Equipment Coverage Insurance

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Equipment Coverage Insurance

Equipment coverage also includes most major machinery systems common to most commercial buildings, such as, heating, production equipment, compressors, gears, fans, blowers, pumps, ventilating, and air conditioning.  Equipment coverage insurance can also help cover costs due to damages related to electrical systems, such as transformers, electrical switch gears, motors, voltage regulators, generators, computers, fax machines, copiers, and telephone systems. 

These policies can be written to cover replacement of damaged or destroyed equipment, and loss of profits and continuing expenses, or business interruptions, which may have occurred due to equipment breakdowns.

Equipment breakdown insurance is an important aspect to protect today’s high-tech industries.  Computer systems are expensive components and integral to the daily operations of many technological businesses.  While equipment breakdown insurance will typically not cover damages or interruptions due to software malfunctions, this type of policy will protect a business’s computer systems if those systems experienced damages from power surges, hard-drive damages caused by physical harm. 

Equipment breakdown coverage was traditionally listed as boiler and machinery insurance.  Equipment breakdown insurance is supplemental coverage that protects business property, other property losses, and legal fees that may result from malfunctions of business equipment.  Equipment coverage insurance will, in most cases, cover the cost of inspection and maintenance of equipment.  Equipment coverage can include machinery used in retail, office, and manufacturing settings.

Some additional coverages may include mold damages:  repair or replacement, clean up, and disposal of damaged property due to contamination, coverage may extend to business interruption.  Anchor location, which covers income loss resulting from a covered accident at an anchor location that attracts customers to an insured location.  

Civil authority coverage will cover loss of profits or stoppage of work due to a civil authority denying access to an insured business.  Equipment coverage insurance can help cover costs of upgrades or improvements to equipment to make said equipment compliant to energy efficiency laws or regulations.  Equipment coverage insurance can help cover costs due to the costs of stamping or removing labels on damaged equipment that may still be salvaged.  Equipment coverage insurance can be included to cover equipment damages to equipment located in other countries.  Some equipment coverage policy coverages can include preventative needs such as, inspections, loss prevention services for improving equipment production and safety.  Equipment coverages can protect against some types of data breach-related costs.

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