‘Equipment’s purpose, location are insurance essentials’

Type of machinery, earlier insurance policies, year of manufacturing, among others are the details required for insurance.
Amit Agarwal, Director- Ideal Insurance Brokers Pvt Ltd.

How to select the right insurance plan for the right equipment?
The purpose and location in which the machinery is to be used are the two main criteria for choosing.

Purpose would mean the work which the machine is supposed to perform while the location is the geographical area and condition in which the machine is supposed to perform. So, for example, if the machine is into tunnel lining, excavation or track laying, the coverage would accordingly differ. The structure, capacity and operations would differ as well. Locations plays a very important role as machines working underground, on hills, off shore, etc., would need to be covered for related risks.

What are the details required to provide insurance for construction equipment?
The details that were required for insurance are as under:
• The type of machinery
• Earlier insurance policies
• Year of manufacturing
• Place of usage and sum insured to be taken
• Claim history

What makes you different from other insurance brokers?
Ideal Insurance is driven by a vision to provide transparent and reliable insurance broking services for all its clients. We are committed to provide honest, timely and research-backed information and insurance services to our customers. Through our experience and expertise, we have been successful in constructing tailor-made policies to cover our clients’ special insurance requirements.

With a PAN India presence in Kolkata, Mumbai, Delhi, Hyderabad, Bangalore, Pune, Surat and Raipur, the company is a player in specific segments of insurance like fleet insurance management, credit and liability insurance, engineering insurance and start-up insurance.

How do you facilitate the process of claim settlement?
With a team of skilled resources running the claims department, any claim reported is taken care of right from the surveyor appointment to final settlement. The team is trained to handle claims of equipment and knows the challenges customers may face against which they secure them right from day one. They liaison with both the insurance company and surveyor and limit the role of customer to just providing papers.

How will customers benefit from your insurance plans and claims?
Insurance is a crucial form of investment that will help one to be prepared for any mishap that can come to the high-cost equipment. At the time of claim disbursal, the insurance company pays for the damage caused to the equipment which reduces financial burden. Therefore, taking a suitable insurance policy is highly recommended.