In the construction and transportation sectors, cranes, excavators, and trucks play a crucial role, serving as the backbone of many construction sites and projects. However, along with efficiency and power come potential risks, from workplace accidents to unexpected natural disasters. To minimize financial losses and ensure continuous operation, insurance for cranes, excavators, and trucks becomes a necessity for every business.
This article, compiled by experts at Xe Tải Mỹ Đình, will provide a comprehensive overview of insurance for cranes, excavators, and trucks, helping you understand the scope of coverage, benefits, and claims process, enabling you to make the most informed decision for your business.
What is Insurance for Cranes, Excavators, and Trucks?
Insurance for cranes, excavators, and trucks is a type of property insurance that protects specialized machinery and equipment used in construction and engineering, including cranes, excavators, dump trucks, and other similar vehicles. The main purpose of insurance is to compensate for physical damage caused by unexpected incidents, helping businesses quickly recover from the consequences and stabilize production.
Wide Range of Insured Objects
Not only limited to cranes, excavators, and trucks, insurance also extends its scope to many other types of construction machinery, such as:
- Excavators
- Bulldozers
- Graders
- Concrete mixers
- Vibratory rollers
- Forklifts
- Other specialized vehicles serving construction sites
With a broad scope of coverage, businesses can confidently protect their entire fleet of vehicles and machinery from unforeseen risks.
Comprehensive Coverage for Cranes, Excavators, and Trucks
Bảo Hiểm Quân Đội (MIC) offers insurance solutions for cranes, excavators, and trucks with comprehensive protection, including:
Natural Disaster Risks
Unpredictable natural events such as:
- Floods, inundations
- Rainstorms, tornadoes
- Tsunamis
- Lightning strikes
- Land subsidence, landslides
- Earthquakes, volcanic eruptions
These risks can cause serious damage to cranes, excavators, and trucks and disrupt the progress of construction projects. Insurance will help businesses minimize financial burdens when incidents occur.
Human-Caused Risks
Incidents arising from human activities on the construction site:
- Fire, explosion
- Inexperience, negligence of operators
- Theft of entire machines or parts
These subjective factors are also causes of many incidents. Insurance will act as a “shield” protecting businesses from these risks.
Other Unexpected Incident Risks
Unforeseen incidents during construction or transportation:
- Falling, overturning, toppling
- Collisions
- Other unexpected accidents
In addition, insurance also covers damages incurred during the operation, shutdown, dismantling, or assembly of cranes, excavators, and trucks for maintenance or repair (after successful test runs).
Expanded Transportation Insurance
MIC also extends the scope of insurance for cranes, excavators, and trucks during transportation to and from construction sites or warehouses, ensuring absolute safety for the business’s assets on every journey.
Insured Amount and Insurance Premium
Reasonable Insured Amount
The insured amount for cranes, excavators, and trucks is determined based on the replacement value of the machinery, ensuring that in the event of an incident, the business has sufficient resources to restore the original condition. The replacement value includes transportation costs, fees, customs duties (if applicable), and installation costs.
Competitive Insurance Premium
The insurance premium for cranes, excavators, and trucks is calculated as a percentage (%) of the insured amount and depends on:
- Risk area:
- Type A: Low-risk area (plains, away from rivers and lakes)
- Type B: Medium-risk area (area affected by rivers and lakes, uneven terrain)
- Type C: High-risk area (complex geology, near rivers and lakes, weak soil foundation)
- Construction machinery group:
- Group 1: Cranes of all types
- Group 2: Excavators, bulldozers, clamshells, dump trucks, pile drivers, compactors, drills…
- Group 3: Crushers, construction site rail systems, locomotives, asphalt pavers, concrete mixers, concrete sprayers…
Short-term insurance fee tables are also provided flexibly based on usage time, from less than 1 month to over 9 months, helping businesses optimize insurance costs.
Fast and Transparent Claims Procedure
When an incident occurs, the insurance claim process for cranes, excavators, and trucks at MIC is carried out quickly and transparently with simple steps:
Claim File to Prepare
- Loss notification and claim request
- Loss assessment report
- Invoices, documents proving damage
- Insurance contract
- Relevant vehicle registration documents (if any)
- Waiver
- Other documents as required by MIC (if any)
Clear Compensation Time
- Deadline for claiming compensation: 1 year from the date of the insured event.
- Deadline for payment of compensation: 15 days from the date of receipt of a complete and valid file (maximum 45 days if verification is required).
- In case of refusal of compensation: MIC will notify in writing within 15 days.
Contact for Insurance Consultation for Cranes, Excavators, and Trucks
For detailed consultation and to receive the best insurance quote for cranes, excavators, and trucks, please contact:
SALES HOTLINE: 097 44 00 148 – 091 44 00 148
Email: [email protected]
Xe Tải Mỹ Đình is honored to be a trusted partner, providing comprehensive insurance solutions to help businesses operate cranes, excavators, and trucks with peace of mind and develop sustainably.
