What is the definition of Boiler and Machinery Insurance?
Boiler and Machinery Insurance provides protection against damage and losses caused by equipment breakdown and malfunction, as well as sudden explosions. This equipment includes steam boilers, computer systems, telephone systems, heating, air conditioning and electrical system.
This covers damage to business property, as well as legal fees related to the incident.
This insurance is also called Systems Breakdown and Equipment Breakdown insurance. This is a type of commercial insurance that may be availed by a company or business. Most of the property insurance policies in the market do not cover these hazards so it is wise for a business to also buy this kind of insurance.