Are you worried that your mining equipment insurance provider will not release your insurance claim quickly after that unforeseen event happens? If your objective is to make sure the insurance company pays what is rightfully yours, here are some steps to follow.
Step #1 – Don’t resort to cheap protection coverage
Even if you have limited funds, it’s vital you don’t resort to cheap protection coverage as your first choice because there’s a possibility that you won’t even benefit from its level of cover in the event you need to file a mining equipment insurance claim. Keep in mind, cheap protection coverage has limitations regarding what can be covered as part of a claim.
Step #2 – Don’t forget to read the contents of the proposed insurance policy thoroughly
Read the content of your proposed policy carefully as this is sure to give you a clear idea of what your entitlement covers in the event of a mining equipment insurance claim. You might discover there are certain statements there that you disagree with, so give yourself a good opportunity to become familiar with all the contents before making a commitment to buy.
Step #3 – Safeguard your official receipts
If you have finally reached a decision to buy a mining equipment insurance policy, don’t forget to safeguard all receipts. Why? If you are put in a situation where you need to file a claim, one document an insurance provider will request from you is proof of legal ownership of the policy and receipts will support this.
Step #4 – Disclose only correct information
If you really want the insurer to process and release your insurance claim immediately, disclose only accurate information. Remember, not sharing correct details of an incident including the involvement of your mining equipment will only delay the release. In that case, the insurance provider will be compelled to investigate further to validate whether your claim is genuine or not. As far as possible, be honest with every piece of information you share with your insurance provider.
Step #5 – Notify insurer of any changes that can affect your insurance policy
Another important requirement is that you notify the insurer of any changes that can affect you as a policyholder. You need to comply with this stipulation to ensure you don’t encounter problems when filing a mining equipment insurance claim. For example, if you decide to rent out your mining equipment to a third party like an independent contractor, inform your insurer immediately because there may be regulations and processes that must be followed.
Step #6 – Act immediately
It’s quite challenging to be involved in a situation where you feel helpless and you just want things to be sorted. But if you are too busy attending to your severely damaged mining equipment after flooding, don’t assume your insurer will act on this issue. You have to do your part and act immediately by informing your insurer about what happened or if you have a broker to represent you, let them do the necessary paperwork required to file a mining equipment insurance claim.
At Earthmoving Insurance HQ we are brokers that will do everything possible to get you the best possible Mining Equipment Insurance that keeps you covered an suits your budget. Call our friendly team today on 1300 815 344 or go online and request a quote.