Machinery Plant Insurance: Frequently Asked Questions You Put to the Insurance Broker

Machinery Plant Insurance

Are you planning to meet with a licensed insurance broker? If you want this private meeting to produce a positive result for your machinery plant insurance, I advise you include these frequently asked questions on your checklist of concerns.

Question #1 – What type of insurance is ideal for my machinery plant and equipment?

One of the most critical issues you need to verify when talking with an insurance broker is the type of insurance ideal for your specific needs. Remember, there’s a huge difference when it comes to buying the machinery plant insurance compared to an ordinary vehicle insurance policy. The risk elements your unit is exposed to when used for your various construction activities are broader.

Question #2 – Are there limits on my protection coverage?

Another question commonly asked by concerned owners of machinery plant and equipment is “what are the limitations that can be applied my chosen machinery plant insurance policy”. I suggest you have a serious talk with your broker and ask about the extent of protection coverage you can receive in the event of an unforeseen incident leading to property damage, injury or third party claims.

Question #3 – What do I need to provide for my insurance quote computation?

Even if you have a licensed broker working for you during meetings with potential insurers, you need to take part to ensure you get an accurate computation for your machinery plant insurance. Among the personal details you are compelled to submit are:

  • Complete name

  • Date of birth

  • Previous insurance claims report

  • Current market value of the unit or equipment

  • Model of the plant machinery

  • Credit score rating report

  • Lists of risks that the machinery is exposed to on a daily basis

Question #4 – Do I have a fixed amount on my deductible?

In any insurance claim, there’s a certain amount derived that the policyholder is required to pay as part of the deductible. If you want assurance that the amount of the deductible is correct, share this concern with your licensed broker.

Question #5 – Can I do amendments on my existing machinery plant insurance?

Among the biggest concerns when you have an existing machinery plant insurance is whether amendments are allowed anytime or not. Ask this during your meeting with a broker so that you have no apprehensions if you have insurance needs or risks that change over a period of time.

There you have it, some of the questions that you must not overlook when meeting with a licensed broker. It’s vital your broker can give you honest answers so you can continue to carry out your construction business without fear of major losses in the event an accident or unavoidable circumstances leave you totally dependent on your machinery plant insurance policy. Don’t feel over confident that everything is well taken care of when it comes to your insurance purchase. You need to be involved throughout the negotiation process and the final decision making.

Earthmoving Insurance HQ are highly experienced brokers in the heavy machinery sector, so when you are looking for Machinery Plant Insurance give us a call for your obligation free quote on 1300 815 344 or request a quote online.