Exam (elaborations)
Boiler And Machinery – Questions & Answers
Boiler And Machinery – Questions & Answers
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Boiler And Machinery – Questions & AnswersThe Boiler and Machinery Coverage Part consists of the following: ✔️Ans -
1. Boiler and Machinery Declarations Page.
2. Equipment Breakdown Protection Coverage Form.
3. Any applicable endorsements.
Equipment Breakdown Protection Coverage Form (BM 00 20) ✔️Ans - 1.
Coverage - The Covered Cause of Loss is a "Breakdown" to "Covered
Equipment" (see item 6. Definitions below for the definition of "Breakdown"
and "Covered Equipment"). The following coverages are provided if either a
limit or the word INCLUDED is shown for that coverage on the Boiler and
Machinery Declarations Page, and the loss or damage is a direct result of a
Covered Cause of Loss.
Property Damage ✔️Ans - The form pays for direct damage to covered
property located at the premises described in the Declarations. Unless
endorsed otherwise, the insurer will determine the value of covered property
in the event of loss or damage as the cost to repair, rebuild, or replace with
property of the same kind, capacity, size, or quality on the same site or
another site, whichever is less costly; or the cost actually and necessarily
expended in repairing, rebuilding, or replacing on the same site or another
site, whichever is less costly
Expediting Expenses ✔️Ans - The form pays for the extra costs the insured
necessarily incurs to make temporary repairs, and to expedite the permanent
repairs or replacement of the damaged property as the result of direct damage
to the covered property.
Business Income and Extra Expense - Extra Expense Only ✔️Ans - The form
pays the actual loss of business income during the period of restoration, and
the extra expense the insured necessarily incurs to operate their business
during the period of restoration. If the insured chooses Extra Expense Only,
the coverage for Business Income is not provided. The insurer considers the
experience of the business before the "breakdown", and probable experience
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