What type of insurance is known as "Boiler and Machinery insurance"?

Boiler and Machinery insurance, also known as Equipment Breakdown Protection Coverage, specifically addresses the risks associated with the failure of equipment and machinery. This type of insurance covers damages and losses resulting from mechanical or electrical breakdowns, which can be crucial for businesses that rely heavily on equipment for their operations.

This coverage typically includes incidents like steam boiler explosions, electrical failures, and pressure vessel breakdowns. It protects against both direct damages to the equipment and the business interruption that may follow such failures. Consequently, having this coverage is essential for businesses to mitigate financial losses that result from unforeseen equipment breakdowns.

In contrast, property insurance generally covers damage to physical assets like buildings and contents, while liability insurance protects against claims arising from injuries or damages to others. Crop insurance, on the other hand, is specifically designed to protect farmers against loss due to various risks affecting agricultural production. While these types of insurance serve important roles in risk management, they do not specifically address the breakdown of machinery and equipment as Equipment Breakdown Protection Coverage does.