What Does Steam Boiler Insurance Mean?
Steam boiler insurance provides coverage for losses that result from damage to equipment such as boilers and furnaces. Businesses with the relevant equipment purchase this insurance because machinery is often excluded from commercial property policies.
It is also known as boiler and machinery insurance.
Insuranceopedia Explains Steam Boiler Insurance
Boilers, furnaces, and other machines are often critically important to businesses, and companies can suffer serious losses if this equipment breaks down or malfunctions. Many standard property policies, however, do not provide coverage for such losses. Therefore, many businesses choose to get steam and boiler insurance rather than face the prospect shouldering the full weight of these losses.