HOW TO MANAGE YOUR INSURANCE FOR KEEPING YOUR BUSINESS PROTECTED.

Talk to your brokers to discuss which insurance policies are best for your business. Insurance brokers can access policies from multiple insurance companies to help you get the best deal

Understand your insurance policy

An insurance policy is a legal contract between you and the insurance company. Both Insurer and Insured need to comply with your responsibilities for the contract to be valid.

Insured need to understand:

·        What the policy covers and any exclusions any definitions.

·        How a claim is settled. For example, repair, replace or cash

·        Any excess amount you’ll need to pay

·        Your and the insurer’s cancellation rights

·        The complaints process

·        What you need to tell the insurer when you take out the policy

·        What information you need to keep updated.

·        Ask professional help from the broker or Agent if you don’t understand something in the policy

Your insurer may not pay your claim if you haven’t met the terms and conditions of your insurance contract. Check your policy for the terms and conditions. It could be something you need to do or information you need to keep up to date.

 

Review your policies periodically to make sure you stay covered.

It’s good practice to review your policies when your business changes or before you renew a policy.

Think about any changes that could affect your current policy or the type of cover you need.

For example:

·        Your business moved to a new property

·        The number of employees changed

·        You’ve started offering new goods or services

·        You’re using new business practices

·        You bought or sold equipment, including vehicles.

 

Check the value of your assets

The insurable value of many assets goes down over time.

Whether Insurance contracts will compensate for depreciation or a change in market value due to inflation. Review the value of your assets to make sure you have the right level of cover.

 

Make a claim

Contact your insurer as soon as possible if you need to make a claim. Check your policy for anytime limits to lodge a claim.

Tell your insurer:

·        How the incident happened

·        When it happened

·        How it will affect your business.

·        Your insurer will depute surveyors who will ask you for supporting documents.

This might include:

·        Photos of damage

·        Proof of ownership

·        Copies of computer records

·        Contracts between you and a claimant.

·        Some events also need to be reported to the police or other authorities. Refer your policy or ask your insurer if you’re not sure who else to report the incident to.

 

Emergency repairs

Check with your insurer before you make any emergency repairs. If you arrange the repairs, keep copies of all invoices and bills for submission to your insurer.

 

Dispute of an Insurance claim

You can dispute a claim if you disagree with your insurer’s decision. Contact your insurer and tell them:

·        that you’re lodging a dispute

·        what the problem is

·        what you would like them to do to fix the problem.

 

Grievance Redressal Mechanism as per IRDAI

Step 1: Contact the insurer

• First, file a formal complaint with the insurance company's Grievance/Customer Complaints Cell or Grievance Redressal Officer.
• Most complaints must be handled by the insurer, which has a 14-day timeline to respond. 

Step 2: Escalate to IRDAI 

• If you do not receive a satisfactory response from the insurer within a reasonable time, or if they fail to respond, escalate the complaint to the IRDAI.
• You can register a complaint with IRDAI through these channels:
• Online: Use the Bima Bharosa system or the Integrated Grievance Management System (IGMS).
• Email: Send an email to complaints@irdai.gov.in.
• Phone: Call the toll-free numbers 1800 4254 732 or 155255. 

Step 3: Approach the Insurance Ombudsman 

• If you are still dissatisfied with the resolution from the insurer after escalating to IRDAI, you can approach the Insurance Ombudsman for a fair disposal of the complaint. 

Key timelines

• Insurer: 14 days to respond to the complaint.
• IRDAI: Takes up the complaint with the company if the insurer does not respond or if the policyholder is not satisfied with the resolution.
• Insurance Ombudsman: Provides a channel for a fair and timely resolution of complaints.
• Time for redressal: While specific timelines for the Ombudsman and judicial forums vary, IRDAI guidelines aim for a structured process. 

 

Step 4: Legal recourse

·        If the policyholder is not satisfied with the Ombudsman's decision, they can file an appeal in the appropriate judicial forum, such as a civil court. 

 

Alternative options

·        File a complaint with the District Forum: If the insurer does not resolve the complaint to your satisfaction, you can file a complaint with the District Consumer Disputes Redressal Forum.

·        Determine the forum's jurisdiction: The District Forum has jurisdiction for cases where the value of goods, services, and the compensation claimed is up to 𝑅𝑠.20 lakhs. If the claim is higher, you will need to approach the State or National Commission.

