Unit Fourteen Equipment Breakdown

Question 1

What does breakdown mean?

Answer 1

The following types of direct physical loss that caused damage to cover equipment requiring the equipment repair or replacement

Question 2

What does covered property mean?

Answer 2

Property that the insured owns or that is in the insureds care, custody, or control, and for which the insured is legally liable

Question 3

What are some coverage options provided?

Answer 3

• property damage
• expediting expenses
• business income and/or extra expense
• spoilage damage
• utility interruption
• brands and labels

Question 4

What are the conditions with equipment breakdown?

Answer 4

• normal property conditions, abandonment appraisal, or other insurance, etc.
• defense cost included
• suspension of coverage

Question 5

What does the actual cash value endorsement insure?

Answer 5

It insures older property on the actual cash value basis rather than replacement