Apartment Buildings/Condos
Electrical systems, air conditioning, heating and hot water boilers, elevators, fire detection and security systems are all vital to the operation of a residential property. This equipment is subject to accidents due to mechanical breakdown, electrical arcing, power surges and boiler overheating. Damage to equipment frequently leads to repair or replacement costs that are well beyond the building owner's capital budget. To provide essential services following a breakdown, equipment may need to be rented at significant expense. In addition, business interruption losses can mount when breakdowns disrupt operations.
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