HSB BI&I - Typical Equipment Breakdown Coverage Components

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Coverage Components

HSB BI&I Equipment Breakdown insurance covers more than the equipment itself. It pays for Property Damage, Business Income, Extra Expense, Expediting Expense and Perishable Goods. Here’s a closer look at what the policy pays for resulting from an “Insured Breakdown” as defined in a typical All Systems GoTM policy:

Property Damage

Property Damage pays for the cost to repair or replace damaged Equipment due to an insured Breakdown

Business Interruption

Business Interruption covers the loss of business income due to an interruption caused by an insured Breakdown from the date of the loss until such Equipment is repaired or replaced plus additional time to allow your business to become full operational

Extra Expense

Extra Expense pays for additional costs (e.g., equipment rental and over-time) you incur after an insured Breakdown to maintain normal operations.

Spoilage

Spoilage covers the spoilage of insured property resulting solely from an insured Breakdown.

Expediting Expenses

Expediting Expenses pays reasonable extra cost of temporary repairs or to expedite permanent repairs to restore business operations.

Service Interruption

Service Interruption extends Business Interruption, Extra Expense and Spoilage resulting from a Breakdown of Equipment located on or within 1000 meters of insured’s location owned by building owner or public utility supplying telephonecommunication, electricity, air conditioning, heating, gas, water or steam services.

By-laws

By-laws pays for additional costs including demolition to comply with laws or codes.

Hazardous Substances

Hazardous Substances pays for the extra cost to repair or replace covered property contaminated by hazardous substances released in an insured Breakdown.

Professional fees

Professional fees pays for reasonable fees such as auditors, accountants, lawyers, architects or engineers to product the amount of loss payable.

Denial of Access

Denial of Access pays for resulting Business Interruption/Extra Expense for up to 2 consecutive weeks from a civil authority barring insured from access to insured location.

Automatic Coverage

Automatic Coverage provides insurance at newly acquired location up to 90 days on Equipment similar to currently insured.

Data Coverage

Data Coverage pays to restore the data that is lost or damaged due to an insured Breakdown.

This is a general summary of coverage. For all coverage terms and exclusions, please review the actual insurance policy.

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