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High-Efficiency Heat, Higher Risk of Breakdown
Energy Saving Technology Can Create New Risks for Equipment Losses
Many high-end homes and some commercial locations may be equipped with high efficiency condensing boilers. The units produce more heat and save fuel by recovering much of the heat lost when
combustion gases are vented up the flue in conventional heating systems.THE SYSTEMS ARE PRICEY
Condensing boilers also burn cleaner, but this modern technology presents equipment breakdown risks. The systems are pricey, since they require more fans, larger heat exchangers, electronic controls, and other equipment. And the condensation process used to squeeze out more heat may require a draining pump.
BREAKDOWNS ARE EXPENSIVE
Heating equipment breakdowns can be expensive and disruptive. Here are some examples:
- A boiler overheated and cracked in a skilled nursing facility for the elderly and disabled, causing a $50,500 paid loss.
- When a heat exchanger cracked in a family's home due to metal fatigue, HSB paid $4,808 to replace the equipment.
- A low-water condition caused an auto dealer's boiler to break down. The $44,494 paid loss included $13,482 to rent a boiler while repairs were completed.
Professional offices and smaller commercial institutions such as nursing homes and other institutions might use condensing boilers. They can get coverage under the equipment breakdown programs offered by HSB through many leading property insurers. HSB also provides monoline equipment breakdown coverage for agents and brokers who don't have access to packaged coverage.
HOMEOWNERS NEED PROTECTION
Most homeowners insurance, however, does not protect your clients from equipment breakdown. Now, that is changing. HSB's Homeowners Equipment Breakdown program can pay to repair or replace heating, cooling and other home equipment. It also can cover temporary living expenses if a home is uninhabitable because of a covered breakdown.
HSB MAKES IT SIMPLE
HSB's Homeowners Equipment Breakdown coverage is available through HSB partner insurers as an enhancement to their homeowners policies. It's backed by HSB's unmatched product and claims reputation. Equipment breakdown coverage sets your agency apart with superior products, helping you keep good business and compete for new customers.
GET MORE INFORMATION
For more information about HSB's Commercial Equipment Breakdown coverage, contact your HSB representative or call us toll-free at 1-800-345-1122. If the insurance companies you represent don't offer HSB's Homeowners Equipment Breakdown coverage, you might suggest they do. For more information about that program, call HSB toll-free at 1-888-665-3688.
