Home > Seminars & Trainings > Training Programme on Engineering Insurance with focus on – Machinery Breakdown (MBD) Insurance/ Electronic Equipment Insurance (EEI)/ Steam Pressure Vessel Material Damage Policy and Loss of Profit (Consequential Loss) 2018

Training Programme on Engineering Insurance with focus on – Machinery Breakdown (MBD) Insurance/ Electronic Equipment Insurance (EEI)/ Steam Pressure Vessel Material Damage Policy and Loss of Profit (Consequential Loss) 2018

Organised by

Insurance Foundation of India (IFI)

Duration

1 Day

Date

16 Mar 2018

Timing

09.30 am to 05.00 pm

Venue

PHD Chamber of Commerce and Industry, PHD House, 4/2, Siri Institutional Area, August Kranti Marg, New Delhi- 110016 (Nearest Metro station- Hauz Khas)

Why need for Specialized Industry Focussed Training Programme on Engineering Insurance?

Most businesses realize at the time of claim that the claim amount is not payable because proper risk assessment was not done, and right insurance policy has not been purchased with proper policy wording at the time of taking the policy. Businesses fail to realize that risk cannot be managed only by taking any insurance policy without going into depth. It is the responsibility of Insured for maintaining proper accounts to conduct the business. The insurance policy will not cover the risks associated with organization if it fails to fulfill the conditions attached to policy.

The rapid industrialization of our country has led to increasing use of machines in industry. We know that use of modern/ advanced/ electronically controlled machinery results in increased/ quality production output. We also realize that in spite of proper care and maintenance of machinery, in the event of mishap, accident and breakdowns may yet occur and in generally the extent of damage will be quite high and may also lead to fatal or non‐fatal injuries to human beings nearby which can be potential sources of financial loss and could even result in the closure of business.

In any large manufacturing project Engineering insurance is having high focus because Breakdown of Machinery/ Electronic Equipment (many a times having imported equipment) can result in time taken for import/ procurement of parts/ need specialist engineers to set it right and during this period production may be affected. This necessitates importance of Engineering Insurance with focus on

  • Machinery Breakdown (MBD) Insurance
  • Electronic Equipment Insurance (EEI)
  • Steam Pressure Vessel Material Damage Policy
  • Loss of Profit (Consequential Loss)
  • Business Interruption

This training programme will give an opportunity to participants to interact with faculty, who have vast experience of dealing with businesses and claims worldwide. Participants will be able to learn about common mistakes that cause hardship to organizations.

Objectives of the Training Programme:

This training programme is very practical in nature and is Case Study Based to provide practical understanding of risks associated with Machinery/ Production loss. The aim is to discuss and come out with solutions for issues faced during purchase of insurance policy, lodging and settlement of claims.

The programme is structured in such a way that it promotes interaction among managers/ executives of:

  • Firms who purchase Engineering Insurance Polices
  • General Insurance company involved in business development, selling, underwriting and managing Engineering Insurance Claims
  • Insurance brokers who are most important insurance intermediary
  • Surveyors who are an important link in processing/ settlement of high value insurance claims.

Topics to be covered:

Every session will be followed by Questions/ Answers so that high level of clarity is achieved, which assists you in your career development.

  • Risk Assessment – Necessity
  • Underwriting/ Evaluation
    1. Important Clauses under Engineering Insurance
    2. Perils and Add on cover
    3. Machinery Breakdown (MBD) Insurance
    4. Electronic Equipment Insurance (EEI)
    5. Steam Pressure Vessel Material Damage Policy
  • Claims Procedure – how to expedite it with real cases (Insurers/ Surveyors View Point)
    1. Procedural Aspects
    2. Case Studies on Claims
    3. Tips to avoid disputes in high value Engineering Insurance Claims
    4. Legal Aspects/ Litigation
    5. Loss of Profit (Consequential Loss)
    6. Business Interruption

Who Should Attend the Training Programme (Target Participants)?

This is a good opportunity for:

  • Managers/ Executives of General Insurance/ Reinsurance Companies involved in business development, selling, underwriting and management of claims
  • Managers/ Risk Mangers handling purchase of insurance and lodging of claims from
  • Corporates
  • Manufacturing firms
  • Educational institutes
  • Hospitals
  • Hotels
  • Shopping Malls/ Multiplexes
  • IT companies
  • SME’s etc.
  • Managers/ Executives of Insurance Brokerage Firms – Business Development/ Underwriter/ Claims Department.
  • Surveyors (members of Indian Institute of Insurance Surveyors and Loss Assessors)
  • Consulting firms providing risk management services, claims management services
  • Academic-Faculty members/ students specializing in Insurance planning to make career in General Insurance.

What you can expect from the Training Programme?

This training programme on Engineering Insurance will provide the participants with comprehensive, multifunctional perspective on how to assess risk, maintain processes for risk mitigation, comply with statutory procedures on containment of risk and management of claims.

1. How to get a claim payment in 60 days – Insurance client
2. How to get your client’s claim settled in 60 days – Insurance Brokers
3. How to complete your assignment in 30 days – Insurance Surveyor
4. Managing your risk – cost effectively – Insurance client/ Managers of Insurance companies.

60 days to passing of an insurance claim is what we will focus on. Time is money, as the claims process gets extended the cost for all the stakeholders goes up. It results in financial and goodwill loss for all the stakeholders, who are involved.

Traning/ Delegate Fee:

Participation fee (Includes Training, Study Materials & Lunch)

  • Individual participant fee: Rs.3500
  • Group participation fee (team of 5 persons and above): Rs.3200/-each.
  • Group participation fee (team of 10 persons and above): Rs.3000/-each.

Note: Prior registration/ confirmation are requested to attend this Training Programme, so that Certificates/ Logistics/ Study Material & Lunch can be arranged accordingly.

Contact Details

Ms. Shveta Kaushal

Om Plaza, 430/7, 1st Floor, Sant Nagar, East of Kailash, New Delhi – 110065

Mobile: 7678689961

Email: vp@ifingo.org

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