Machinery plays an integral part in the day to day functions of New York manufacturers; yet standard New York commercial property insurance seldom offers the depth of coverage needed to protect these invaluable and costly assets. For this reason, Boiler and Machinery Insurance (BMI) was created.
The origins of modern BMI coverage date back to the industrial revolution, when steam powered engines and industrial boilers where abundant and essential to America’s growing economy. While these technologies were the foundation of the then modern world, they were not without their faults and frequently experience breakdowns which resulted in explosions and other costly catastrophes for New York businesses. As such Boiler and Machinery Insurance became the common term for coverage designed to help protect businesses from not only boiler malfunctions, but newer technological malfunctions and failures as well.
Throughout the first half of the 20th Century the scope of BMI coverage expanded to keep up with the latest technological advancements and began to include coverage for a broader range of factory, manufacturing, and other industrial equipment. By the time the age of technology took hold in the 1980s it became clear that traditional BMI products were not designed to accommodate the new rapidly developing technology such as computers, robotics and electronics. After this point, the insurers began offering different versions of the equipment coverage, some policies focused on traditional machinery that fell under the scope of BMI coverage while “equipment breakdown insurance” evolved to accommodate the ever evolving new electronic components.
Today New York Boiler and Machinery Insurance is often used as a synonym for equipment breakdown coverage, as electronic equipment has permeated nearly every business, industry and technological advance of the 21st century. By either name, this essential form of property insurance is designed specifically to protect operations for absorbing losses when equipment failure occurs.
At The Rubin Group, we specialize in helping New York businesses find complete business insurance and risk management solutions at affordable rates. Our boiler and machinery insurance program will give you the unique protection your company needs. We will team up with you to create a plan to incorporate the right amount of coverage, protection against exposure, and an appropriate premium level. To learn more about our operation and all of our business solutions, give us a call today at (877) 806-7239.