Machinery insurance

Machinery insurance can be used to insure a variety of agricultural, forestry, construction and other machinery. The use of machinery involves the usual risks such as fire, theft, and natural disasters, as well as traffic accidents or collisions with any other object. In addition, there are also specific risks associated with the use of machinery, such as a technical failure, tipping over or falling sideways, falling into a ditch or trench, sinking into the ground or becoming trapped, and also damage during loading operations. Machinery insurance is a way of insuring against such risks.

Comprehensive insurance is only for vehicles registered in the traffic register and that are involved in road traffic. Machinery insurance is primarily intended for machinery that is used on a day-to-day basis outside road traffic and is not registered in the traffic register. At the same time, it is also possible to insure machinery that is involved in road traffic and is registered in the traffic register.

The insured object may be a mobile machinery, a tractor, a trailer or a coupling device, a special purpose machine or an appliance thereof, in the configuration specified by the manufacturer.

Yes, it does. The machine must be fitted with a functioning immobiliser and, in certain cases where required by LHV in the insurance policy, an additional anti-theft device in the form of an alarm or monitoring device. During non-operational periods, the machinery must be kept either in a building with closed and locked doors and a security alarm system in the building or in the guarded area.

The insurance premium is calculated based on a number of details, estimating the likelihood of losses occurring as accurately as possible, and collecting a fair premium for this. The main influences on the insurance premium are the insurable value of the machine, i.e. its market value, the way it is used and the amount of the excess. For example, the risk and the insurance premium are higher for machinery that perform soil transplantation, as the likelihood of overturning during loading operations is significantly higher than for some other machinery.

The insurance contract is concluded on the assumption that it will be valid for the entire insurance period. The need and the right to early termination of the contract arises in situations where it is no longer possible to use the insured machinery. For example: the machine is stolen, deregistered, destroyed or cannot be used for technical reasons, the insurance premium is not paid or the contract under which the machinery was used expires.

To terminate the contract early, send an email to kindlustus@lhv.ee. Attach the date and reason for termination of the contract. In the case of leased machinery, the consent of the leasing company is required to terminate the insurance contract.

If the owner of the machinery changes, the insurance contract is transferred to the new owner or the authorised user entered in the traffic register.

It is possible to terminate machinery insurance early by submitting a request before the machinery is sold. If the machinery has already been sold, the contract can only be terminated by the new owner or the old owner with the consent of the new owner.

The policyholder has the right to ask the insurance provider for a refund of the unused part of the premium on their own initiative.