An integrated policy that comprehensively covers property loss (Section I), third-party liability (Section II) and operator injury (Section III) arising during the operation and work of heavy equipment such as excavators, tower cranes and forklifts.
N2N Insurance Brokerage does not represent any single insurer — it independently represents the client as an FSS-registered broker (Reg. No. 2026-012201). We compare the wordings, rates and service of AIG · Chubb · DB · Hyundai · KB · Meritz to propose the cover and price best suited to your risk. Each insurer's full wording is provided at application and binding.
An integrated policy that comprehensively covers property loss (Section I), third-party liability (Section II) and operator injury (Section III) arising during the operation and work of heavy equipment such as excavators, tower cranes and forklifts.
Loss to the equipment itself — collision, overturning, falling, fire, typhoon and so on — during operation and management.
Legal liability for third-party bodily injury or property damage during equipment work.
Injury to the equipment operator (the insured) during work.
Loss to equipment from natural disasters such as typhoon, flood and earthquake can be added by extension.
Businesses renting out excavators, loaders and cranes.
Contractors running owned equipment or short-term leased equipment.
Sites running forklifts and mobile cranes in-house.
Operators running excavators and forestry equipment.
| Limit | Section I: appraised value per machine / Section II: KRW 500m per accident |
|---|---|
| Key endorsements | Natural disaster + operator injury + nil-deductible endorsement |
| Limit | KRW 0.5bn–1.5bn per machine |
|---|---|
| Key endorsements | Risk extension for typhoon, overturning and dismantling |
| Limit | Section I KRW 30m per machine / Section II KRW 300m per accident |
|---|---|
| Key endorsements | On-premises-accident and warehouse-collision extension |
The scenarios above are illustrative; limits and endorsements are designed per the equipment and risk. (General industry example)
A tower crane hired to a construction site overturned in the strong winds and whirling gusts of a typhoon. There were no casualties, but equipment damage and a safety re-assessment of the other cranes meant recovery took a long time. (Source: Construction Safety Management Information Network, 2020 case)
At an auto-parts factory during trial production, a company forklift collided with a partner-company worker who was moving alongside it, causing injury. The operator's view had been obstructed and there was no separate pedestrian lane. (Source: KOSHA, 2015 case)
While felling trees on a hillside, an excavator swerved to avoid a large rock, slipped on the slope, rolled one and a half turns and fell onto the access road. A worker was seriously injured and the equipment was badly damaged. (General industry example)
| Policy period | 1 year renewable, or the lease/works (project) period |
|---|---|
| Payment | Annual (single) or instalments |
| Insurers | DB · KB · Meritz · Hyundai |
| Channel | Individual consultation with our broker (010-5755-6465) |
| Turnaround | 2–3 business days |
If the insured event has already occurred at the time the contract is made, the contract is void. However, where the contract is void due to the company's intent or negligence, or where the company knew or could have known of the nullity before acceptance yet did not refund the premium, the company refunds the premium with interest at the policy-loan rate published by the Korea Insurance Development Institute, compounded annually, for the period from the day after payment to the day of refund.
The specific losses not covered (exclusions) are set out in each insurer's policy wording and product description; on this page, see the “Cover” tab(or the “Losses not covered” section) for the main exclusions. For other cover-specific grounds on which claims are not paid, please refer to the policy wording.
The company provides cover, in accordance with the policy, from the time it accepts the application and receives the first premium. Where the company accepts the application after receiving the first premium with it, cover also begins from the time the first premium was received.
The application must be completed by the policyholder, and the policyholder and the insured must sign it by hand. Failure to sign by hand may result in disadvantages regarding the validity of the contract. On an internet cyber-mall, an electronic signature may be used instead.
The policyholder has the right to be given and have explained the information needed about the product they wish to buy.
The insurer and N2N Insurance Brokerage must explain the important matters of the product to ordinary financial consumers.
When applying, the policyholder, the insured or their agent must disclose truthfully the facts they know regarding the questions in the application (including the questionnaire). Otherwise the claim may be declined or the contract cancelled. Where insurance is taken out by telephone or other means of communication, the duty is performed by answering the seller's questions, which are recorded, without a separate written questionnaire, so answers must be given with particular care.
