to find the machine is trashed.
Best advice I can give you is to make sure the server works properly, 100% of the time, before leaving your home/office. Any issue that occurs even once before deployed, will become a more frequent (and expensive) headache once the server is racked up in a datacenter.
I think you should provide spare hardware when setting up your machine for co-location. The hardware may fail anytime, and in order to ensure the parts are replaced early, there must be backup hardware. Also, the datacenter should be great, reliable and co-operative. They should allow you to visit your 'machine'.