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Broken Promises

Breakdown insurance can assure a quick fix.

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This story appears in the June 2004 issue of Entrepreneur. Subscribe »

It's an old type of insurance with a new name and a growing need: Equipment breakdown insurance (traditionally called boiler and machinery insurance) has become an important part of a sound risk management strategy for all types of companies.

Historically, this specialty insurance covered boilers and production machinery, explains Mark MacGougan, assistant vice president for product development with Hartford Steam Boiler Inspection and Insurance Co. in Hartford, Connecticut. However, says MacGougan, the term equipment has come to mean much more than that, ranging from telecommunications systems to cash registers: "The way technology has evolved, just about every business is more dependent on equipment than they were even five or 10 years ago."

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