Every insurance contract has a section which outlines the perils excluded. For example, in most insurance contracts, the perils by earthquake, flood, sewer backup, equipment breakdown etc. are excluded. Some of these perils may be included for an additional premium. Taking the time to review your contract’s excluded perils with your broker is a first step in risk management.
For an example, a typical property policy does not cover loss or damage caused by electrical arcing, mechanical breakdown and explosion of boilers and pressure vessels. Equipment breakdown insurance covers the sudden and accidental, physical damage to equipment that requires its repair or replacement. It applies to equipment in the following categories: electrical, air conditioning and refrigeration, boiler and pressure vessel, computer and communications, mechanical, renewable and alternative energy, production systems.
For manufacturers and printers, this coverage could be vital for production machines.
And what about the risk of crime, fraud, defect, pollution or contamination? Call us, we can help you!