The Boiler Inspection and Insurance Company of Canada (HSB BI&I), a division of Munich Re, has announced it will offer home systems protection coverage. The insurance provides breakdown coverage to heating, cooling, water and power, appliances, electronics, and other home systems through partnering insurers.
Hartford Steam Boiler, another division of Munich Re, powers a similar program through technology provided by EnergySavvy electric company. If a homeowner holds an insurance policy through a participating HSB partner company, they are provided breakdown coverage for appliances, HVAC systems and other home equipment.
[ Learn more about HSB’s program: How Big Data Opens Up More Product Options to Insurers. ]
Users of HSB BI&I home systems protection will have coverage for damage caused by sudden and accidental mechanical or electrical breakdowns, spoilage of refrigerated goods, and living expenses if their home becomes uninhabitable. Coverage also pays up to 150 percent on covered losses to replace damaged equipment that is safer for users, better for the environment, or more energy or water efficient.
“Systems in the home are becoming more complex, costly and prone to breakdown,” said Derrick Hughes, vice president for HSB BI&I. “Yet, homeowners policies do not cover losses caused by electrical or mechanical breakdown.”
Kelly Sheridan is an associate editor for Insurance & Technology. Prior to joining InformationWeek Financial Services, she was a staff writer for InformationWeek and InformationWeek Education. Kelly has also written for trade publication Promo Marketing and a number of ... View Full Bio