What is Chill-Pro® Service Contract Insurance?
Service Contract Insurance is a risk management tool that actually protects contractor profit margins on commercial HVAC contracts.
Why do I need insurance?
Selling full service is risky business. You can be assured that no matter how good you are at preventive maintenance, you will ultimately have chiller and HVAC equipment failures and some of these will be catastrophic.
How does Chill-Pro® work?
Contractors are directly insured against mechanical and electrical failures (breakdown) of air conditioning and chiller units under full service or guaranteed agreements.
Chill-Pro® will pay your costs to put the unit back in the condition it was before it failed. That includes parts, labor, refrigerant, rigging, cranes, and truck charges. A deductible per claim will apply.
What is covered?
This annually renewable insurance covers the complete unit (including compressor, motor, starter/controls, refrigerant and tubes or condenser). Coverage for large pumps/motors (20 hp or larger) and boilers is available. Special carve out coverage (parts or labor only, etc.) can also be quoted.
What is excluded?
The most common exclusion is wear and tear (e.g. worn bearings verses actual failure or mechanical breakdown when the machine ceases operation). Gaskets and seals are not covered, nor are leaks at joints, valves or pin holes in tubes. However, if a breakdown occurs, there is coverage for all objects damaged including gaskets, seals and refrigerant. Other exclusions include: upgrades to the covered objects and overtime (expediting labor) unless specifically added back into the policy.
What equipment is eligible?
Most commercial chiller/air conditioning units are eligible for coverage. Units reaching 18 years of age may require documentation of non-destructive tests as outlined on the application form. Boilers and generators can also be covered.
What about claim handling?
Insurance company engineers efficiently handle claims. The Chill-Pro® program has a 35-year proven track record of prompt quality claim service. Most proper claim submissions are paid within 30-45 days.