TechAdvantage represents the new industry standard for equipment breakdown coverage
Munich, Germany (Apr. 28, 2016) – The Boiler Inspection and Insurance Company of Canada (HSB BI&I), part of Munich Re, has announced the introduction of TechAdvantage™, its new standard equipment breakdown policy. It is the first equipment breakdown insurance product covering undetectable physical damage to microelectronics.
“Technology is changing the risk model dramatically, creating new forms of equipment and applications for them,” said David Pivato, vice president for HSB BI&I, part of Munich Re. “Micro-circuitry, now critical to almost all equipment, is so sensitive that damage, invisible to the human eye, can cause equipment to simply stop working.”
TechAdvantage™ expands equipment breakdown and business interruption coverage beyond evidence of physical damage to circuit boards, computer chips and other micro-circuitry. The new coverage is triggered when equipment containing electronic circuitry stops working but is restored when the electronic component is replaced.
Until now, most equipment breakdown insurance required evidence of physical damage to cover losses, and did not adequately address today’s microelectronic risks.
TechAdvantage™ is the most innovative equipment breakdown product HSB BI&I has ever offered, with five new coverages: microelectronics coverage; cloud computing service interruption coverage; expanded data restoration coverage; expanded off-premises coverage and public relations coverage.
About The Boiler Inspection and Insurance Company of Canada
The Boiler Inspection and Insurance Company of Canada, a member of the HSB Group and part of Munich Re’s Risk Solutions family, provides the industry-leading range of specialty equipment breakdown insurance coverages for business and home. As Canada’s leading equipment breakdown insurer, the company helps clients reduce risk through a unique combination of specialty coverages, engineering-based risk management strategies, and an in-house team of jurisdictional and loss-prevention inspectors. For more information, visit munichre.com/hsbbii.
About Munich Re
Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. This is how Munich Re creates value for clients, shareholders and staff. In the financial year 2015, the Group – which combines primary insurance and reinsurance under one roof – achieved a profit of €3.1bn on premium income of over €50bn. It operates in all lines of insurance, with over 43,000 employees throughout the world. With premium income of around €28bn from reinsurance alone, it is one of the world’s leading reinsurers. Especially when clients require solutions for complex risks, Munich Re is a much sought-after risk carrier. Its primary insurance operations are concentrated mainly in the ERGO Insurance Group, one of the leading insurance groups in Germany and Europe. ERGO is represented in over 30 countries worldwide and offers a comprehensive range of insurances, provision products and services. In 2015, ERGO posted premium income of €17.9bn. In international healthcare business, Munich Re pools its insurance and reinsurance operations, as well as related services, under the Munich Health brand. Munich Re’s global investments (excluding insurance-related investments) amounting to €215bn are managed by MEAG, which also makes its competence available to private and institutional investors outside the Group. For more information, visit www.munichre.com.