Construction Machine Insurance Thailand
Compare the best plans and rates for Construction Machine Insurance in Thailand with us.
What is Construction Machine Insurance ?
Insurance for machinery used in construction projects provides protection for the machine owner during the construction project. This includes equipment such as earth moving machines, mobile cranes, conveyor systems, and concrete batching plants. The insurance covers loss or damage to the machinery throughout the duration of the project or on a project-by-project basis. The insurance policy provides coverage for damages caused by accidents that occur to these machines, such as collisions with other objects or machine breakdowns.
Additionally, the insurance policy may also cover other types of damages, such as natural disasters, theft, vandalism, or other types of insurance coverage as desired by the project owner. Insurance for machinery used in construction projects helps the project owner feel confident that if any issues arise with the machinery, such as damage or loss, the insurance policy will provide compensation as specified in the insurance contract. This reduces investment risks and increases project efficiency.
Who should buy Construction Machine Insurance ?
Construction Machine Insurance is suitable for businesses that own and operate construction machinery, such as:
- Construction companies
- Equipment rental companies
- Individual machine owners
- Public utilities
- Municipalities
- Government agencies
This insurance is something to consider or think about to protect against damages or losses to construction machinery and equipment caused by accidents, theft, fire, and other perils.
What does a Construction Machine Insurance policy cover ?
A Construction Machine Insurance policy provides coverage for damage or loss of construction machines and equipment used on a construction site. It typically covers risks such as theft, accidental damage, fire, vandalism, and natural disasters. The policy can cover a wide range of machines and equipment used in construction, such as cranes, excavators, bulldozers, loaders, concrete pumps, and scaffolding. Additionally, the policy can also cover third-party liability, which includes bodily injury or property damage caused by the construction machine to a third party.
The coverage of Construction Machine Insurance may includes but is not limited to:
- Accidental physical damage: This coverage includes damages caused by accidents, such as collision, overturning, and falling objects. It may also cover damages caused by natural disasters like earthquakes, floods, and storms.
- Theft: This coverage includes losses caused by theft or attempted theft of the construction machine.
- Breakdowns: This coverage includes damages caused by mechanical or electrical breakdowns of the machine.
- Third-party liability: This coverage includes damages caused to third parties, such as property damage or bodily injury resulting from the use of the construction machine.
- Loss of income: This coverage compensates the insured for the loss of income resulting from a covered event that renders the machine unusable for a certain period.
In conclusion, construction machine insurance provides essential coverage for construction companies and contractors who rely on heavy equipment to carry out their work. With the right insurance policy, they can protect their investment and reduce the financial risks associated with potential damages or breakdowns. It is crucial to understand the coverage provided by different policies and select the one that meets the specific needs of the project and the construction machine.
How much does a Construction Machine Insurance policy cost ?
The premium rates for Construction Machine Insurance are mainly determined by the following factors.
- Insured amount
- Type of machine
- Age of machine
- Location
- Previous claims history
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Why do you need to buy Construction Machine Insurance via us ?
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