Insuring Industrial and Process Machinery (May 2000)
This report focuses on machinery and equipment used in an industrial or manufacturing environment. Its main subjects are the physical exposures and the treatment of risk and their potential impact on the industries which rely on the machinery used. The report explains how risks are identified, correctly evaluated and protected through insurance. It highlights the key issues affecting the safe and reliable operation of machinery, with loss prevention being a strong theme throughout.
The report is aimed at both the buyers and providers of insurance. It will also benefit property and engineering brokers and underwriters and, while the material is necessarily technically complex in parts, each topic is explained simply and clearly with the general reader in mind.
In outline, the first part of the report deals with subjects that are relevant regardless of which manufacturing industry is involved, and includes; the reasons to insure, underwriting aspects, dependency and interruption evaluation, loss prevention, maximum exposure assessment and the scope of cover generally available.
The second part of the report addresses in detail the risk hazards presented by each of the industries listed below and, where the manufacturing processes are described, the key machines and critical areas are identified, including the highly topical subjects of clean room technology and gas turbines together with suggestions as to how the risks might be mitigated:
- Power generation
- Oil, gas and petrochemical
- Pulp and paper
- Mineral extraction and primary processing
- Iron and steel
- Integrated circuit manufacturing
The exposures of many other industries are dealt with in summary form and finally, no such report would be complete without a description of claims to illustrate real and practical examples of what can go wrong and these appear in the final chapter.
This report is essential reading for anyone involved in this class of business.
Please be advised:
The Insurance Institute of London and those individuals who give lectures and/or produce papers under its auspices are mindful of the need for such material to be as complete and accurate as the occasion requires and permits. However, such material is not represented to be a full and authoritative statement of the law or practice relating to any of the issues covered and no liability for any error or omission or for any opinion expressed will be accepted by the speaker or writer, his or her employer or the Institute.
If you are a contributing author to this publication, to obtain a more advantageous discount, please contact Nicci Greenacre - firstname.lastname@example.org
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