Reinsurance News

Markel & Budget Guard partner on equipment maintenance policy

5th October 2022 - Author: Matt Sheehan

Budget Guard Holdings, an independently owned insurance agency, has been appointed as the Program Administrator for Markel’s stand-alone equipment maintenance insurance policy to its inland marine suite of products.

markelThe new equipment maintenance insurance policy offering aims to provide a way for organizations to consolidate multiple equipment service contracts into a singular insurance product.

It will provide coverage for a range of critical and ancillary electronic equipment asset classes such as laboratory, medical and information technology.

Targeted industries include healthcare organizations, banks and credit unions, colleges and universities, state and municipal government agencies, and other businesses and institutions.

“All of us at Markel are excited about the creation of the equipment maintenance insurance program and our collaboration with Budget Guard,” said Jeff Lamb, Executive Director, Markel Programs & Alliances.

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“Equipment maintenance insurance complements our existing line of commercial inland marine products and services and helps to differentiate us in the marketplace.”

Michael St. Hilaire, President of Budget Guard, also commented: “We are excited to collaborate with Markel to combine their insurance expertise with our equipment management experience and robust software platform to provide a true equipment maintenance insurance program to clients and partners.”

“Being an insurance program, indemnifying equipment service costs through an insuring agreement allows us to provide broader coverage and more flexible service options than traditional equipment service contracts at a competitive price.”

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