Mutual Boiler Re, a Malvern, Pennsylvania based equipment breakdown reinsurer, said it will now pay for its insureds’ boiler and pressure vessel certificate issuance fees and inspection costs in the nine U.S. jurisdictions that charge equipment owners directly for such services.
Those jurisdictions include California, Hawaii, Kentucky, New Jersey, New York, South Dakota, West Virginia and New York City and Omaha, Nebraska. Other jurisdictions in the U.S. charge business owners directly.
Certificate fees per boiler or pressure vessel typically range from $10 to $50 and are charged by the jurisdiction for issuing certificates which indicate a boiler or pressure vessel complies with rules and regulations and is permitted to operate until the certificate expires. Boiler or pressure vessel inspection costs typically range from $50 to $150 per man-hour, according to the company.
Dallas Kinley, operations vice president and engineering manager, Mutual Boiler Re said that by paying the certificate fees and
inspection costs, his form can help minimize the possibility of clients incurring monetary penalties for late regulatory filings and inspections.
Mutual Boiler Re works with more than 140 insurance companies to provide mechanical, electrical, and pressure systems breakdown treaty reinsurance and support services for commercial, homeowners, and farmowners lines of business in the property and casualty
Source: Mutual Boiler Re
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