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November 2006 |  |
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Get Up-To-Date Coverage for Elevator Breakdowns
HSB Offers Broad Protection for this Common Exposure
With a state elevator inspection scheduled for a small office building, the owner hired a contractor to perform maintenance and testing to correct some problems. The work was completed and the repair firm was conducting a full-load test when the casing in the vintage elevator cracked and the worm gear shifted inside the gear set. Temporary repairs were not successful and the elevator had to be shut down.
BACK IN SERVICE
Since the elevator was built in 1917, no replacement parts could be located. HSB paid $182,653 under the owner's equipment breakdown policy for compatible modern components to replace the elevator gear set, motor, brakes and controls. Once it was back in service, the elevator could be inspected and issued an operating certificate.
ELEVATORS EXPOSED
Elevators are a common exposure in buildings for a variety of businesses. Whether used to move goods or passengers, elevators contain many mechanical and electrical parts and connections that can break down. The loss of elevators may be a serious inconvenience, or even close businesses in high-rise buildings. The inability to move people or freight can slow or halt commercial operations.
NEW RISKS
Older buildings are often equipped with elevators that have been in service for decades. When they break down, it can be difficult to make repairs and take longer to get the elevator back in operation. Newer and larger buildings may have banks of elevators that operate with computerized controls and systems in addition to mechanical parts. A power surge can result in an expensive electrical breakdown.
SO MANY PARTS
It's important that your clients have equipment breakdown insurance that covers as many parts as possible for electrical or mechanical damage. HSB can cover drive motors and electric controls, elevator cars, lift cables, pulleys, guide rails, moving doors, mechanical safety devices, and cylinders and pistons. We also may pay for costs related to a covered breakdown, including lost business income and extra expense. Some policies exclude key elevator parts and can leave your clients exposed.
HSB OFFERS BROAD COVERAGE
HSB provides broad equipment breakdown coverage and services. For more information contact your HSB representative, or call our Customer Solution Center oll-free at 1-800-345-1122.
