A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Boiler &amp

machinery coverage – Fired vessels, steam generators, mechanical and electrical objects and turbines, are all examples of objects that might be listed for coverage under a boiler and machinery policy. Coverage is for damage to covered property caused by an accident to an object identified in the policy’s schedule. Coverage includes extra expense, automatic ninety-day coverage at new locations, defense against liability claims, and supplementary payments like those provided under public liability policies. Insurance Services Office (ISO) has changed the name of its Boiler &amp Machinery program to Equipment Breakdown.

Boiler and Machinery Insurance

Coverage for loss arising out of the operation of pressure, mechanical, and electrical equipment. It may cover loss to the boiler and machinery itself, damage to other property, and business interruption losses.
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Covers losses resulting from the malfunction of boilers and machinery. This coverage is usually excluded from property insurance creating the need for this separate product.

Boiler and pressure plant cover

A general term for all steam or fluid pressure plant subject to the risks of explosion and collapse, including steam boilers, economisers and superheaters. The policy covers damage to the plant itself, surrounding property and liability for third party injury. Business interruption risks can also be covered under engineering consequential loss. Boiler and pressure plant equipment has to be examined at prescribed intervals. See INSPECTION CLASSES.

Boiler Explosion (Boiler and Pressure Plant) Insurance for Engineering Insurance

For Steam Generating Vessels like Boilers, Economizers, Super-Heaters, sec. Steam is also used in thermal power plants to drive the turbines. Policy covers boilers, economizers, super heaters, steam pipes, pressure vessels, other vessels under steam gas or air pressure. The perils covered are explosion or collapse, damage to boiler, pressure vessel etc, damage to surrounding property of the insured and liability to third party. Major exclusions are fire policy perils, war and nuclear perils, external explosion.

Bomb cyclone

A bomb cyclone is a storm that develops very quickly. When a storm drops in atmospheric pressure very quickly, the storm picks up more air and strength, becoming stronger faster. To be considered a bomb cyclone the pressure must drop 24 millibars in 24 hours. The process of this rapid drop in pressure is called bombogenesis. Remember, the lower the barometric pressure, the stronger the storm.

Bond

US: (e.g., fidelity bonds) or the failure to perform a specific act (e.g., performance or surety bonds). The principal (i.e., the party paying the bond premium) is also called the obligor (i.e., the party with the obligation to perform). If there is a default, the surety (i.e., the insurer) pays the loss of the third party (the obligee). The obligor must then reimburse the surety for the amount of loss paid.
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MEDICAL,USA: 1. Certificate of debt that contains a promise to pay and issued either on the security of a mortgage, a deed of trust, or on the credit of the issuer. 2. Obligation (fidelity bond) of an insurance company to protect the insured against financial loss caused by dishonesty of a covered employee. It would pay the insured up to the limits of the policy for such a loss. 3. Certificate of ownership of a specified portion of a debt due by the federal government to holders, bearing a fixed rate of interest.
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US: A certificate issued by a government or corporation as evidence of a debt. The issuer of the bond promises to pay the bondholder a specified amount of interest for a specified period and to repay the loan on the expiration (maturity) date.
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A contract between three parties: a principal, a surety, and an obligee. The bond is issued by the surety and promises the obligee financial protection in case the principal fails to perform a duty or is found to be dishonest.
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A document for expressing surety. A bond engages three entities the surety (bonding company) sells the bond to the principal for the purpose of paying the amount the principal will owe to the obligee upon failure of the principal to perform some act or provide some service under agreed terms.
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Three Party Contract guaranteeing that if one person, the Principal Obligator, fails to perform as specified or proves to be dishonest, the person to whom the duty is owed, the Obligee, will be financially protected by the Insurer of the Bond, i.e., the Surety.