This two-day interactive workshop is designed to enhance the knowledge & competency of Insurers, Reinsurers, Brokers & Loss Adjusters on the practical aspects that are relevant when dealing and handling Machinery Breakdown insurances. A site visit to a manufacturing plant is planned as part of the program.
Case studies will be used to illustrate various aspects of policy coverage, risk exposures and claims. Typical MB losses generally involve turbines, pumps, motors, and engines. Such incidents trigger the insurance policy, and it is essential that industry practitioners appreciate how the coverage is provided.
Key Learning Outcome:
At the end of the course, participants will be able to:
- Understand the coverage aspects of MB Policy and its application and how to manage such risks effectively.
- Appreciate the operational and practical challenges and concerns that Insurers, Brokers, and other stakeholders need to consider and focus on in managing this engineering risk.
- Discuss how new operational machinery risks are covered and its related insurance coverages.
- Analyze the methods of quantum calculation of MB claims.
Day One - Machinery Breakdown – Material Damage
With the opening of the session, major manufacturing, power plants and factory risks in Malaysia will be deliberated. Aspects of policy coverage and specific terms like Sum Insured, Application of Excess, Endorsements, Warranties and Betterment/ Improvement will be dealt with to bring the participants up to current situation. Day One will also look at practical examples and case studies to illustrate the principles of MB cover.
Day Two – MB cases and site visit
- There will be a review of the general principles in dealing with MB claims. A few technical aspects of handling such claims will be addressed. Day Two will engage participants to look at a case study and during this session provide the platform for the groups to work together, discuss, deliberate, and resolve the MB risk issues. A site visit to observe a specific manufacturing plant will be incorporated as part of the second day program.
Introduction to MB Policy Coverage
- Recent developments and machinery in Malaysia/ Asia.
- The common MB policies in the region .
- The clauses and warranties that are commonly incorporated in the policies and their impact on risk exposure.
- Review of a typical claim case study.
- Review of the MB policy – Material damage coverage; Operative clause, Conditions and Exclusions.
- Study of Policy limits, cover period and related terms.
Special Clauses and Endorsements
- Discussion of complex issues and application of key concepts to case studies for interactive Question & Answer discussions.
Dealing with MB Claims
- Practical examples of difficulties encountered by claimants and equipment owners.
- Major case study for Q & A discussion.
- Site visit (half day).
- Manufacturing plant.
- Briefing by Plant Manager – to appreciate practical aspects.
Executives and Managers from insurance/reinsurance companies and broking firms. Also suitable for Underwriters, Business Development and Marketing Executives from insurance/reinsurance companies; Loss Adjusters; Client and Account Executives and Managers of insurance/reinsurance broking firms; and Managers /Executives of insurance buyers and consumers.
IR. POOBA MAHALINGAM,
Eng(Hons), P.Eng, MIEM, MCIHT, AICLA(Aff.), ASII, ACTA
Pooba is a Regional Risk Consultant based in Singapore with 30 years of practical experience in risk/ insurance. Pooba is a professional engineer and operates under “Talent Asia Training & Consulting” of Singapore. He is specialized in the insurance space with special focus on engineering/ property insurance and risk management aspects. Pooba is a regular lecturer with the Singapore College of Insurance (SCI) and the Malaysian Insurance Institute (MII). He is also the Author of a MII publication entitled, “Engineering Insurance.” Besides training, Pooba also undertakes property risk surveys and provides consultancy services to various clients in Singapore and in the following regions: Asia, Middle East & Africa.
Date and Time
Date: 6 - 7 July 2022
Time: 9.00 a.m. - 5.00 p.m.
Registration Closing Date: 1 July 2022
Early Bird (Register before 22 June 2022)
RM1620 (Single), RM1560 (Group)
RM1850 (Single), RM1800 (Group)
RM1700 (Single), RM1640 (Group)
RM1910 (Single), RM1850 (Group)