Definitions for "Boiler & machinery insurance"
Protection against loss from disruption of boilers and machinery by an insured peril: loss to the boiler and machinery itself, damage to other property, business interruption losses, or all three. Also known as machinery breakdown insurance.
A form of Property Insurance covering losses caused by breakdown of, or damage to, certain kinds of machinery. Coverage includes damage to property of others and can include Business Interruption Insurance. Regular equipment inspections, included in the policy premium, are an important service provided by Boiler & Machinery Carriers.
Fired vessels, steam generators, mechanical and or electrical objects and turbines, are all examples of "objects" that might be listed for coverage under a boiler and machinery policy. Coverage is for damage to covered property caused by an accident to an object identified in the policy's schedule. Coverage includes extra expense, automatic 90-day coverage at new locations, defense against liability claims, and supplementary payments like those provided under public liability policies.