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Property Coverage

The Institutional Property Program provides broad, all-risk protection for an institution’s buildings and contents, as well as Business Interruption coverage. This protection is provided under a manuscript policy with a series of excess policies above it. The total protection available is $750 million.

The manuscript policy affords a number of advantages, including higher sub-limits than what are normally found in a traditional property policy. One such example would be Construction Protection (Code Upgrade) coverage with sub-limits of $10 million.

Coverage is provided on a full replacement cost basis with no per-location limit. The lines of Property coverage available to our Institutional participants include:

  • All Risk Property coverage ($2,500 or $5,000 deductible)
  • Builders Risk
  • Business Interruption
  • Boiler and Machinery ($5,000 deductible)
  • Scheduled Property ($500 deductible)
  • Electronic Data Processing coverage

In addition to Terrorism, the Property Protection includes such additional protections as Full Replacement Cost, $10 million in Code Upgrade coverage, limited Asbestos Removal coverage, Pressure Vessel (Boiler) inspections, Flood and Earthquake coverage, and Extra Expense coverage.

Property Rates

Property rates are dependent upon types of construction, extent of protection, and limits requested. For a formal quote of contribution cost, please complete the New Member Participation Form. For an estimate, contact the Office of Risk Management..

Boiler & Machinery

Boiler and machinery coverage provides protection for damage to the heating and ventilation systems, air conditioning and generators within the participant’s buildings. This coverage also includes any structural property loss arising out of damage to the above-noted machinery and systems. For example, if the failure of a mechanical system results in overheating, fire or explosion, the resulting damage from this system failure would be covered under this policy.

In addition to paying for these damages, many boiler and machinery programs (including our own) also provide the mandatory inspections of the boilers or pressure vessels. The Commonwealth of Massachusetts requires these annual inspections, which are sometimes referred to as “jurisdictionals.”  Engineers perform the inspections and file the reports with the state.

CNA Risk Control is RCAB’s insurance company for Boiler and Machinery.

To arrange an inspection, please contact:

Renee Henderson
Tel: (973) 540-3644
renee.henderson@cna.com

For more information, please contact David Huskins.

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