- Every entity uses electrical or mechanical equipment and relies on that equipment to maintain operations and generate income. Buildings have central air-conditioning systems, Restaurants use refrigeration systems to preserve food or other perishables, hospitals use boilers, manufacturers use sophisticated production equipment, and computer technology and sensitive circuitry is now used in most equipment and systems.
Equipment contains sensitive technology that is easily damaged, and is essential to critical operations.
Standard property insurance excludes most risks unique to equipment. To provide coverage, equipment breakdown or “boiler and machinery” insurance is needed. Its insures against the financial losses, including property damage, business interruption, and spoilage losses, that result from defined “accidents” to this specified equipment that typically operates under pressure or that controls, transmits, or uses mechanical or electrical power.
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