Heavy Equipment Insurance
- Comprehensive Insurance – Cover partial loss or damage and/or total loss caused by all risk, unless the risks are excluded specifically in the policy.
- Total Loss Only – Cover loss or damage if the value of loss equals or exceeds Actual Cash Value (ACV) of the heavy equipment at the time of the accident. Actual Cash Value is calculated from New Replacement Value (NRV) minus depreciation according to the age of the heavy equipment.
Heavy Equipment Insurance provides all risk coverage for heavy equipment (unless the risks are excluded specifically in the policy) or total loss only.
Policy can be extended to cover natural disaster, theft, robbery, riot, strike, civil commotion, etc.
Heavy equipment is hereby defined as heavy machineries operated mechanically by an operator and limited within the project sites only (not on public road).
Types of heavy equipment that can be insured
Trucks, dozers, excavators, mobile crane, tower crane, gantry crane, shovel, forklift, dump truck, wheel loader, dozer shovel, back hoe loader, articulated vehicle, forwarder, aerial platform, heavy duty compaction, motor grader, hydraulic shovel, and others.
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