Equipment Maintenance Insurance

Introducing Budget Guard Equipment Maintenance Insurance (EMI), an efficient and cost-effective solution designed to eliminate expensive equipment service contracts and consolidate related equipment into one package with a single anniversary date. With Budget Guard EMI, you have the flexibility to select your service providers and pay only for the services you need. Opting for Budget Guard EMI allows you to unlock significant cost savings while taking control over equipment support decisions.

The aggregate deductible of $650,000 becomes an accrued retention amount you use to pay for covered services provided by your chosen service vendors. If the total cost of covered service exceeds the aggregate deductible, you are reimbursed the difference as per the policy terms. For example, if the total cost of covered services is $725,000, then the excess amount of $75,000 will be considered a claim and will be paid at the end of the term. This will protect your savings and limit your costs.

On the other hand, if the total cost of covered services stays under the $650,000 aggregate deductible, you can keep the difference, which increases your overall savings. For example, if the total cost of covered services is $525,000, you'll retain the $125,000 balance, bringing your total savings to $275,000.

Notice what happens? Unlike traditional service contracts, with Budget Guard EMI, you'll only pay for the services you actually use. Plus, you get to keep the money you don’t spend, which is great news for your cash flow.

Efficiency

Why continue to pay for services that you might not need? Unlike traditional service contracts, with Budget Guard, you only pay for the equipment services that you use.

Customization

We’ll verify targeted equipment and then compare and analyze cost savings to develop custom coverage, processes, and reporting solutions for your specific needs.

Simplification

Consolidate multiple expensive service contracts into a single Equipment Maintenance Insurance Policy.

Control

You select service providers and coverage levels and never get lost in the fine print again.

Reduced Costs

You’ll typically save 15-20% versus your current service contract spend and then up to 30%, or more, based on your actual service spend.

Value

Savings without sacrificing operations efficiency means you’ll continue to save money for the long term with better equipment service delivery.

1. Equipment failure occurs, or preventive maintenance (PM) is due.

2. Call the service provider to schedule service.

3. The service provider fixes the equipment or performs the PM.

4. The vendor’s service report and invoice are submitted to Budget Guard.

5. You pay the invoice out of your retained maintenance funds.

6. Budget Guard applies the covered amount to the aggregate deductible.

Are you looking to outsource vendor management? No problem! Our MMP simplifies administration by converting all service calls into one purchase order with one program manager.

Your Budget Guard Equipment Maintenance Insurance Policy is still structured as an aggregate deductible program with the same broad coverage. However, with the MMP, you transfer the accrued aggregate deductible amount to us, and we dispatch and pay the service providers directly on your behalf.

With this option, the administrative fee associated with the MMP may be offset by reducing your internal administration costs.

Confidence Security Partnership

Confidence

With our Equipment Maintenance Insurance Policy, you can experience savings year after year without worrying about the unpredictable rising expenses of individual service contracts.

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Security

Markel Insurance Company, rated A (Excellent) by A.M. Best,* directly underwrites your Budget Guard Equipment Maintenance Insurance Policy.

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Partnership

Effective communication is vital. When your in-house team partners with Budget Guard for equipment service management, our mutual goal is to ensure the success of your program.

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Let’s get started.

Verify your equipment assets then enroll them into one customized Equipment Maintenance Insurance Policy, affording you the time and budget to reallocate crucial resources to other areas.

Start saving today!

A reliable alternative

to expensive service contracts.

How Budget Guard Equipment Maintenance Insurance Works

The Budget Guard EMI policy is structured as an aggregate deductible program.

Cap your costs and protect your initial savings.

You retain unspent funds.

Simplify and see results.

The Service Process

1. Equipment failure occurs, or preventive maintenance (PM) is due.

2. Call the service provider to schedule service.

3. The service provider fixes the equipment or performs the PM.

4. The vendor’s service report and invoice are submitted to Budget Guard.

5. You pay the invoice out of your retained maintenance funds.

6. Budget Guard applies the covered amount to the aggregate deductible.