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To
discuss your Boiler and Machinery Insurance
needs contact Mark Holman or Paul Holman at 905-886-5630 or
toll free at 1-800-567-1279,
or fill out the online quote
form.
Boiler & Machinery insurance covers direct damage to covered
property when caused by a covered cause of loss. Covered property
is any property that is owned by the named insured or is in the
named insured's care, custody, or control and for which the named
insured is legally liable. A covered cause of loss is a sudden
and accidental breakdown of the insured's boiler and machinery
equipment or any part of the equipment described in the policy.
Boiler and machinery insurance is necessary because commercial
property policies exclude explosion of steam boilers and breakdown
of machinery.
The standard Boiler & Machinery policy contains three extensions
of coverage. The three extensions are:
- Expediting Expense coverage - which pays the reasonable
extra cost incurred to expedite progress after a loss;
- Automatic Coverage - which covers accidents to objects
at newly acquired locations for up to ninety days after the
named insured acquires the property; and
- Defense Cost and Supplemental Payments - which would
apply when the insurer is defending the insured against claims
or suits alleging liability for damage to property of others.
Defense Cost and Supplementary Payments are payable in addition
to the policy limit. Expediting Expenses are included in, and
not in addition to, policy limits.
In addition to the three extensions the policy has three interior
limits of $5,000 each:
- the cost of cleanup, repair or replacement, or disposal or
hazardous substances;
- damage resulting from contamination of covered property by
ammonia; and
- damage by water to covered refrigerating or air conditioning
vessels and piping.
These limits are part of and not in addition to
the limit specified in the policy. A benefit of boiler and machinery
insurance is the inspection service that insurers provide to the
insured. Endorsements can be added to the standard boiler and
machinery policy to provide coverage for business income, extra
expense, and consequential losses.
The following are samples of Boiler & Machinery loss claims
(requires Acrobat Reader)
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