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When must a faulty machine be replaced?

23 November 2021

Often we have had cases where apparently a machine has been left so damaged following a Fire or Machinery Breakdown event that it has to be replaced.  However, before taking …

Conditions in order for the Business Interruption or Consequential Loss cover to be triggered

16 November 2021

In our opinion, there are three conditions and moreover, it is necessary that all three are met for there to be any indemnity payable under this cover. The first condition …

Are loss events “Black Swans” for companies?

09 November 2021

As defined in 2007 by the inventor of the theory, the renowned Lebanese researcher Nassim Taleb, a “Black Swan” is an unlikely occurrence that takes us by surprise and has …

When a loss event occurs, the moment of truth

02 November 2021

The fact is, insurance policies are contracted by companies in view of the chance that a loss event might occur causing them substantial loss and damage. If there were never …

The problem with the lack of clarity regarding the time Deductible in Loss of Profits or Consequential Loss Policies

26 October 2021

Whenever the Loss of Profits or Consequential Loss policies issued by the London Market establish a Deductible or Excess  of, say 10 days, this is construed as being the first …

Why is Machinery Breakdown cover important for Industrial Risks?

19 October 2021

In the insurance sector you often hear it said that if a piece of machinery has a Maintenance Contract, then it no longer needs any Machinery Breakdown Policy because the …

What is covered under a Materials Damage All Risks Policy?

12 October 2021

We at VANTEVO routinely have meetings with leading Brokers, during which some of them tell us – half joking, half serious – that the Material Damage All Risks Policy, in …

The role of the Policyholder’s Risk, Insurance and Loss Assessor

05 October 2021

Increasingly in cases of major claims, the Insureds – invariably at the indication of their Lawyers or Brokers – contract a Loss Assessor to help them to prepare and defend …

The Usefulness of an Incident Action Protocol in the event of a loss

28 September 2021

A major loss event occurring in an industrial risk generates an emergency situation that requires emergency solutions.  With this type of company, the Consequential Losses arising out of the interruption …

Why should Insureds contract a risk survey?

21 September 2021

As the saying goes “better safe than sorry”, yet all too frequently we have encountered, on the occasion of visits motivated by claims, companies whose layouts and risk prevention and …

Underinsurance must be avoided through a prior valuation of the assets to be insured

14 September 2021

Unless your policy is on a first risk basis or it has been agreed with Insurers to waive the Average Clause, we believe it is important to draw up a …

The importance of an adequate MIP and Deductible in Consequential Loss Policies

07 September 2021

Usually in this type of Policy, no mention is made of underinsurance, since with the “Automatic Increase” Clause, which tends to be set at between 20-40%, this is avoided in …