Insurance Institute of London (IIL) Research Study report focusing on machinery and equipment used in an industrial or manufacturing environment and essential reading for anyone involved in this class of business; whether as buyer pr provider of insurance.

Authors: IIL Research Study Group 237

ISBN: 0900493798

Published: IIL, April 2000

Binding Format: Soft cover

This publication focuses on the physical exposures and the treatment of risk on industries which rely on the machinery used. It 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 book will benefit property and engineering brokers and underwriters and, while the material is necessarily technically complex in parts, each topic is explained simply and clearly. The first part of the report deals with subjects that are relevant regardless of which manufacturing industry is involved, and includes; reasons to insure, underwriting aspects, dependency and interruption evaluation, loss prevention, maximum exposure assessment and the scope of cover generally available. The second part addresses the risk hazards presented by particular industries where manufacturing processes are both described and the key machines and critical areas identified. Some of the industries addressed include;  power generation, oil, gas and petrochemical, pulp and paper, cement, mineral extraction and primary processing. 

Finally, the report provides a description of claims to illustrate real and practical examples of what can go wrong.

The Insurance Institute of London (IIL), by far the largest in the UK, was established in 1907 and today has over 17,500 members. IIL's objective is to raise professional knowledge of those working in insurance and assist them in their career development through a combination of lectures, an annual journal and facilitation of Research Study Groups (RSG). RSG's are formed to research specialised areas of insurance. They are lead and their members are drawn from those with acknowledged expertise in the particular areas being researched. The comprehensive reports subsequently produced and published are highly regarded and well received both in London and around the insurance world.