What is the new name for the Boiler Policy in property insurance?

The correct answer is that the Boiler Policy in property insurance is now referred to as Equipment Breakdown coverage. This change reflects an expanded scope beyond just boilers to include a variety of equipment and machinery that can break down, causing property damage or business interruption.

Equipment Breakdown is a more comprehensive term that encompasses not only boilers but also other types of equipment such as air conditioning systems, electrical systems, and elevators. This terminology helps insured parties better understand the full range of coverage available under their policy and its applicability to modern equipment usage in various businesses.

The updated name aims to clarify the coverage that businesses can expect and ensures that policyholders are aware that any significant mechanical failure or breakdowns of essential equipment can be protected under their insurance. This aligns with the evolving nature of business needs and the types of risks that modern companies face, thereby enhancing the relevance and clarity of the coverage offered to policyholders.