November 7, 2016 by Canadian Underwriter
The Boiler Inspection and Insurance Company of Canada (HSB BI&I) has launched a new comprehensive equipment breakdown insurance package – All Systems Go Plus, with new TechAdvantage coverages, designed for small businesses in Canada.
Launched last week, the All Systems Go with TechAdvantage enhancements provides unlimited coverage for direct damage, business interruption/extra expense, spoilage and service interruption, as well as protection against data breach/cyber risks and identity theft – all in one package, said background information from HSB BI&I. There is no limit of insurance applicable to direct damage, spoilage, business interruption/extra expense or service interruption for qualified risks, HSB BI&I noted.
Direct damage covers cost to repair or replace equipment damaged by a covered breakdown or electronic circuitry impairment, the information said. Business interruption/extra expense covers income or extra expense loss due to an interruption resulting from a breakdown; spoilage coverage related to contamination of food or other perishables following a breakdown, including coverage for perishable goods damaged by service interruption; and service interruption extends income and extra expense to breakdown of equipment owned by a supplier contracted to provide a service listed in the policy.
Other coverages, among others, include:
As an example, HSB BI&I said, a school presented a claim for lost electronic student records. An investigation determined that the school’s cloud computing provider experienced a mechanical breakdown to one of its hard drives (data restoration: $35,000). Another example: an online retailer experienced a sudden shutdown of its website; the problem was isolated to a motherboard in a computer server. A visual examination revealed no evidence of detectable physical damage, but when the motherboard was replaced, the server and website were restored (direct damage: $1,200; business interruption: $18,000).
The full list of coverages is available at http://bit.ly/2fi0bnk.