Boiler and Machinery Insurance


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Boiler and Machinery Insurance

An insurance policy that covers industrial equipment. It provides compensation in the event of damage to the machine. It may pay for new equipment, medical bills and other expenses resulting from the damage to the equipment, as well as other costs like lost income.
References in periodicals archive ?
Contract award: Boiler and machinery insurance and related risks.
The product was codeveloped with boiler and machinery insurance provider Mutual Boiler Re of Malvern, Pa.
It was then that steam boiler coverage was introduced under the term boiler and machinery insurance.
Strasburg said a discussion on liability insurance will examine several topics, among them lead coverage, umbrella insurance; workers' compensation, boiler and machinery insurance, and the difference between replacement cost and actual cash value.
Essentially, boiler and machinery insurance is designed to reduce, through periodic inspection, the chance of malfunction among boilers and other manufacturing equipment, including pressurized, electrical, and electronic machinery.
Hartford Steam's commercial paper rating reflects the company's strong position in the boiler and machinery insurance market, strong surplus position and high liquidity.
They have to be employees of a state, county or municipal agency that has responsibility for inspecting boilers and pressure vessels or of an insurance company authorized to write boiler and machinery insurance and that insures the boiler or pressure vessel to be inspected.
These positive rating factors are derived from management's disciplined underwriting approach and commanding market leadership position within the highly engineered property and boiler and machinery insurance market, underwriting nearly one-third of the total U.
In addition to being the leading provider of specialty engineering property and boiler and machinery insurance in the United States, HSB has also developed a solid worldwide reputation for its outstanding loss control and risk management services.
Why in the world would anyone want to buy boiler and machinery insurance that contributes nothing to your overall loss financing?