A single blanket limit inclusive of real property, personal property, business interruption, and boiler and machinery provides education clients optimum flexibility during large losses.
Education clients often have single locations with significant real property, personal property and business interruption exposures. AFM offers clients a single blanket policy limit inclusive of these three types of coverage. This provides colleges and universities optimum flexibility during a large loss.
For example, rather than business interruption being limited to the values reported at a location, clients benefit from the single limit that also includes real and personal property. This allows for maximum flexibility as clients have the entire policy limit to use for repairing the damages and recovering business interruption losses.
In addition, the proVision Education form includes machinery and equipment breakdown in this single blanket limit.
Sublimits: Traditional machinery and equipment breakdown policies limit coverage for spoilage, ammonia contamination and hazardous substances. The proVision policy removes these coverage limitations. In addition, expediting expense coverage, typically only found in M&E policies, is included in the all-risk policy, extending this coverage to losses beyond just those that are M&E-related.
Broad definition of covered property: M&E policies typically have to name the type of property insured, such as boilers, fired and unfired pressure vessels, as well as electrical, mechanical and production equipment, which are included in the definition section of the form. With M&E in the all-risk platform, coverage now is broadened for all types of property unless otherwise excluded.
Broadened cause of loss wording: With M&E coverage embedded into an all-risk form, clients receive broadened coverage for all direct physical loss or damage to insured property, unless otherwise excluded.
Joint loss agreements: When there are separate property and M&E policies, and an M&E event causes damage to property outside of the scope of the M&E policy, there can be complications in settling the claim between the M&E carrier and the all-risk property carrier. These complications are removed when it is all insured under the same policy.