HD Hyundai Construction Equipment Offers Free Insurance to Customers Purchasing Crawler Excavators

HD Hyundai Construction Equipment will provide the first-ever free crawler excavator insurance in Korea through partnerships with insurance and financial companies.

On the 19th, HD Hyundai Construction Equipment announced that it signed a memorandum of understanding (MOU) to launch group liability insurance for crawler excavators in collaboration with Hyundai Marine & Fire Insurance and Hyundai Commercial. HD Hyundai Construction Equipment will offer all customers who purchase crawler excavators insurance benefits with a coverage limit of up to 100 million KRW per accident for one year from the date of enrollment.

The 32-ton class crawler excavator (model HX320A) launched by HD Hyundai Construction Equipment in the domestic market.
[Photo by HD Hyundai Construction Equipment]

원본보기 아이콘

Until now, individual insurance enrollment has been a challenge for crawler excavator owners. Unlike wheel excavators, which are commonly insured as mandatory insurance targets, crawler excavators have often been denied coverage because insurance companies find it difficult to assess profitability.

This insurance is structured as a cost-sharing model among construction equipment manufacturers, insurance companies, and financial institutions to create synergy in attracting customers.

HD Hyundai Construction Equipment expects that this insurance product will not only protect the assets of crawler excavator owners but also support the livelihoods of customers who face difficulties securing jobs at construction sites due to lack of insurance.

Additionally, they plan to conduct various joint marketing activities with Hyundai Marine & Fire Insurance and Hyundai Commercial, including UBI (Usage-Based Insurance) services that combine equipment operation data and driver habits collected through the 'Hi-mate' system installed in the equipment.

An HD Hyundai Construction Equipment official stated, "Through partnerships among manufacturers, insurance companies, and financial institutions, we can provide differentiated services to customers. We will continue to develop insurance products that consider the patterns and characteristics of excavator customers to maximize customer satisfaction."

© The Asia Business Daily(www.asiae.co.kr). All rights reserved.