HW OC faults are often caused by intermittent short spikes in current demand, usually because of a load related issue. On the drive belt, I can see that happening if there is a sharp increase in load while running, something like a sudden high step-change in load, a seized bearing or some other jamming condition. But what kind of pump is the other one? If it's a centrifugal pump, that's hard to imagine a load issue that can cause this. But if it's a Positive Displacement pump such as a gear pump, progressive cavity pump, something like that, then yes, it can absolutely happen.
PF400 drives are ALWAYS sized as "Normal Duty" in A-B parlance, what the rest of the world used to call "Variable Torque". That means the drive, although rated for 30HP, is only rated for a maximum of 110% overload for 60 seconds but short intermittent overloads of 180% for only 1 second, which is that Hardware Limit causing the trip you are experiencing. It is intended to ONLY be used on HVAC loads such as centrifugal fans and pumps. That drive should NOT have been used on a conveyor application unless it was over sized, and by how much will depend on what you intend to do with it.
A typical Heavy Duty (Constant Torque) drive rating is 150% overload for 60 seconds, 200% for 3 seconds and a HW Limit of usually 250% for 1 second, essentially 50% more than the Variable Torque rated drive. If that's what you needed from a PF400, you would have to up-size it by at least 2 sizes. So for your 30HP motor, you would need a 50HP PF400, maybe even a 60HP. The same would be true if it is any sort of PD pump. Those are CONSTANT torque loads.
In reality, it would have been better to just buy the right VFD, a PF70,700 or 750 sized for Heavy Duty. Sounds as though someone tried to get away with buying a cheaper drive without fully understanding WHY it is cheaper.
The other remote possibility is that you have an intermittent line fault ahead of the VFD when it is running, coming from something else in the plant or nearby. A brief dip in voltage that is low enough to stop the diodes from conducting into the DC bus (below the Forward Conduction Voltage threshold), can cause a huge current spike coming into the drive, because the transistors on the output are depleting the DC bus caps, but the diodes are not replenishing it for a cycle or 2. So when the line drop is over, the diodes conduct again and the caps re-charge by pulling all the current they need at the Available Fault Current level, albeit for only a cycle or 2, but that is often enough to trigger that fault because that current measurement (for the HW OC fault) is taken at the line side of the DC bus in order to protect the components. If you don't have a Line Reactor ahead of the drive, you need one. The reactor slows the rate of the line anomaly and gives the drive time to react to it better without over doing it.