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Encyclopedia > Boiler insurance

Boiler insurance is a type of property insurance that pays accidental losses to machinery and equipment. Although it is called boiler insurance it can actually cover just about any device that uses, transmits or generates mechanical or electrical power; of course certain exclusions apply. Property insurance provides protection against most risks to property, such as fire, theft and some weather damage. ... An electrical generator is a device that converts mechanical energy to electrical energy, generally using electromagnetic induction. ...


Standard property insurance policies normally exclude coverage for losses caused by mechanical breakdown, artificially generated electrical current, and explosions of high pressure steam boilers. Boiler insurance provides a way to buy coverage for those types of losses. Property insurance provides protection against most risks to property, such as fire, theft and some weather damage. ... A boiler is a closed vessel in which water or other fluid is heated under pressure. ...



Boiler insurance can cover:

  • specific objects - "A specific boiler identified by year and/or serial number"
  • blanket objects - "blanket all electric motors"
  • comprehensive - "all objects unless specifically excluded"

In the United States, companies providing boiler insurance will generally perform jurisdictionally required boiler inspections as a "free service" and require a passing inspection as a condition of coverage. Twenty percent of a Boiler and Machinery policy is dedicated to boiler inspection.


Boiler insurance may alternatively be referred to as "equipment breakdown insurance", "machinery and equipment insurance" or any other such name.


  Results from FactBites:
 
Hartford Steam Boiler Insurance Company :: InsuranceAssurance (643 words)
Boiler shows that on average almost percent of all commercial air conditioning maintenance and operation at www- BUSINESS WIRE -June, -Power surges and other electrical line disturbances are the primary cause of many air conditioning breakdowns, a study of insurance claims.
Boiler is one of the world's leading equipment breakdown insurers in the company grew and matured, it became recognized for supporting industrial innovation through insurance and the application of new technologies.
With thousands of boilers in operation throughout the country, there was also widespread ignorance about the properties of steam power and boiler explosions becoming such a central part of everyday life, their discussions frequently turned to that subject.
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