Equipment Breakdown Insurance
Why you need this course:
Equipment breakdown insurance covers the various types of loss (physical damage, loss of business income, extra expense, and so forth) that can result from the accidental breakdown of covered equipment. Equipment breakdown insurance covers exposures that are excluded from commercial property causes of loss forms. Knowing the coverages available under equipment breakdown insurance will help you understand how this type of insurance supplements the commercial property causes of loss forms, why many organizations need this type of insurance, and what types of loss exposures this insurance covers. This course examines insurance that organizations can use to manage the risks associated with the breakdown of covered equipment, with a focus on associated forms provided by the Insurance Services Office, Inc. (ISO).
Upon successful completion of all six modules in this course, you should be able to:
- Explain why equipment breakdown insurance is often needed in addition to building and personal property insurance.
- Summarize the ten insuring agreements and the coverages that an equipment breakdown policy can provide.
- Describe the three types of exclusions typically found in equipment breakdown policies.
- Summarize the limits and sublimits typically included in equipment breakdown policies.
- Describe the following policy conditions that are unique to equipment breakdown policies:
- Suspension
- Valuation
- Deductibles
- Joint or disputed loss agreement
- Jurisdictional inspections
- Given a case, determine whether a described loss would be covered, and any loss amount payable, under the Equipment Breakdown Protection Coverage Form.
We recommend that you study the modules in the order presented in the course.
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