Insurance & Technology is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

News

12:38 PM
Connect Directly
Twitter
LinkedIn
Google+
RSS
E-Mail
50%
50%

Second Munich Re Division Offers Home Equipment Breakdown Insurance

The Boiler Inspection and Insurance Company of Canada program will cover damages to home equipment systems through partnering insurers.

The Boiler Inspection and Insurance Company of Canada (HSB BI&I), a division of Munich Re, has announced it will offer home systems protection coverage. The insurance provides breakdown coverage to heating, cooling, water and power, appliances, electronics, and other home systems through partnering insurers.

Hartford Steam Boiler, another division of Munich Re, powers a similar program through technology provided by EnergySavvy electric company. If a homeowner holds an insurance policy through a participating HSB partner company, they are provided breakdown coverage for appliances, HVAC systems and other home equipment.

[ Learn more about HSB’s program: How Big Data Opens Up More Product Options to Insurers. ]

Users of HSB BI&I home systems protection will have coverage for damage caused by sudden and accidental mechanical or electrical breakdowns, spoilage of refrigerated goods, and living expenses if their home becomes uninhabitable. Coverage also pays up to 150 percent on covered losses to replace damaged equipment that is safer for users, better for the environment, or more energy or water efficient.

“Systems in the home are becoming more complex, costly and prone to breakdown,” said Derrick Hughes, vice president for HSB BI&I. “Yet, homeowners policies do not cover losses caused by electrical or mechanical breakdown.”

Kelly Sheridan is the Staff Editor at Dark Reading, where she focuses on cybersecurity news and analysis. She is a business technology journalist who previously reported for InformationWeek, where she covered Microsoft, and Insurance & Technology, where she covered financial ... View Full Bio

Register for Insurance & Technology Newsletters
Slideshows
Video