Posts Tagged ‘Munich Re Wordings’

Comprehensive Project Insurance   CPI Policy Comprehensive Project Insurance   ·         CPI Clauses   Special insurance covers     1200 Strike, riot and civil commotion 1201 Extra costs for airfreight 1202 Property insured taken into use or operation 1203 Liability consequent upon vibration, removal or weakening of support 1204 Guarantee maintenance 1205 Nuclear fuel elements 1206 Costs of decontamination 1207 Reactor pressure vessels with internals 1208 Costs for leak search 1209 Oil, gas and/or geothermal drilling rigs and equipment 1210 Delay in start-up following marine cargo   Full story

  Contractors’ All Risks (CAR) Insurance   CAR_pol Contractors All Risk... Full story

Contractor’s Plant and Machinery Insurance   CPM pol.pdf  Contractor’s Plant and Machinery Insurance 001 Strike, Riot and Civil Commotion 006 Overtime, Night Work and Express Freight 007 Airfreight 400 Underground Machinery and Equipment 401 Inland Transit 410 Adjustment of Sum Insured and Premium 420 Oil, Gas and/or Geothermal Drilling Rigs and Equipment 421 Water Well Drilling Rigs and Equipment Full story

Erection All Risks (EAR) Insurance   EAR pol.pdf  Erecion All Risks Policy AloP Section.pdf  Advanced Loss of Profit   EAR Clauses   Full story

Deterioration of Stock   Wordings & Clauses, Please download here: DOS pol.pdf Deterioration of Stock Insurance Policy 001 Strike, Riot and Civil Commotion (SRCC) 902 Goods in Cold Storage under Controlled Atmosphere Conditions 903 Failure of Public Power Supply 904 Failure of Non-Public Power Supply Full story

Aero Engine Insurance   wordings, please download here:   Aero Engine Ins pol.pdf Full story

Boiler & Pressure Vessel Policy   wordings, Please download here:   Boiler & Pressure Vessel Pol.pdf Full story

MLoP Insurance   MloP pol 894 Sum Insured on Unit Price Basis ... Full story

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

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   Section 1 . Operational material damage   Section 2 . Operational business interruption   Schedule   Comprehensive machinery (CM) insurance – Endorsements   Full story

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

Electronic Equipment Insurance (EEI) covers your electronic equipment or electrical machinery or installation such as medical equipments or ICT against all risks subject to EEI – Munich Re Wordings. It covers loss or damage due to fire, electrical breakdown, riots, strikes, flood, typhoon, storm or other accidental damage.   Electronic Equipment Insurance (EEI) provides cover for Material Damage, External Data Media and Increased Cost of Working   Full story

Contractors’ Plant & Equipment (CPE) Insurance covers your heavy equipment, plant and machinery against all risks subject to CPE – Munich Re Wordings. It covers equipment whilst at work or at rest, it covers loss or damage due to fire, riots, strikes, flood, typhoon, storm or other accidental damage   Cover is also available on Total Loss basis   Full story

Here is sample of a Quotation of Contractors’ All Risks (CAR) / EAR Project   Contractors’ All Risks (CAR) / EAR covers all risks of loss or damage to construction of the project or erection of machinery and Third Party Liability as well   Project Construction is of huge value and considerably high risks, it is designed to give full and comprehensive cover with set s of clauses to include Offsite Storage, Designer Risks, Existing Property, Transit Risks, 50/50 Clause, etc etc   Full story

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Please click here to read its English version Terdapat beberapa jenis polis di market yang digunakan untuk penutupan Asuransi Alat Berat yaitu Heavy Equipment Insurance (HE) vs Contractors’ Plant and Equipment (CPE) atau Machinery (CPM). Jadi klien wajib berhati-hati. Heavy Equipment Insurance (HE) juga terdiri dari berbagai versi wordings, ada yang named perils ada juga yang unnamed perils karena sifatnya yang tailor made jadi sangat bergantung dari perusahaan Asuransi ybs. Contractors’ Plant and Machinery (CPM) adalah Standard Munich Re wordings yang dipakai luas di industri Asuransi kadang disebut juga Contractors’ Plant and Equipment (CPE) karena mungkin dipandang lebih tepat penggunaan istilah Equipment daripada Machinery untuk objek yang diasuransikan HE vs CPE manakah yang lebih bagus? CPE pastinya lebih bagus karena selain bersifat standar wordings CPE bersifat “All Risks”. Contractors’ Plant and Equipment (CPE) Menjamin semua risiko kerusakan atau kerugian fisik yang terjadi secara tiba-tiba dan takterduga terhadap objek pertanggungan (kecuali beberapa risiko saja yang tercantum dalam pengecualian) Polis CPE juga tetap menjamin kerusakan atau kerugian pada saat Alat-alat berat sedang bekerja (at work), sedang diam (at rest), ataupun sedang dibongkar dalam proses perawatan atau overhauling   Full story

Please click here to read its English version   Property All Risks Insurance Menjamin semua risiko kerugian (kecuali beberapa risiko saja yang tercantum dalam pengecualian) PAR/IAR adalah jenis Asuransi yang paling popular dibandingkan dengan jenis Asuransi lainnya, karena Menjamin semua risiko kerugian kecuali beberapa risiko saja yang tercantum dalam pengecualian.   Jaminan Asuransi Property All Risks (PAR) termasuk:  ·   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   Full story

Untuk membaca versi bahasa Indonesianya, Silakan Klik disini   Property All Risks Insurance Covers everything except listed exclusions   PAR/IAR is a very “famoust” name amongst other insurance types, because it covers everything (All Risks) except only a few numbers of risks listed as exclusions   Typical Policy Inclusions ·   Coverage for Riots, Strikes, Malicious Damage and Civil Commotions ·   Coverage for Typhoon, Storm, Flood and Water Damage ·   Coverage for Earthquake, Volcanic Eruption and Tsunami ·   Coverage for Landslide and Subsidence   Full story