·        You can file the complaint yourself.

4 Most Common Heavy Equipment Issues and How to Prevent Them

Machinery maintenance topics are of much importance to a Plant & Machinery valuer as well as owners /users for evaluating machine health.

(Originally inspired by insights from Stewart-Amos Equipment Co.)

Heavy equipment plays a vital role in construction, mining, and other industrial operations — but even the most durable machinery requires consistent care to remain reliable. Understanding common problems and their warning signs can help you prevent costly repairs, downtime, and safety hazards.

Below are four of the most common heavy equipment issues and practical ways to prevent them.

---

1. Hydraulic System Problems

Hydraulic systems are the backbone of heavy machinery, powering lifts, arms, and other moving parts. However, these systems are particularly vulnerable to contamination.

Common Causes:

• Contaminants such as water, dirt, metal shavings, or dust can infiltrate hydraulic fluid during manufacturing or operation.

• If the system isn’t properly flushed, these particles degrade hydraulic fluid over time, reducing viscosity and load-bearing capacity.

• This degradation can cause overheating, poor performance, or even total system failure.

Prevention Tips:

• Replace dirty or clogged hydraulic filters regularly.

• Keep the system well-oiled and properly lubricated.

• Conduct periodic fluid testing to check for contamination.

• Use only clean, high-quality hydraulic oil recommended by your manufacturer.

---

2. Electrical Failures

Electrical systems in heavy machinery are complex and sensitive. Failures can lead to performance issues, safety risks, and even fires.

Common Causes:

• Loose power connections can cause sparks or electrocution.

• Dust, moisture, and humidity often lead to short circuits or corrosion.

• Damaged insulation can trigger current leakage and system overloads.

• Power overloads occur when too much electricity flows through one part of a circuit, causing blown fuses, tripped breakers, or overheating.

Prevention Tips:

• Perform regular electrical inspections.

• Clean electrical components and housings to reduce dust buildup.

• Ensure all cables and connectors are properly insulated and secured.

• Train operators to recognize early signs of electrical stress or overheating.

---

3. Undercarriage Issues

A machine’s undercarriage supports its weight and ensures stability — but it also bears the brunt of harsh terrain, heavy loads, and environmental stress.

Common Causes:

• Oil or hydraulic leaks from seals, bearings, or gaskets.

• Track damage caused by rocks, uneven terrain, or debris.

• Misalignment due to uneven loading or improper track tension.

• Insufficient lubrication increasing friction and wear.

• Overloading, which places unnecessary strain on undercarriage components.

Prevention Tips:

• Schedule regular undercarriage inspections for alignment, tension, and lubrication.

• Clean mud, rocks, and debris from the undercarriage after use.

• Avoid exceeding manufacturer-recommended load limits.

• Adjust preventive maintenance schedules based on site conditions such as rocky or steep terrain.

---

4. Metal Corrosion

Corrosion and rust are silent destroyers, particularly in humid or wet environments. Over time, oxidation and chemical reactions can weaken metals, damage seals, and cause costly breakdowns.

Common Causes:

• Humidity and standing water promote rust formation.

• Lubricant oxidation produces organic acids that corrode metals like iron and zinc.

Prevention Tips:

• Store equipment in a dry, covered area when not in use.

• Apply anti-corrosion coatings or paints.

• Schedule regular inspections to catch rust early.

• Keep metal surfaces clean and well-lubricated.

---

Signs Your Equipment May Need Repair or Replacement

Recognizing early warning signs can save you from unexpected breakdowns:

• Vibrations: Could signal loose parts, misalignment, or imbalance.

• Strange noises: Hissing, screeching, or grinding may point to hydraulic leaks or mechanical issues.

• Dashboard warning lights: Indicate low oil pressure, high hydraulic temperatures, or electronic control errors.

• High fuel consumption: May suggest an engine issue, clogged filters, or underinflated tires.

• Engine stalling: Could result from a weak battery, airflow issues, or hydraulic malfunctions.

---

Final Thoughts

Preventive maintenance is always cheaper and safer than emergency repairs. By keeping up with regular inspections, fluid checks, and cleaning routines, you can dramatically extend the lifespan of your heavy equipment and ensure it performs reliably on every job.

If your machinery shows any of the warning signs listed above, don’t wait — schedule professional servicing before small issues turn into major failures.