Heavy Equipment Insurance

Coverage / Benefits Provided

Heavy Equipment Insurance provides compensation for damage/accidents caused by:

• Collision, impact, crash, and falling objects

• Fire, explosion, lightning

• Storm, flood, landslide

• Theft

• Malicious acts of others

• Other causes as long as not excluded in the policy

Type of Coverage

• Comprehensive/All Risk

• Total Loss Only

Sum Insured

In accordance with the policy provisions, it is required that the sum insured must be based on New Replacement Value (NRV), which is equal to the acquisition cost (in this case meaning the acquisition cost including shipping costs, import duties, and installation costs) of a new unit with the same specifications and capacity. It is recommended that the sum insured uses the 'original currency', for example US Dollar, to reduce the impact of under-insurance due to exchange rate differences.

Total Loss Compensation

In the event of a total loss, compensation is based on the Actual Value of the insured unit.

Under Insurance Condition

In the event of loss or damage, if the sum insured is less than the required amount, the compensation provided by the Insurer will be calculated based on the proportion between the sum insured and the required amount (NRV). If the insured consists of more than one unit, this provision applies to each unit.