Munich Re's specialist engineering and construction division, HSB, has announced the launch of HSB Machinery and Technology Insurance, its combined equipment breakdown, deterioration of stock and loss of income policy.
Aimed predominantly at manufacturing, food, pharmaceutical and specialist engineering industries, the new policy provides cover for damage and breakdown to fixed manufacturing, processing and services equipment, deterioration of stock cover for stock being stored in cold chambers, and financial loss cover following an event.
“With sensitive microelectronics and circuitry an integral part of operational machinery, damage can be invisible to the naked eye,” said Stephen Morris, HSB Engineering Insurance’s CUO. “The failure of a critical piece of equipment can pose a significant risk to a business’s bottom line and reputation”, he added.
Significantly, the new policy responds to the ‘invisible’ risks posed by the failure of electronic or computer equipment that controls machinery. It also includes public relations cover for professional support when equipment breakdown is serious enough to create a risk to a business’s reputation.
Morris says the new launch represents a complete rethink of the cover. "Thirty or forty years ago, an equipment failure could stop a production line or slow down a manufacturing process; in today’s world it can bring an entire organisation to a halt and have major knock-on effects for customers.”
Printed Copy:
Would you also like to receive CIR Magazine in print?
Data Use:
We will also send you our free daily email newsletters and other relevant communications, which you can opt out of at any time. Thank you.
YOU MIGHT ALSO LIKE