Fireman’s Fund has introduced equipment breakdown insurance which protects against short circuits and power surges to mechanical breakdown, motor burnout, and boiler damage under one policy. While combines and tractors are typically protected by property insurance, other specialized farm equipment is often left out. Equipment breakdown insurance offers protection from a broad range of exposures, including mechanical equipment, electrical distribution systems, heating and cooling systems, electronic systems and communication equipment, and boiler and pressure vessels.
Equipment breakdown insurance covers the physical and financial damage associated with breakdowns, including:
- Direct property loss – covers the cost to repair or replace the damaged equipment
- Business income – replaces income lost due to a total or partial business interruption following equipment breakdown
- Service interruption – income coverage for interruptions due to loss of electricity and other services caused by equipment breakdown
- Extra expenses – pays the extra costs to sustain normal operations, such as jobbing work out or renting equipment
- Expediting expenses – covers other expenses incurred to limit the loss of business restoration
This coverage is a new protection for a wide range of agricultural operations from crop farms and livestock ranches, to orchards, vineyards, and affluent hobby farms.
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