“Industrial Loss and Damage Claims” book by Roberto Revenga
In his Book “Industrial Loss and Damage Claims, published by AGERS, the author Roberto Revenga analyses real claims and the main covers that industrial firms require. He stresses the need …
When must a faulty machine be replaced?
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
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?
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
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
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?
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?
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
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
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?
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
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 …