Commercial Insurance Solutions
Boiler and machinery insurance refers to the insurance of machines. Boiler insurance is not applicable only to boilers, but any machine that generates electrical power, for example, generators, motors etc. Boiler and machinery insurance includes the damage to not just the machine, but also to the surrounding area through explosions, fire etc.
Why Is Boiler and Machinery Insurance Important: If you have ever tried to settle a simple insurance claim related to breakdown or damage to machine or equipment, you will know how difficult it is to get the company to pay for additional damages like destruction of property, loss of business etc. Boiler and Machinery Insurance covers not just the damage to the machine, but also other damages caused by the malfunctioning machine. These damages may include business loss and property damage. In fact, some types of Boiler and Machinery Insurance also cover damages to neighboring properties, and pay for setting up of temporary arrangements for running the business.
Who Should Purchase Boiler and Machinery Insurance?
Anyone who runs any kind of business that uses electrical or mechanical devices of some sort should buy a Boiler and Machinery Insurance policy. Many people have the misconception that Boiler and Machinery Insurance is only for large factories and manufacturing units. As a small business owner, you probably do not use heavy machines, but even the smallest of businesses use equipment like air conditioners, refrigerators, ovens, coffee machines etc. Malfunction in any of these equipments could cause an explosion or fire, damage to neighboring as well as your own property and business loss. Boiler and Machinery Insurance will cover all these damages and AIB sill work on your behalf to source this best coverage for your company.