What is the Definition of Boiler And Machinery Insurance?
Often called Equipment Breakdown, or Systems Breakdown insurance. Commercial insurance that covers damage caused by the malfunction or breakdown of boilers, and a vast array of other equipment including air conditioners, heating, electrical, telephone and computer systems.
Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/
Label: Insurance
Theme: Dictionary of Insurance Terms
Other Questions: What is the definition of Insurance?
What is the Definition of Boiler And Machinery Insurance?
Check out other definition of insurance terms below:
What is the Meaning of INCONTESTABILITY PROVISION In Insurance Terms?
An insurance and annuity policy provision that limits the time within which an insurer has the right to avoid the contract on the ground of material misrepresentation in the application for the policy. Also known as incontestable clause. (See Contestable period; Time limit on certain defenses provision)
What is the Meaning of INCREASING TERM LIFE INSURANCE In Insurance Terms?
A type of term life insurance that provides a death benefit that increases by some specified amount or percentage at stated intervals over the policy term. Contrast with Decreasing term life insurance.
What is the Meaning of INCURRED LOSSES In Insurance Terms?
Losses occurring within a fixed period, whether or not adjusted or paid during the same period.
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