Posts Tagged ‘Machinery Insurance’

Machinery Insurance – overview

Machinery Insurance   What can be insured?   All types of machinery, apparatus, electrical equipment and technical plant can be covered under machinery insurance, such as power generating units (boilers, turbines, generators, gas turbines), power distribution plant (transformers, high- and low-voltage switchgear), production machinery and technical plant and equipment (machine tools, weaving looms, paper machines, kneaders, pumps, compressors, heat exchangers, tanks, apparatus, piping, etc.)   Claims under machinery insurance mostly arise from one of the following causes:   Full story

Machinery Insurance – Wordings & Clauses (download here)

Last-updated 02.03.2015 MRe Machinery Standard Insurance Clauses 391 Maintenance work on Electronic Components of the Insured Machinery 353 Nuclear Fuel Elements 352 Reactor Pressure Vessel with Internals 351 Decontamination 345 Boilers 344 Steam, Water and Gas Turbines and Turbo-Generator Sets 343 Electric Motors 342 Platen Presses 333 Gas Turbines 332 Combustion Engines 331 Rewinding of Electric Machines 323 Floodlight Bulbs Boilers 322 Wires and Non-Electric Cables 321 Conveyor Belts and Chains 320 Lubricating Oil or Refrigerant 319 Refractory Materials and:or Masonry in Industrial Furnaces and 318 Submerged and Deep-Well Pumps 317 Underground Machinery and Equipment 316 Inundation and Silting Up 315 Leakages from Tanks:Vessels 314 Explosion in Internal Combustion Engines and Hydrogen-Cooled Generators 313 Internal Fire, Internal Chemical Explosion and Direct Lightning 312 Hull Risk - Transport Included 311 Hull Risk - Transport Excluded 303 Flue Gas Explosions in Boilers and Furnaces 302 Surrounding Property and Third Party Liability 301 Adjustment of Sum Insured and Premium 011 Serial Losses 007 Airfreight 006 Overtime, Night Work and Express Freight   MRe MLoP Insurance Clauses 894 Sum Insured on Unit Price Basis 893 Proportional Time Excess 892 Indemnity Period Limits Exceeding 12 Months 891 Delay in Repair 866 Failure of Public Electricity, Water, Gas or Steam Supply 863 Additional Expenditure Other than Increased Cost of Working 862 Maximum Demand Charges 861 Increased Cost of Electricity, Water, Gas or Steam Supply 857 Prolongation of the Interruption Period due to Deterioration 856 Deterioration 855 Radioactive Isotopes in Instruments 845 Boilers 844 Steam, Water and Gas Turbines and Turbo-Generator Sets 843 Electric Motors and Generators 842 Non-Destructive Testing (NDT) of Presses, Shears and Similar Items with Highly Stressed Frames or Other Components 832 Flue Gas Explosions in Boilers and Furnaces 831 Inundation and Silting Up 829 Machinery Breakdown during Guarantee Period 817 Underground Machinery and Equipment 813 Internal Fire, Internal Chemical Explosion and Direct Lightning 812 Hull Risk - for Mobile Equipment including Inland Transit 811 Hull Risk - for Mobile Equipment on Premises only Machinery Standard Insurance M Ins pol.pdf    Machinery Insurance – Munich Re wordings   Machinery Insurance Clauses Full story

Comprehensive machinery (CM) insurance

The trend in recent years has shown that more and more insureds are looking for “all risks” cover. Demand for classic “all risks” insurance with different independent policies is falling in the market as it offers insufficient clarity as far as gaps in cover and overlapping cover are concerned.   Main features of comprehensive machinery insurance   The new policy offers “all risks” cover of a predominantly engineering nature, particularly against machinery breakdown, fire, lightning and chemical explosion, as well as natural perils for the entire insured plant, with only a few property exclusions and excluded perils. In addition, optional business interruption cover can also be granted in respect of loss of profits, including increased cost of working, or in respect of specified standing charges (Section 2 of the policy). The cover is clearly described and easy to understand thanks to its structured content and layout. Important definitions are given at the beginning. The scope of cover is up to date and comprehensive, and can be adapted to the specific features of a risk by means of a series of clauses.   Full story

Asuransi Erection All Risks (EAR)

Asuransi Erection All Risks (EAR)
Please click here to read its English version     Erection All Risks (EAR) Menjamin semua risiko kerusakan atau kerugian yang terjadi dalam proses pemasangan atau instalasi mesin-mesin (kecuali beberapa risiko saja yang tercantum dalam pengecualian)     Jaminan Asuransi Erection All Risks (EAR) termasuk: ·   Jaminan untuk Kebakaran, Petir, Ledakan, Kejatuhan Pesawat dan Asap ·   Jaminan untuk Kerusuhan, Pemogokan, Perbuatan Jahat dan Huru Hara ·   Jaminan untuk Angin Topan, Badai, Banjir dan Kerusakan akibat Air ·   Jaminan untuk Gempa Bumi, Letusan Gunung Berapi dan Tsunami ·   Jaminan untuk Tanah Longsor dan Pergerakan Tanah ·   Jaminan untuk Perampokan dan Pencurian ·   Jaminan untuk Kesalahan desain (faulty design) - optional ·   Jaminan untuk Kesalahan pemasangan (faults in erection) ·   Jaminan untuk Kecelakaan lainnya.   Polis Erection All Risks (EAR) terdiri dari 2 Bagian Bagian 1 : Kerusakan Material (Material Damage) Bagian 2 : Tanggung Jawab Hukum terhadap Pihak Ketiga (Third Party Liability)   Full story
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