FEMA created a claims guide with tips about what to doe before and after a flood, including filing a claim and the steps involved in appealing a denied claim. Please reivew the 2014 NFIP Flood Insurance Claims Handbook for more informaton. http://www.fema.gov/media-library/assets/documents/6659?id=2184
Boiler & Machinery
Boiler & Machinery insurance is also known as Equipment Breakdown coverage and is not just for boilers but any equipment that generates electrical power or any machinery including pressurized, production, electronic equipment and electrical systems.
If your building has a boiler, you need boiler and machinery insurance. Your building insurance does not cover damage caused by boiler explosion or the resulting loss of income and extra expense. Many building owners do not realize that a boiler explosion can cause extensive damage to a building.
Only boiler and machinery insurance covers loss due to boiler explosion.
Boiler and machinery insurance can also be used to insure sudden and accidental breakdown of other types of equipment including oil, gas, or electric furnaces, air conditioning equipment including chillers and compressors, circuit breaker boxes, hot water heaters, emergency power generators and other building service equipment.
Equipment Breakdown can also cover sudden and accidental breakdown of equipment. You should review your lease to determine if you are responsible for building service equipment such as the heating and air conditioning, circuit breaker boxes, or hot water heater. Coverage can also be purchased for virtually any electrical or mechanical device or production equipment you use in your business including telephone and photocopying equipment. Coverage extends to loss of income related to the breakdown.
What causes boiler and machinery losses?
Sudden and accidental losses occur from a variety of causes including:
- Old or fatigued equipment and electrical panels
- Lack of proper maintenance
- Machinery/circuits used beyond capacity
- Lack of safety devices
- Operator error
- Dirty or dusty operating environment
To help prevent such losses, business owners should routinely inspect equipment and provide continuous education to employees who operate or maintain machinery.
Your business equipment is an important part of your business operations. Protecting your equipment, telephones, computers and electrical systems along with other equipment that are vital to your success should not be overlooked.
Request a Quote for Equipment Breakdown Insurance today.