VIEWS: 23 PAGES: 3 CATEGORY: Business & Economics POSTED ON: 5/27/2010
Despite its longevity, Boiler and machinery insurance has remained somewhat of an enigma to many prospects, with the possible exception of the very large manufacturers; processors; power and light companies; and those organizations that generate their own power. Boiler and machinery insurance no longer exists. The new term is equipment breakdown insurance. The reason for the change is that through the development of all kinds of electrical, mechanical, communication and computer equipment, it is now possible to offer insurance on a wider scale. This article makes clear to the agent that selling equipment breakdown insurance is a minefield. It is an excellent source for sales, but it is likely to take someone who is well versed in the subject to do it. It makes good risk management sense to offer equipment breakdown insurance, but it is going to take more than sales ability to keep out of trouble, given the complexity of these forms.
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