XL Group North America launches new equipment breakdown policy

XL Group’s North America property division has developed a new equipment breakdown insurance policy, covering losses from business interruption, equipment repair or replacement costs.

Dubbed “Up+Running”, the policy also can include additional coverage for protection against against extra expenses and perishable goods loss due to spoilage or refrigerant damage.

Risk control and equipment inspection services including maintenance and reliability assessments, infrared inspections, oil analysis, vibration monitoring, ultrasound inspections and other custom designed inspection and safety programs are available to clients as well, XL said.

With liability limits up to $300 million, “Up+Running” is available on a primary or excess basis, assuming 100% of the risk or as a quota share participant on the program. Coverage is provided by XL Group insurance companies on an admitted basis.

“We rely on equipment to communicate, transact, produce and deliver,” Brian Strain, senior vice president and head of the Equipment Breakdown business for XL Group commented.

“Large manufacturing companies have sophisticated and expensive equipment they rely on to produce products. Smaller non-manufacturing businesses are vulnerable to losses resulting from the breakdown of anything from heating, air conditioning, and computers to basic electrical service.”

For the new offering, XL has brought on Christopher Lee as vice president of product underwriting. Lee formerly managed a book of equipment breakdown business throughout the Northeast at Zurich Insurance.