Equipment Breakdown Insurance covers loss and/or failure for many types of equipment from air conditioners to industrial presses. Insurance policyholders are urged to review their policy documents to ensure they have the proper coverages should an event occur. Policyholders should also keep complete maintenance records, photos of the equipment during the breakdown or loss and a written procedure, including contact information, with the correct steps post-breakdown.
For further information on this topic, please read our corresponding Adjusting Today article: "Equipment Breakdown Insurance: Too Important to Ignore!"
Key Takeaways:
[1:17] What is Equipment Breakdown Insurance and what does it include?
[3:21] What types of failures are covered under Equipment Breakdown Insurance ?
[4:00] What does Equipment Breakdown Insurance exclude?
[5:40] What types of coverages are available to counteract the exclusions?
[7:46] Which types of equipment are categorized under this type of coverage?
[9:55] What type of forms are used to implement Equipment Breakdown Insurance?
[10:57] How can a policyholder be sure they have the adequate coverage for their facility and machinery?
[18:30] What are the first steps a policyholder should take post breakdown?
[20:46] How does a catastrophic event affect the time it takes to get an adjuster to inspect a loss?
[21:44] Additional comments from the panel about Equipment Breakdown Insurance, including real life examples.
[26:28] The three obligations a policyholder has regarding an Equipment Breakdown Insurance claim.
Panelists:
Chris Hax, Engineer - Continental Machinery
Bill Sharpe, Commercial Insurance Loss Consultant- Jansen/Adjusters International
C. Todd Thomas, Executive Director of Consulting Services and member of the Society of Risk Management Consultants
Mentioned in This Episode: