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This kind of insurance (sometimes called “equipment breakdown insurance” or “machinery equipment insurance”) pays for accidental losses to equipment and machinery. In spite of its name, boiler insurance can actually cover any machine or device that creates or transmits electrical or mechanical power, with certain exceptions.

Most business property insurance policies exclude coverage for losses caused by steam boiler explosions, mechanical breakdown, or artificially generated electrical current. Boiler insurance protects against those types of losses and is ideally suited for industry and manufacturing.

Examples of Boiler Insurance Covered Items:

  • specific objects – “2004 Boiler # 45322”
  • blanket objects – “blanket all electrical motors”
  • comprehensive – “all objects unless specifically excluded”

In the U.S., most insurance companies providing boiler insurance will usually perform required boiler inspections for free.

Extensions of Coverage
Standard boiler / machinery policies have three extensions of coverage.
1) Expediting Expense coverage, which pays for reasonable extra cost incurred to expedite business after a loss
2) Automatic Coverage covers accidents to items at newly acquired locations for up to 90 days after acquisition
3) Defense Cost for defending the company against claims alleged liability for damaging the 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.

Broad Coverage Form
Coverage is provided for any boiler, any pressure vessel, any refrigeration or air conditioning equipment and any mechanical or electrical equipment. Only certain types of companies can qualify for the small business policy and property values cannot exceed $5 million.

The standard deductible is $250. Coverage can be written with more than one deductible.

Your Strategic Insurance Solutions, Inc. representative can make recommendations to you as to what kind of boiler/machinery coverage is best suited to your company’s needs.

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