Insurance of agricultural machinery
Protection against risks
What can be insured
You can insure almost any agricultural machinery, from self-propelled combines to mounted/trailed seeders.
Additional information
- Agricultural machinery is operated for its intended purpose only during part of the year, so the cost of insurance is lower than that of a regular CASCO. At the same time, during the period of conservation, the equipment is insured and remains under insurance protection against the risks of fire, natural disaster, robbery, illegal actions of third parties, etc
- Additionally (within the amounts and limits stipulated by the contract), indemnity for the transportation and temporary storage of the insured agricultural machinery may be provided
- The basis for calculating the sum insured is the actual value of the insured agricultural machinery
Benefits of insurance in INGO
outlook - «Evolving»
8.12.2023
What will be the insurance indemnity in case of complete destruction of agricultural machinery?
Insurance indemnity in case of total loss or destruction of the insured agricultural machinery is paid in the amount of its actual value, less the value of the residues and within the sum insured.
What will be the insurance indemnity in case of partial damage to agricultural machinery?
In case of partial damage to the insured agricultural machinery, insurance indemnity is paid in the amount of the costs of its restoration.
Is it possible to calculate the sum insured based on the book value or collateral value of agricultural machinery?
The use of other bases, such as book value or current collateral, will in most cases lead to underinsurance problems.
How much does agricultural machinery insurance cost?
The cost depends on its type. For example, for self-propelled equipment, 0.7%-0.9% of its cost, for trailed equipment - 0.4%-0.6%
Is it possible to insure agricultural machinery during transportation on a trawl?
Yes - there is an additional extension of insurance coverage in case of damage to agricultural machinery during transportation, loading or unloading.
