Equipment Breakdown Advisory

Understanding the Importance of Equipment Breakdown Insurance:  
Do Your Clients Have Adequate Coverage?

By NIP Specialty Brokerage

Equipment Breakdown (Boiler & Machinery) insurance is sometimes called “the best kept secret in insurance” because businesses often don’t recognize the vast exposures that exist within their normal operations and how easy it is to mitigate them.
 
Here at NIP Specialty, we are helping brokers protect their clients from major losses with this very important coverage.
 
Who needs Equipment Breakdown Coverage?
Virtually every commercial or industrial risk has Boiler & Machinery exposures. Your clients have a huge investment in the machinery and equipment that runs their physical plant or office building, which is why they cannot afford to leave it unprotected.

Examples of machinery and equipment include:
■    Air Conditioning and Refrigeration Systems
■    Heating and Ventilation Equipment
■    Communications and Electronic Systems
■    Production Machinery
■    Mechanical Equipment
■    Pumps and Compressors
■    Turbines
■    Computers and EDP Equipment
■    Boilers and Pressure Vessels
■    Elevators

Typical property polices will exclude breakdown, electrical arcing/short circuits and pressure vessel explosion. This coverage is available on a monoline basis to better protect your clients.
 
Through our partnerships with A-rated markets, NIP Specialty Brokerage can offer coverage for the following types of occupancies:
■    Apartments and Condos                         ■    Manufacturing Operations
■    Office Buildings/Lessor’s Risks            ■    Restaurants and Food Processors
■    Retail Stores                                              ■    Hospitals and Doctor’s Offices
■    Hotels                                                          ■    Schools and Churches
■    Convenience Stores                                 ■    Automobile Services

Coverage components include, but are not limited to:
■    Property Damage                                 ■    Business Income                   
■    Contingent Business Income            ■    Extra Expense
■    Service Interruption                              ■    Ordinance or Law
■    Perishable Goods                                ■    Errors and Omissions
■    Hazardous Substances                      ■    Data Restoration

Services offered by Equipment Breakdown carriers:
■    Conduct regular inspections of your client’s equipment by certified Boiler and Risk Control Specialists
■    Perform required state and municipal code inspections and assist in complying with regulations
■    Arrange Infrared Thermographic, Vibration, Oil and Gas analysis and other testing as needed
■    Identify potential hazards and recommend corrective action when appropriate
■    Loss Control programs can be created for individual risks

In case of loss, comprehensive loss investigation services are provided. In addition, assistance is offered to locate replacement parts and to recommend an effective risk control strategy designed to prevent recurrences.
 
At NIP Specialty Brokerage, we have the expertise and strong relationships with leading markets so you can be sure you are getting the proper coverage. Give us a call and see what we can do for you. Read more Insurance Advisories here.

If you have an account we may be able to help you with, please submit it to us today:

For more information about NIP Specialty Brokerage, call 800-446-7647 Ext. 7515.

About NIP Specialty Brokerage
NIP Specialty Brokerage is a wholesale brokerage operation targeting non-standard commercial risks underwritten by admitted and non-admitted specialty carriers, with a focus on the Construction Industry. NIP Specialty Brokerage assists agents and brokers in the structure and placement of complex insurance risks throughout the United States by accessing NIP’s brokerage expertise and relationships with global insurance markets.

NIP Group, Inc. 900 Route 9 North | Suite 503 | Woodbridge, NJ 07095-1003 | 800.446.7647