The Boiler Inspection and Insurance Company of Canada (HSB BI&I), part of Munich Re, today announced the introduction of TechAdvantage, its new standard equipment breakdown policy. It is the first equipment breakdown insurance product covering undetectable physical damage to microelectronics.
"Technology is changing the risk landscape dramatically, creating new forms of equipment and applications for them," said David Pivato, vice president for HSB BI&I.
"Micro-circuitry, now critical to almost all equipment, is so sensitive that damage, invisible to the human eye, can cause equipment to simply stop working."
TechAdvantage™ expands equipment breakdown and business interruption coverage beyond evidence of physical damage to circuit boards, computer chips and other micro-circuitry. The new coverage is triggered when equipment containing electronic circuitry stops working but is restored when the electronic component is replaced.
Until now, most equipment breakdown insurance required evidence of physical damage to cover losses, and did not adequately address today’s microelectronics risks.
TechAdvantage™ is the most innovative equipment breakdown product HSB BI&I has ever offered, with five new coverages: microelectronics coverage; cloud computing service interruption coverage; expanded data restoration coverage; off-premises coverage and public relations coverage.
The Boiler Inspection and Insurance Company of Canada, a member of HSB Group and part of Munich Re’s Risk Solutions family since 2009, is a leading specialty insurer providing equipment breakdown, other specialty coverages, inspection services and engineering-based risk management that set the standard for excellence worldwide.