Mine Machinery Insurance: How to Get the Right Protection Coverage for Your Heavy Equipment

Mine Machinery Insurance

Owning heavy equipment like mine machinery can be challenging because you need to make sure this tough moving unit is covered by a reliable mine machinery insurance policy. Remember, insuring it with a general motor insurance policy is the wrong move because the protection coverage needs of your mine machinery differs a lot from your personal car or any small sized vehicle. So, I suggest you follow these useful tips when looking for the right protection coverage for your heavy equipment.

Tip #1 – Know the classification of your mine machinery

This is your initial task; know the classification of your mine machinery before buying an insurance policy. Ask yourself, does this heavy machinery falls under the category of earthmovers, trailers or lifting machines? Once you have an idea where your mine machinery belongs, you can now move to the next concern; the type of protection coverage.

Tip #2 – Determine the ideal protection coverage

Now that you have a clear definition for the type of vehicle of your mine machinery, determine the ideal protection coverage you can include on your mine machinery insurance policy. Again, ask the following questions:

  • Where do you normally use this heavy duty equipment? For your business or do you rent it to other mine machinery operators for their contractual projects?

  • How much is the market value of your unit?

  • What are the risks your heavy machinery faces on a daily basis?

When you have answered these questions, you can now visualise the extent of protection coverage you will need to protect your investment for this mine machinery. If you have come to the conclusion that you need a customised insurance package to suit various levels of your unit’s protection requirements such as public liability, product liability, maintenance costs and property damage, you can now talk accurately with an insurance provider.

Tip #3 – Find a reliable insurance broker

In the event you wish to get a better deal for your mine machinery insurance purchase, find a reliable insurance broker with the skills and qualifications to negotiate the best price. Remember, the role of an insurance broker is to work in accordance to the desires of his or her client. If you would like a low budgeted mine machinery insurance policy, then your broker will have to do everything possible to find an insurer who is willing to offer a lower quote for quality insurance.

Additional tips and warnings:

  • Don’t continue your daily mining activities without a mine machinery insurance policy. You and your unit will be exposed to all manner of risk elements like accidents resulting in injuries, property damage or loss.

  • Make sure the proposed insurance policy is a perfect match for your mine machinery. If you buy the wrong policy you might not get the right insurance coverage when filing a claim after an unavoidable event occurs.

  • Invest in a comprehensive mine machinery insurance policy because this will give you enough protection where you need it most and will prevent you experiencing major financial losses after a bad incident.

  • Earthmoving Insurance HQ are here to help with al your machinery insurance needs, whether for advice, obligation free quotes or you are wanting to know how a broker can work for you. Call us today on 1300 815 344 or request a quote online.