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It's an old type of insurance with a new name and a growingneed: Equipment breakdown insurance (traditionally called boilerand machinery insurance) has become an important part of a soundrisk management strategy for all types of companies.
Historically, this specialty insurance covered boilers andproduction machinery, explains Mark MacGougan, assistant vicepresident for product development withHartford Steam Boiler Inspection and InsuranceCo.in Hartford, Connecticut. However, says MacGougan, the termequipment has come to mean much more than that, ranging fromtelecommunications systems to cash registers: "The waytechnology has evolved, just about every business is more dependentonequipmentthan they were even five or 10 yearsago."
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