Boiler and machinery insurance, sometimes called equipment breakdown insurance, covers the physical and financial damage resulting from an equipment breakdown.   This type of insurance can be precious to charter schools by paying for the following:

• Direct Property Loss – the cost to repair or replace damaged equipment
• Lost business income and expenditures for temporary replacement equipment
• Other expenses incurred to limit the loss or speed restoration of operations
• The loss value of spoiled products or materials caused by a covered breakdown

The coverage can be precious as it steps in to pay for claims that would typically be excluded from your company’s property insurance policy:

• Mechanical breakdown
• Electrical arcing
• Artificially generated electrical currents
• Centrifugal force
• Boiler overheating, cracking, bulging, sagging
• Bulging, cracking, or collapse of pressure vessels, such as water heaters, compressed air tanks, steam cookers and kettles, expansion tanks, and condensate return tanks

Equipment breakdown insurance can provide coverage for many different pieces of equipment at your charter school, including:

Boilers, pressure vessels, water heaters

• Electrical distribution systems
• Heating and cooling systems
• Refrigeration (including lost refrigerant)
• Production equipment
• Office equipment
• Computer technology
• Communications systems, including phone and voice-mail systems
• Security and fire detection systems
• Ovens, stoves, furnaces
• Elevators, escalators, cranes, hoists, and lifts

To learn more about how boiler and machinery coverage is vital to your charter school’s insurance program, please contact our office to find out more.