Budget Guard Holdings, LLC (Budget Guard), 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.
The new equipment maintenance insurance policy offering will provide a way for organizations to generate savings by consolidating multiple equipment service contracts into a singular equipment maintenance insurance product providing coverage for a wide range of critical and ancillary electronic equipment asset classes such as laboratory, medical, information technology and more. Targeted industries include healthcare organizations, banks and credit unions, colleges and universities, state and municipal government agencies, and other businesses and institutions.
Aside from providing an insurance solution, the program can also be described as a risk management tool for equipment assets by assisting the insured with identifying corrective and preventive measures that can be taken to help maintain safe and effective equipment operation.
“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. “Equipment maintenance insurance complements our existing line of commercial inland marine products and services and helps to differentiate us in the marketplace.”
“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,” said Michael St. Hilaire, President of Budget Guard. “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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