Equipment Breakdown is more than just Boiler & Machinery coverage. Equipment breakdown insurance aka boiler machinery insurance, is a form of property coverage.
You may not have a boiler and machinery exposure but you still face insurance equipment breakdown exposures whether from electrical arcing or mechanical breakdown of HVAC or refrigeration equipment. Coverage is provided for the direct loss, extra expense and spoilage as a result of that direct loss.
Even all risk policies specifically exclude some of the most common equipment breakdowns such as;
Electrical arching (including any electrical breakdown to all transformers, electrical panels, circuit breakers, pumps, motors and refrigerating/air conditioning systems.
Mechanical breakdown, including a sudden and accidental failure to all refrigeration and air conditioning systems, compressors, pumps, motors, fans, generators, air tanks and pressure vessels.
Explosion, rupture or bursting of boilers, pressure vessels or piping either containing steam or under a pressure exceeding 15lbs/sq inch.
Whether you own a building or rent a building or you have any electrical equipment or mechanical machines, there are gaps in your property coverage that could be filled with the addition of “Equipment Breakdown.”
Ignoring the insurance needs of your business can have deep repercussions – and possibly destroy your ability to earn a living.
Contact us for a free quote.