Equipment Breakdown
The policy for when a machine stops working. This is the one nobody knows about, and in a laser practice it is often the largest single uninsured exposure in the building.
The claim that actually happens
A laser fails and it is not property damage
Property responds to a fire, a flood or a theft. It does not respond to a device that failed electrically or mechanically. A laser that costs six figures and dies of an internal fault is not a property claim, and most owners discover that distinction at the worst possible moment.
What it responds to
- Mechanical and electrical breakdown of equipment
- Lasers, energy devices and cryo units
- HVAC and refrigeration, including product spoilage
- Business income lost while the equipment is down
- Expediting expenses to get it back faster
What people assume it covers, and it does not
- Wear and tear and lack of maintenance
- Damage covered by a manufacturer warranty
- Fire, flood and theft, which is property
Who usually does not have this
Almost every laser and energy device practice we look at. It is the most common genuine gap in the entire book and the one clients are most surprised by.