Whether you use the drag line equipment for your construction or mining activities, it’s a basic requirement that you have this heavy equipment insured with a drag line insurance policy to protect against future claims. If you are in the process of choosing the appropriate protection coverage, below are some guidelines that can help you make a wise choice.
Clearly identify the classification of the drag line
It’s crucial at this point that you can clearly identify the classification of the drag line so that you know exactly what to look for when buying drag line insurance protection.
List the general usage of this equipment
Your next task is to list the general usage of this heavy equipment. Is it for your own various construction projects, or is it rented to other independent contractors? Be more specific when listing the activities that involve the use of a drag line so that when determining the level of protection you need, you can accurately gauge which needs higher protection coverage.
Contact a credible insurance broker
If you don’t want to burden yourself with the responsibility of choosing the right level of protection coverage for your drag line insurance purchase, I strongly recommend you contact a credible insurance broker. Be sure you are clear about certain requirements this expert must have when you are seeking their services, such as:
Number of years working as an insurance broker, particularly with heavy equipment and machinery insurance products
Valid license to offer these services
Connection with reputable insurers who specialise in heavy equipment and machinery insurance
Affordable professional fees
Know the types of protection you can obtain
There are different types of protection you can have when choosing drag line insurance and may include the following:
Non-operation due to equipment breakdown
Repairs and replacement costs
Third party liability
Accidents (injury of a third party, personal injury)
What other concerns must you discuss with a broker?
Risks your equipment is exposed to, both during operation or while at the storage area.
Inclusions and exclusions you can incorporate in your chosen drag line insurance policy.
Your preferred budget for your needed insurance coverage.