May 29, 2013
The Boiler Inspection and Insurance Company of Canada (BI&I) recently unveiled its new All Systems Go Plus equipment breakdown insurance product as well as a new broker portal. Canadian Insurance Top Broker spoke with John Mulvihill, president of BI&I, about why this new product was needed and what brokers can expect.
Why was All Systems Go Plus needed in the marketplace?
All Systems Go is a direct boiler and machinery product that BI&I has offered for over 20 years now and it’s been a good success but, like any product, it got to a point where we felt it needed some enhancements and some refreshing. Our US counterpoint company had had very good success with adding some additional coverages that were beyond equipment breakdown and so we decided to do the same thing here: enhance our core B&M coverage; add some other ancillary coverages; and finally, to put in place an online portal option as more and more brokers are looking for portals and those types of electronic solutions that work well.
What should brokers know about this product?
It’s a very comprehensive equipment breakdown coverage policy. It provides a range of sub-limits for indirect coverages. It’s a very affordable coverage and it is something that has been successful in the marketplace, but is now even a little more modern. Some of the core equipment breakdown enhancements address energy-efficient equipment. We think that’s also something that’s a concern for businesses and I think this responds nicely.
Why were Data Compromise and Identity Recovery important to add to this product?
[BI&I] started with boilers and pressure vessels, but that has evolved over well-over 100 years now to mechanical equipment, electrical equipment, electronic equipment–and with electronic equipment has come communication, data, and very modern coverages. As we continued to follow the risk concerns of our client base, this, to us, seemed like a progression. It’s an exposure that does tie back to the business infrastructure and things that can go wrong with your business infrastructure.
Who is this product specifically designed for?
It’s [targeted] more to the mid-market businesses and to some categories of businesses that would have things like stock or spoilage exposures. It does provide indirect coverages as well, such as business interruption, some spoilage coverages within limits, etc.
Tell us about the BI&I portal. How will it help brokers?
We used our in-house capabilities together with some input and beta testing from some brokers, and tried to provide a site that is very clean in look that can take a broker quite easily from quoting to binding to issuing a policy and invoicing.
It’s quick efficient and the response so far has been good.
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This story was originally published by Canadian Insurance Top Broker.