12:38 PM
Connect Directly

Second Munich Re Division Offers Home Equipment Breakdown Insurance

The Boiler Inspection and Insurance Company of Canada program will cover damages to home equipment systems through partnering insurers.

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 Associate Editor at Dark Reading. She started her career in business tech journalism at Insurance & Technology and most recently reported for InformationWeek, where she covered Microsoft and business IT. Sheridan earned her BA at Villanova University. View Full Bio

Comment  | 
Print  | 
More Insights
Newest First  |  Oldest First  |  Threaded View
User Rank: Author
1/13/2014 | 6:12:12 PM
re: Second Munich Re Division Offers Home Equipment Breakdown Insurance
That would be interesting. Both programs pose great benefits to participating companies and consumers.
Nathan Golia
Nathan Golia,
User Rank: Author
1/10/2014 | 4:57:46 PM
re: Second Munich Re Division Offers Home Equipment Breakdown Insurance
I wonder if the Canadian company is also using the EnergySavvy technology Gă÷ will have to check with them and see. Cool to see that initiative taking off
Register for Insurance & Technology Newsletters
White Papers
Current Issue
Insurance & Technology Digital Issue
Innovation? Check. Core modernization? Check. Security? Check. Today's insurance IT challenges don't stump this year's Elite 8.