Welcome to LMBF Assurances
If your business owner's policy contains property insurance, you may already know that while your coverage protects your building and its contents, it generally excludes coverage for electrical, mechanical, or pressure failures on your equipment. To do this, you will need specialized insurance on your professional equipment, in other words an equipment insurance policy. LMBF helps you get equipment insurance for losses due to accidental or sudden breakage of insured equipment that would not be covered by a standard commercial policy. Under an equipment insurance policy, you can insure anything mechanical, electronic, pressurized (such as boilers), or electrical.
Equipment breakage insurance is professional equipment insurance that is designed to reimburse you for any loss resulting from an unexpected malfunction of your important machines or equipment. Insurance companies will likely dismiss equipment damage claims in the absence of adequate insurance, as a typical commercial insurance policy does not include losses due to a sudden failure or malfunction. For any business that depends on its equipment and machines, this policy is crucial.
Electrical and mechanical breakdowns can be catastrophic for businesses that rely on their equipment. If your insured equipment suddenly breaks down or malfunctions, your equipment insurance policy may include coverage for the cost of repairs and restoration.
If an integral part of a machine or equipment breaks down unexpectedly or malfunctions suddenly, your equipment insurance may include coverage for a temporary replacement so you can continue to run your business while your existing part is repaired.
During a period of revenue loss due to unfulfilled orders and services or cancelled bookings, your equipment insurance policy may include coverage for lost sales and revenue.
