The additional Endorsement for Equipment Breakage can supplement your basic insurance coverage, which may exclude boiler explosions, electric arcs and compressor failure, among others.
In addition to covering pressure devices (e.g., boilers), mechanical equipment (e.g., compressors) and electrical equipment, this protection may also be extended to production machines and electronic devices.
It can even be extended to cover your perishable goods in the case of an accident involving the assets mentioned above.
Why would I need such a protection?
After a compressor failure, your stored vegetables may suffer serious damage from this sudden rise in temperature. The Equipment Breakage protection would then allow you to be compensated not only for the faulty compressor, but also for the value of the vegetables you have lost. Ultimately, it would also cover losses resulting from business interruption. It is important to know that normal wear and tear is not a risk that can be covered by your insurance. Therefore, for your loss to be admissible, the failure or fault must be sudden and accidental.
Whether you own a manufacturing company, a convenience store, an agricultural business or an income property, chances are that you will find this protection to be quite suited to your situation.
Do not hesitate to contact me if you would like to receive any further information on this endorsement!