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Directional Drilling Machinery Insurance

An insurance broker plays a vital role in the purchase of your directional drilling machinery insurance. This expert will be your middleman when negotiating a fair price with potential insurers and finding the right insurance protection coverage.

What are the two types of insurance?

In order for you to find the ideal insurance policy, you need to know that there are at least two types of insurance products:

  • Personal insurance

This type of insurance policy is mostly for your personal needs like protection coverage for your house, car, jewelry, profession, medical and health, as well as travel.

  • Commercial insurance

This type of insurance policy covers many areas relating to one’s business, regardless of whether you are in mining, quarrying or any business where you have to safeguard your assets. Commercial insurance may cover:

  • The business itself

  • Machinery and equipment (directional drilling machinery, quarry machinery, loaders and a lot more heavy duty machinery)

  • Product liability

  • Public liability

  • Professional indemnity

  • Manpower compensation

  • Construction insurance

  • Industrial

What should your licensed insurance broker offer?

If you are really determined to use the professional services of a licensed insurance broker, he or she must be able to do the following:

  • Provide you with a wide list of insurers that offer special types of insurance policies like the directional drilling machinery insurance.

  • Act on your behalf when meeting with a prospective insurer, including the negotiation process.

  • Prepare the paperwork required for the processing of your insurance policy.

  • Explain the different terminologies so you have a good grasp of what you will receive in case an unforeseen event results in injury, property damage or worse, fatality due to faulty directional drilling machinery.

  • Assist you in the event you need to file an insurance claim.

What should be your requirements be when looking for a reliable insurance broker?

The general requirements you need to consider before hiring an insurance broker for your directional drilling machinery insurance purchase must include the following:

  • The broker must show a valid license verifying he or she is allowed o offer this kind of service.

  • The broker should show documents that will support their claim of credibility, such as references from past clients who contracted his or her services.

  • The broker must be affiliated to a good number of reputable insurance companies in your area.

  • The broker must have special training and attended short-courses relevant to the insurance industry.

  • Since you are looking for a commercial insurance policy, it would be appropriate to hire a licensed insurance broker who specializes in commercial insurance particularly for heavy machinery and equipment like the directional drilling machinery.

There you have it, some of the reasons why it’s best you seek a licensed insurance broker to help you find the ideal protection coverage for your directional drilling machinery insurance purchase. Contact an insurance broker with relevant experience in these types of heavy equipment policies and schedule a private consultation to discuss your insurance needs now.

Truck Insurance HQ are experienced brokers that will make sure you have the best Drilling Machinery Insurance to suit your needs. Call us today for obligation-free quotes and advice on 1300 815 344 or request a quote online.