Mutual Boiler Re and AAIS offer insurers new, extensive farmowners equipment breakdown coverage.
Malvern, Pa., USA—Mutual Boiler Re, a leading equipment breakdown reinsurance provider, and the American Association of Insurance Services (AAIS), are now offering property and casualty insurers the ability to provide their farmowners’ clients with a new and comprehensive equipment breakdown coverage offering.
“Our farm product provides extensive and meaningful coverage for both the farm and home,” said Ken Lavigne, vice president and operations manager, Mutual Boiler Re. “We developed this product because of the growing need for broad and affordable coverage suitable for both hobby and commercial farmers. Farmers invest much money in their farms and homes and, without this coverage, unexpected repairs or replacement of equipment can be costly.”
The new, flexible endorsement covers:
• all real and personal dwelling property, as well as related loss of use
• nearly all farm property
• CFC refrigerants to policy limits
• computer equipment to policy limits
• service interruption
• livestock and poultry
The endorsement also covers resulting loss of use from equipment breakdown to all mechanical, electrical, and pressure systems equipment. In addition, coverage is provided for equipment mounted on mobile equipment, which is often excluded in other forms.
Repair/replacement terms are automatically included. Additionally, coverage allows the insured to replace property with green alternatives, while covering the costs to hire an accredited green consultant to assist in green design and reconstruction, and to certify or recertify the green covered property once repaired or replaced. The green coverage also pays for additional costs for the green removal, disposal or recycling of damaged property and for business interruption for the time required to repair or replace the damaged covered property with green covered property.
Lavigne added that Mutual Boiler Re also will help insurers with the implementation of the equipment breakdown coverage option, including marketing, underwriting, pricing and claims handling.
Mutual Boiler Re (www.mutualboilerre.com) has been providing equipment breakdown insurance in North America for more than 130 years and specializes in mechanical, electrical, and pressure systems breakdown treaty reinsurance and support services for commercial, homeowners, and farmowners lines of business in the property and casualty marketplace. Mutual Boiler Re works with more than 140 insurance companies to provide quality products and innovative services that enable broader and more competitive coverage to policyholders.
For more information about Mutual Boiler Re and the AAIS Equipment Breakdown coverage option, contact Sam Broomer, operations vice president, Mutual Boiler Re, at (800) 814-4458, ext. 804, or by e-mail at Samuel.Broomer@MutualBoilerRe.com.