Property Insurance Roundtable

Equipment Breakdown Insurance

05.03.2016

Equipment Breakdown Insurance covers loss and/or failure for many types of equipment from air conditioners to industrial presses. Insurance policyholders are urged to review their policy documents to ensure they have the proper coverages should an event occur. Policyholders should also keep complete maintenance records, photos of the equipment during the breakdown or loss and a written procedure, including contact information, with the correct steps post-breakdown.

Key Takeaways

  • [01:17] What is Equipment Breakdown Insurance and what does it include?
  • [03:21] What types of failures are covered under Equipment Breakdown Insurance?
  • [04:00] What does Equipment Breakdown Insurance exclude?
  • [05:40] What types of coverages are available to counteract the exclusions?
  • [07:46] Which types of equipment are categorized under this type of coverage?
  • [09:55] What type of forms are used to implement Equipment Breakdown Insurance?
  • [10:57] How can a policyholder be sure they have the adequate coverage for their facility and machinery?
  • [18:30] What are the first steps a policyholder should take post breakdown?
  • [20:46] How does a catastrophic event affect the time it takes to get an adjuster to inspect a loss?
  • [21:44] Additional comments from the panel about equipment breakdown insurance, including real life examples.
  • [26:28] The three obligations a policyholder has regarding an Equipment Breakdown Insurance claim.
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Panelists

Chris Hax Headshot e1462296836365 197x273
Chris Hax
Engineer

Chris Hax is an Engineer, Catastrophe Restoration Consultant, and Industrial Equipment Loss Expert with over 18 years of experience in situation analysis and evaluation, damage mitigation, restoration, loss consulting, and project management. Chris’ educational background includes a B.A. in Business Administration with a Marketing Emphasis from Kansas State University, a B.S. in Electrical Engineering from the University of Kansas and specialized training in Hard Drive Imaging; Electronic Evidence Discovery from LWG Consulting, Inc. He has served in prior industry positions as a District Manager and National Loss Consultant at LWG Consulting, a Production Supervisor, and a Component Engineer.

Bill Sharpe, who joined Jansen/Adjusters International in 2010, is the Regional Director at Jansen/Adjusters International. Bill specializes in helping business owners to manage their commercial insurance claims after natural disasters or fires damage their property. As a member of the National Association of Public Insurance Adjusters (NAPIA) and the Building Owners and Managers Association (BOMA) International, he is dedicated to helping his clients to achieve their property recovery objectives with as little stress as possible before and after a loss. He is a graduate of University of Central Oklahoma and a Certified Property Manager (CPM) with the Institute of Real Estate Management (IREM).

Bill has been featured as an expert panelist on Adjusters International’s Property Insurance Roundtable podcast in the episode titled, “Equipment Breakdown Insurance: Too Important to Ignore!” and “Disasters Raising Questions of Insurance Adequacy.”

Todd Thomas v2
C. Todd Thomas
Vice President of Risk Management

Todd Thomas is the Vice President at Adjusters International. He is also the Chief Consultant and Partner of Adjusters International’s affiliate Sigma Consulting Corp. He has worked in the Management Consulting industry for 23 years. Currently, he works with Adjusters International’s strategic partners to offer the highest quality Risk Management and Disaster Recovery consulting services possible. Thomas has worked in a management capacity on high-profile FEMA, insurance and construction projects since 1996. Thomas regularly serves as an expert witness and Special Master to courts in the area of finance & insurance.

Thomas’ experience assisting public entities, non-profits and other organizations with risk management and insurance includes but is not limited to broker selection, insurance marketing, total cost of risk, risk identification, risk allocation, underwriting, claims, financial risk management, FEMA obtain & maintain compliance, risk analysis, risk management information systems and enterprise risk management.

He is a Fellow of the American Academy of Financial Management (FAAFM), Member of the American Economic Association, Member of the Association of Certified Chartered Economists, a Fellow of the Risk and Insurance Management Society, Member of the Global Risk and Insurance Management Institute, Caribbean Actuarial Association and Member of the Institute and Faculty of Actuaries. Todd is a Chartered Economist (ChE), Certified Risk Analyst (CRA), Certified Organizational Risk Manager (CORM), RIMS Fellow (RF), Fellow of Risk Management (FRM), Chartered Property & Casualty Underwriter (CPCU), Associate in Risk Management specializing in Public Entities (ARM-P), Master Project Manager (MPM), Accredited Financial Analysis (AFA), Accredited Management Accountant (AMA) and Workers Compensation Claims Law Specialist (WCLS).

Moderator

Marjorie Zeoli Musick

For further information on this topic, please read our Adjusting Today article: “Equipment Breakdown Insurance: Too Important to Ignore!”