What is the timeframe for newly acquired equipment to be covered under a boiler and machinery policy?

The timeframe for newly acquired equipment to be covered under a boiler and machinery policy is typically 90 days. This means that when an insured individual or entity purchases new machinery or equipment, that new asset automatically gains coverage under their existing policy for up to 90 days. This provision allows businesses to ensure uninterrupted protection for their new investments without the immediate need to notify their insurer each time they acquire equipment.

After the 90-day period, it becomes necessary for the insured to formally add the new equipment to their policy, at which point the standard underwriting criteria and premium adjustments would apply. This policy feature is important for companies that may need to upgrade or replace equipment frequently to maintain operational efficiency, as it simplifies the process of obtaining coverage for newly purchased items.