HD Hyundai Construction Equipment to Create Free Insurance for Crawler Excavators

▶ Signed MOU with Hyundai Marine & Fire Insurance, Hyundai Commercial

▶ Max. KRW 1M coverage per claim for 1 year

▶ “Will make it easier for individuals that had a hard time getting coverage”

HD Hyundai Construction Equipment (CEO: Choi Chul-gon) will be working with insurance and finance companies to provide Korea’s first free crawler excavator insurance.

HD Hyundai Construction Equipment announced on the 19th that they signed an MOU with Hyundai Marine & Fire Insurance and Hyundai Commercial at Hyundai Commercial’s Yeouido office to create a group commercial liability insurance that covers crawler excavators. 

This insurance will cover up to KRW 1 million per claim for all HD Hyundai Construction Equipment’s crawler excavator that have been purchased and for a one year period.

Unlike wheel excavators that have various options to choose from as it is compulsory to be insured, it has been difficult for individual crawler excavator owners to find the right insurance product as many have been rejected by insurance companies due to its unprofitability. 

As this insurance has been created to make synergy when attracting customers, the claim amount will be covered among the three parties.

HD Hyundai Construction Equipment expects that this product will not only enable crawler excavator owners to protect themselves but also financially help those who have difficulty finding work at construction sites due to lack of coverage.

In addition, the three parties agreed to conduct various joint marketing activities such as UBI (Usage-based insurance) services that couples driver habits with equipment uptime data collected through the equipped Hi-mate system.

A representative of HD Hyundai Construction Equipment mentioned, “The collaboration among the manufacturer, insurance company and financial company has made it possible to provide customers with services that are different from others,” and added, “We will continue to develop insurance products that will satisfy customers by matching their purchasing patterns and equipment characteristics.” <EOD>

■ Photo Description: HD Hyundai Construction Equipment’s 32T crawler excavator released in the Korean market (Model: HX320A)

* Crawler Excavator: Excavator with a track-type lower driving body