QBE North America, an operating division of QBE Insurance Group, has enhanced its equipment breakdown coverage with equipment breakdown and technology insurance to cover losses resulting from microelectronic failures.
Microelectronics, with circuitry thousands of times smaller than a human hair, is critical to almost all systems, equipment and technology. Yet, these technologies are prone to failure where physical damage is undetectable, as well as non-physical failure due to firmware or software. Most equipment breakdown and property insurance options in the marketplace require evidence of physical damage to cover losses, and do not adequately address today’s microelectronic risks.
QBE North America has expanded its current equipment breakdown coverage beyond evidence of physical damage to circuit boards, computer chips and other micro-circuitry. It helps policyholders recover from damage to systems or equipment that cannot easily be traced, and recoup the costs of a microelectronic failure, including business interruption, data loss and reputational damage.
To address additional emerging technologies, QBE North America’s new equipment breakdown coverage also includes enhancements to existing service-interruption coverage for cloud computing services, and adds data restoration coverage for data lost due to a utility service interruption, such as loss of electrical power. It also offers off-premises business income and extra expense coverage for mobile equipment and technology, and new public relations coverage to help commercial entities overcome business interruption and reputational issues from equipment failures.
The new equipment breakdown coverage is now available within QBE North America’s equipment breakdown policies, subject to state approvals.
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