If, after the contract is made, any of the following arises in respect of the subject-matter insured, the policyholder or the insured must notify the company in writing without delay and obtain endorsement on the policy.
The surrender value is the amount paid if the contract is cancelled early. Unlike bank savings, insurance combines risk protection and savings: part of the premium is paid out as claims to other policyholders who suffer accidents, and part covers the insurer's operating expenses, so the surrender value on early cancellation may be less than the premiums paid, or nil.
Under Article 59-4(1) of the Income Tax Act (special tax credit), for protection-type insurance taken out by an employee only, a tax credit of 12% of the premium paid (capped at KRW 1 million per year) is available. Tax matters may change with amendment or repeal of the relevant tax law.
Except as provided by law, the insurer and N2N Insurance Brokerage do not collect, use, inspect or provide personal data related to this contract — for its conclusion, maintenance and claim payment — without the consent of the policyholder, the insured or the beneficiary. However, for those purposes the insurer may, with the consent of the policyholder and the insured and in accordance with law, provide personal data to other insurers and insurance-related bodies.
The above is a summary and excerpt of the policy wording; for grounds on which claims are not paid and other details, please refer to the policy wording and product description.
Risk patterns that come up often on equipment-operating sites — a five-scenario self-check
During operation and work, construction machinery carries both loss to the equipment itself — collision, overturning, falling — and third-party accident risk.
The split of cover between the lessor (owner) and lessee (user) differs, so the design has to fit the lease relationship.
In-house equipment at distribution centres, ports and factories also carries accident risk during work.
For site-work equipment, the pattern and level of accident risk shift with the work environment.
Heavy equipment left outdoors faces loss from natural disasters such as typhoon, flood and earthquake.
The first thing to settle in a heavy-equipment loss is "what risk does the insurance address?" Construction equipment safety insurance is usually designed in three areas — property loss to the equipment itself from collision, overturning, falling or fire (Section I); liability for third-party bodily injury or property damage during work (Section II); and injury to the operator during work (Section III). Meanwhile, some construction machinery specified under the Guarantee of Automobile Accident Compensation Act is carved out into the motor-insurance area, so you must first check which insurance each piece of equipment you hold falls under. And for leased equipment, who bears which risk — lessor or lessee — varies with the contract.
Source: (General industry example)
The wording and structure points decision-makers most often overlook
Loss to the equipment itself (Section I), third-party liability (Section II) and operator injury (Section III) are distinct covers. Check that every area you need is included.
Some construction machinery specified under the Guarantee of Automobile Accident Compensation Act is carved out into the motor-insurance area. Check which insurance each piece of equipment you hold falls under.
For leased equipment, who bears which risk — owner (lessor) or user (lessee) — varies with the contract. Check the scope of cover against the lease relationship.
The questions decision-makers ask most when considering construction equipment safety insurance
It deals comprehensively with property loss to the equipment itself during operation or work (Section I), liability to third parties (Section II) and injury to the operator during work (Section III), for construction machinery such as excavators, forklifts, tower cranes and loaders.
Some construction machinery specified under the Guarantee of Automobile Accident Compensation Act falls under motor insurance. Other construction and industrial equipment is designed into this single safety policy, so you need to check which insurance each piece of equipment you hold falls under.
For leased equipment, whether the owner (lessor) or the user (lessee) bears which risk depends on the contract. The split of cover should be checked against the lease relationship.
Construction equipment kept outdoors faces loss from natural disasters such as typhoon, flood and earthquake. Natural-disaster cover can be added by extension, so check whether it is included.
Injury to the equipment operator (the insured) during work is dealt with under the operator-injury cover (Section III). It is an optional cover, so check whether it is included.
The insurer assesses it on the type and number of machines, their use and work environment, the cover structure (property, liability, operator injury) and limits, and past incident history. The exact premium and acceptance terms are confirmed after underwriting by insurers such as AIG, Chubb, DB, KB, Meritz and Hyundai.
