Business, Legal & Accounting Glossary
Boiler insurance is a type of property insurance that pays accidental losses to machinery and equipment. Although it is called boiler insurance it can actually cover just about any device that uses, transmits or generates mechanical or electrical power; of course, certain exclusions apply.
Standard property insurance policies normally exclude coverage for losses caused by mechanical breakdown, artificially generated electrical current, and the explosion of high-pressure steam boilers. Boiler insurance provides a way to buy coverage for those types of losses.
Boiler insurance can cover:
Boiler insurance may alternatively be referred to as “equipment breakdown insurance”, “machinery and equipment insurance” or any other such name.
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This glossary post was last updated: 20th February, 2020 | 0 Views.