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A CNC turret lathe suffers a malfunction to its cutting head, causing the head to crash and shutting down production. A hotel chiller unit seizes up before a large national convention, which leads to cancelled catering events and other reservations. A robotically controlled welding line comes to a halt because of an electrical arcing event, which shuts down the line. Numerical controls on a 400 ton stamping press fail, leading to an overload situation and failure of the press.
These are all examples of seemingly small problems that can lead to huge losses. An insurance carrier that understands equipment breakdowns can help keep your business operating. Chubb offers comprehensive equipment breakdown coverage on both a monoline and package basis.
Coverage Highlights
Advantages
Significant capacity available; policy coverage can be crafted for a broad spectrum of market segments
Insurance dollars available where you need them most
Separate, higher limits of insurance available for selected coverages if needed, or a higher blanket limit may be purchased
Flexible terms and conditions, giving you the ability to customize the policy to best fit your needs
Additional insurance, such as ammonia contamination and food spoilage, can be purchased separately if you require higher limit
Easy-to-read form takes the guesswork out of the policy, and also dovetails well with property policies for a better overall insurance solution
Green Standards feature included for existing “green” buildings and equipment, so you can rebuild to LEED standards or replace energy-efficient equipment in the event of an insured loss; Enhanced Safety feature provides up to 25% in additional limits if you rebuild or replace existing equipment with safer features
Benefits
Off-the-shelf equipment breakdown insurance for a variety of industries
Doesn't require endorsements to round it out
Wide choice of options allows you to customize the policy to your specific needs
Expert Claims Handling & Loss Control
We understand the hazards that could cripple your business. Our dedicated, board-certified Equipment Breakdown engineers have industry-specific knowledge to help reduce or minimize loss. Chubb’s engineers perform required jurisdictional inspections and conduct surveys and accident investigations as needed. Loss prevention services include thermography imaging, oil and vibration analysis, and other predictive tests.
Our reputation for claims handling excellence stems from a focus on getting you back to business as soon as possible after a loss. A dedicated equipment breakdown claim unit provides superior service through our consistent, team-oriented approach. What’s more, if you have a loss, chances are the same risk engineer who conducted the original inspection will also conduct your initial loss investigation, providing continuity of service.