Engineering Cover – Mind The Gap!
Property All Risks Policies frequently have exclusions applicable to Machinery Risks for example:
- BREAKDOWN – Maintenance Contracts are frequently far from comprehensive and may not meet all of the repair costs, for example only paying for parts or labour, or excluding emergency call out costs. Additional Costs such as hiring a crane to remove the damaged item may also be excluded.
- OPERATOR ERROR – With increasingly sophisticated machinery it can be all too easy for a moment’s inattention to lead to damage such as a Machine Tool operator misprogramming instructions into a machine leading to damage. Fast rotating machinery such as Printing Machines and Machine Tools and Process Machinery can be particularly vulnerable to this type of incident.
- POWER FLUCTUATIONS – Modern machinery fitted with computerised control mechanisms can be damaged by fluctuations in the mains power supply.
For peace of mind and comprehensive cover it’s wise to arrange a specialist Machinery Damage Cover.
Hired In Plant – Premises Risk
AVOID LAST MINUTE PANICS OR WORSE!
Frequently, after breakdown or damage to a piece of key machinery it’s necessary to arrange a temporary hire of replacement equipment.
During works shutdowns for maintenance and repairs it is often necessary to arrange to hire specialist tools and access equipment.
Virtually all businesses periodically hire plant into their premises from time to time from small hand tools and cleaning equipment to access equipment.
Typical Hire Conditions usually make the customer responsible for all damage whilst under their custody and control. This includes responsibility for Continuing Loss of Hire Charges until settlement is made. In a disputed incident this can add Thousands of Pounds to a Claim apart from the additional costs of legal representation.
Computers – Bits & Bytes
Why Bother with a Specialist Computer Cover?
When computers break down or go missing or suffer damage replacing the kit is the easy bit.
It’s replacing the invisible unrecoverable contents, the loss of software and data that will prove the greatest challenge.
DID YOU KNOW?
(Source: Department for Business Enterprise and Regulatory Reform 2008)
- 97% of businesses have a broadband connection to the internet
- 42% of businesses use a wireless network but 6% do not encrypt their transmissions
- 13% of businesses have detected unauthorised outsiders within their network
- Only one in six of small businesses could continue to operate their business without their IT
ARE YOU COVERED FOR FULL THEFT/VIRUS AND HACKING?
Also frequently General Commercial All Risks Policies restrict theft to incidents involving forcible and violent means of entry to the premises.
Does your existing cover include loss of data following hacking or virus?
- Back Up Data Failure – Problems can arise with corruptions in the backed up data rendering them unusable. This can be caused by a hacker accessing a system whose actions aren’t immediately detected.
- Firewall and Virus Protection Failure – Antivirus and Firewall software is not infallible and is only effective against threats included in their latest updates. Delays can occur between the time a new virus is released and when the antivirus protection is updated.
- Everyday Incidents – A newly created virus spreading over the internet remained undetected by the antivirus software. It cost £10,000 to remove the virus and reinstate the data to its original state.
- Everyday Incidents – A thief tail-gated a member of staff through a security door and stole a £2,500 laptop computer from an unattended employee’s desk.