Equipment Breakdown or Boiler and Machinery Insurance

Requirements

You must ensure:

• a PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). with any high-pressure, centralized HVACS boiler, water heater, or other vessel in operation and regulated by the Property’sProperty’sMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). state or municipality has full equipment breakdown or boiler and machinery insurance;
• the coverage equals at least 100% of the Insurable ValueInsurable ValueFor any Property, the estimate of the maximum dollar amount needed to replace, repair, or reproduce the Property, but excluding any land value.  of each building housing the equipment; and
• if equipment breakdown or boiler and machinery insurance is provided by a carrier other than the carrier providing the property damage policy, both policies include a Joint Loss AgreementJoint Loss AgreementProvision used when more than 1 insurer gives the same property coverage to temporarily allocate losses to ensure prompt payment to the policyholder.  For covered losses, insurers pay the policyholder: any undisputed amounts; and all remaining sums in equal shares and insurers arbitrate….