Coverage components
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HSB Canada 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.