Are you planning to buy an Excavator Insurance policy? Here is a quick overview including the insurance requirements you need when talking with a prospective insurance provider.
What is an excavator?
An excavator is a type of heavy equipment used for excavating different types of soil with the aid of a hydraulic system. Excavators do vary in size of the bucket, the length of the boom, arm, and speed. The performance of an excavator is usually gauged by its production cycle which is the time spent on digging soil, loading the bucket, and loading dump trucks. There are at least two common types of excavators:
This type of excavator is generally used in areas where the risk of sliding is high. It’s designed to work efficiently on hills with its chain wheel system (two endless tracks).
A wheel excavator is used for the excavation and loading of soil. It’s ideal for areas with flatter ground because it runs on wheels. This heavy equipment can’t perform well on hilly areas due to its poor grip on the ground.
What should your excavator insurance cover?
The protection coverage of your excavator insurance policy should include the following:
One area of protection cover that an excavator insurance policy must extend to the owner is material damage where the actual value of the unit in the market is assessed, including the new replacement of parts damaged. It should also cover any part lost or accidentally overloaded while in use.
A comprehensive excavator insurance policy may extend protection coverage not only on the unit but on goods that could be damaged while using the heavy equipment. The coverage may also extend to expediting costs to the hirer in the event of a road accident and a lot more.
If you want to know more about other types of protection coverage such as Broadform liability, it’s best you ask an insurer or a licensed broker. They can explain the terms covering issues of physical and legal control sub-limits as well as damage done to underground services.
How much does an excavator insurance policy cost?
The cost of your excavator insurance policy may vary from one insurer to another and depends on many areas such as:
Level of protection coverage you wish to extend to your heavy-duty equipment
Amount of the unit to be insured
Protection coverage on the sub-limits
Records of your insurance claim history in the event you are just renewing your existing policy
Your excavator is among your most valued possessions, especially if you rely on this heavy equipment for your construction or farming business. If you want to stay secure and safe while using this equipment, get the coverage that will protect you and your equipment from all sorts of risks and damages as well as theft or vandalism. Talk to a reliable insurance broker now and ask for a free quote for your excavator insurance policy.
Truck Insurance HQ are experienced brokers that are able to advise you on the best insurance cover to suit your needs, with Earthmoving insurance HQ we do all the hard work for you while you worry about other things. Call us today on 1300 815 344 or go online and request a quote.