IFFCO-Tokio Construction Equipment Insurance

About IFFCO-Tokio

IFFCO-Tokio General Insurance was incorporated in 2000 and carries IRDAI registration number 106. It is an Indo-Japanese joint venture: the Indian Farmers Fertiliser Cooperative — IFFCO, the largest fertiliser cooperative in the world — holds 51%, and Tokio Marine Group of Japan holds the remaining 49%. Headquartered in Gurugram, it has built a genuinely wide footprint, including around 255 rural service points it calls Bima Kendras and a cashless garage network of roughly 4,300 workshops.

For an equipment owner, the parentage tells two useful stories. On one side is IFFCO, which gives the company an early-mover’s understanding of rural and agricultural India — the back-of-beyond sites where a lot of earthmoving actually happens. On the other is Tokio Marine, one of the world’s older insurers, which brings a deep bench in engineering and machinery underwriting. The combination means an insurer that is comfortable both with a remote location and with a complex high-value risk.

Why insure with IFFCO-Tokio

Two strengths stand out for plant cover. First, the agri and cooperative DNA: being majority-owned by the world’s largest fertiliser cooperative, IFFCO-Tokio was an early mover in rural insurance and has the reach to service equipment working far from a metro. Second, the engineering pedigree that comes with Tokio Marine, a global underwriter with long experience in machinery and industrial risk. Add a dedicated Contractors’ Plant & Machinery product and a clutch of digital claim channels, and you have an insurer that can register a loss fast and assess it with the right expertise — its norm is to put a surveyor on the case within 24 hours of intimation.

Coverages available

The core is the Contractors’ Plant & Machinery policy. It covers sudden, unforeseen accidental physical loss or damage to your listed machines — at work, idle, or being shifted for maintenance — from fire and allied perils, theft and burglary, accidental external damage, overturning, and natural catastrophes such as flood, storm and landslide. Every machine sits on the schedule with its own sum insured, normally on a reinstatement or current replacement-value footing.

Beyond the plant policy, IFFCO-Tokio writes a broad engineering and industrial book: Contractors’ All Risk for civil works, Machinery Breakdown for the internal electrical and mechanical failures that the plant policy excludes, Boiler and Pressure Plant cover, Electronic Equipment insurance and Industrial All Risk for larger setups. Road-registered units such as tippers and tractors can be covered under commercial-vehicle and tractor policies. Familiar add-ons — third-party liability, owner’s surrounding property, debris removal, escalation and an anywhere-in-India extension — let you tune the plant cover to how your fleet actually moves.

What's usually not covered

What it's likely to cost

Pricing is never one-size-fits-all, because the risk on each machine differs. As a rough guide, annual plant premiums in India tend to run between 0.5% and 1.5% of the insured value. Purely to illustrate, a machine insured for ₹50 lakh might sit somewhere around ₹25,000 to ₹75,000 a year before GST. The figure that actually applies depends on the equipment type and risk group, its age and condition, the sum insured, how and where it works — mining, tunnelling and flood-prone sites carry a higher rate — your claims history, the excess you choose, and the add-ons you take. Accept a higher voluntary excess and the premium comes down. For a real number you need a quote, and that is precisely what Desi Machines pulls together for you.

How claims work

If a machine is damaged or stolen, tell IFFCO-Tokio promptly — within a day or two is the safe rule — and file an FIR at once for theft, burglary or any third-party incident. The company is quick off the mark on inspection: it appoints a surveyor within 24 hours of intimation to assess cause and quantum, and settles on a reinstatement basis once the repairs are done and bills are in. You can register a claim on the toll-free line 1800-103-5499, through its customer app, or via the WhatsApp bot it calls IRA on 7993407777. Keep the documents handy: the policy copy, a filled claim form, registration papers where applicable, the FIR for theft, repair estimates and bills, and dated photographs. Where liability is clear, an interim payment can be released so work continues while the file is finalised.

24×7 claims: 1800-103-5499

Rules & paperwork worth knowing

Frequently asked questions