Equipment Breakdown insurance, previously known as Boiler & Machinery insurance, is insurance for any damages caused to or by the breakdown of equipment in your insured property. This includes any electrical, mechanical or computer equipment affected by an unexpected breakdown in your business. An important note is that while computers are often covered, the software on them is typically not; this would require a separate type of insurance.
With equipment breakdown claims, it is necessary to have your equipment’s records on hand. This includes any service updates, routine maintenance receipts, and all relevant financial information. A reputable Public Adjuster is especially valuable in this stage, as they can greatly assist in properly determining the value lost by the equipment breakdown damages.
Once documentation has been completed, an insurance company will often look into how the equipment breakdown occurred. For an equipment breakdown claim to be successful, your insurance company must conclude that the equipment breakdown occurred because of an accident. Foul play must be ruled out, or else your coverage will not apply to equipment breakdown should the damage be deemed intentional. Here, a Public Adjuster and any equipment specific mechanics are incredibly helpful in determining the extent and cause of damage.
Equipment Breakdown claims can be stressful due to the large number of specific steps required to process your claim successfully, and in a timely manner. To save yourself time and increase the payout of your Equipment Breakdown claim, call us today for our professional Public Adjuster’s assistance.