Purpose
Protects properties (equipment and heavy duty vehicles and trucks) held as collateral for equipment loans.
Collaborating insurance company
Mig Daatgal LLC
Insurance items
Following properties held as collateral for equipment loans
- Heavy duty vehicles
- Heavy machineries
- Industrial equipment
Insurance risks, value, rate of premium
Industrial equipment
| Insurance protection | Sum insured | Annual rate of premium |
| - Fire and explosion - Natural disasters (earthquake, storm, flood, thunder, subsidence, soil erosion) - Damage caused by leakages from water-heating system - Electricity risks (overload, short circuit, and high voltage risks) - Robbery - Losses caused by unintentional act of workers; - Internal transportation risk |
Market price or not below than sum of loan outstanding amount plus first 3 months interest payment | 0.60% |
Heavy duty vehicle insurance
| Insurance protection | Sum insured | Annual rate of premium |
| - Risks occurred while in traffic and in use (overturning, collision, crash, skidding, swerving) - Risks while in auto garage, worksite, and parking - Natural disasters (earthquake, storm, flood, thunder, subsidence, soil erosion) - Fire and explosion - Electricity risks (overload, short circuit, and high voltage risks) - Damage caused by leakages from water-heating system - Robbery - Losses caused by unintentional act of third-party |
Market price or not below than sum of loan outstanding amount plus first 3 months interest payment | 0.65% |
Heavy machinery
| Insurance protection | Sum insured | Annual rate of premium |
| - Risks occurred while in use (overturning, collision, crash, skidding, swerving) - Fire and explosion - Natural disasters (earthquakes, storm, blizzards, hail, flood, thunder, subsidence, soil erosion, sinkhole, avalacnhes, landslides, wildfire) - Water damage - Robbery - Losses caused by unintentional act of third-party |
Market price or not below than sum of loan outstanding amount plus first 3 months interest payment | 0.80% |
Insurance policy is effective when premium is paid and in force for one year.
Coverage exclusions
Risks not covered by the policy.
What to do when insurance incident occurs?
Insured is responsible to notify within 24 hours in capital and 72 hours in rural area to MIG Daatgal LLC’s 70003000 and 330130.
Required documents for insurance claims
Insured’s request;
Original copy of insurance policy;
Documented photos and other possible evidences;
Documents issued by authorized entity which describes cause and scope of damage;
Other necessary documents required by insurer;