Boiler & Machinery/Equipment Breakdown
Boiler and machinery, also known as equipment breakdown coverage, provides coverage for failure of boilers, machinery and other electrical equipment. The benefits of this coverage include repair or replacement of property of the insured that was damaged directly by the incident, costs of temporary repairs and expediting expenses, and liability for damage to the property of others that was damaged as a direct result of the breakdown incident.
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Builders Risk
Builders risk coverage insures against loss to buildings that are in the course of construction and generally includes machinery and equipment used in the construction process as well as materials that are incidental to the construction.
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Business Interruption/Extra Expense
Business interruption and extra expense insurance covers time-sensitive losses resulting from a covered direct-damage loss involving buildings and/or personal property. When business property is damaged or destroyed, it can take an extended amount of time to repair or rebuild before the firm can return to income and production levels enjoyed immediately preceding the loss. Lost income and extra expenses can be the largest costs business owners face when property is destroyed.
The standard business income policy will pay for restoration expenses only if they reduce loss; and the contract might not cover additional expenses. However, a rider for extra expense coverage may pay for items such as restored telephone service, substitute space, the expense of moving, additional advertising, purchase or rental of computers or other equipment.
Long-term business plans, emergency plans and specific business processes need to be evaluated in determining the amount of business income and extra expense protection needed.
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Cargo/Transit
Cargo or transit insurance is designed to cover goods as they are transported from one location to another. This would generally be covered under an ocean marine policy for items transported by water or Inland marine for items transported by land.
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Contingent Business Interruption/Extra Expense
Contingent business interruption and extra expense insurance reimburses policyholders for lost profits and extra expenses resulting from interrupted or stopped business incurred by the insured's key suppliers and customers.
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Earthquake
Earthquake insurance provides property coverage for losses resulting from sudden shaking or trembling of the earth, which typically includes such shaking/trembling caused by volcanic eruption.
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Flood
Flood coverage protects a policyholder against loss or damage to real property or personal property caused by flood. A flood is the inundation of surface waters and includes mudflow.
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Installation Floater
Installation floater insurance covers equipment and materials being installed by a contractor. Often this coverage is included in the same form used to provide builders risk coverage.
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Stock Throughput
Designed for import, export and distribution companies, a stock throughput policy covers inventory (including raw materials, semi-finished and unfinished products) at all times beginning at the source of its production to its final destination. This includes ocean cargo insurance, inland transit and property in storage coverage all rolled into one policy.
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Wind
Wind or windstorm coverage protects property owners from losses resulting from damaging winds produced by strong storms, such as hurricanes.
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