XL Catlin’s Equipment Breakdown (EB) insurance group has introduced a new service offering that provides businesses with an assessment to gauge the reliability of production equipment. XL Catlin EB’s new Critical Equipment Reliability report service is designed to help businesses maximize production reliability and reduce business interruption events.
“Failure of even a single piece of equipment can result in the shutdown of an operation that may negatively impact a facility’s production goals including their ability to deliver product in the quantity and within the timeline promised to their customers. Reliability engineering is gaining traction as an increasingly viable way to help companies address equipment vulnerabilities that may impact business continuity risks such as unplanned equipment outages,” according to Brian Strain, senior vice president and head of Equipment Breakdown business for XL Catlin.
XL Catlin’s EB Critical Equipment Reliability report provides businesses with a summation of assessment results in a table format that includes the critical equipment rating, probable maximum loss (PML) and maximum foreseeable loss (MFL) scenarios, a brief description of the rating for each piece of critical equipment or service evaluated and corrective action recommendations, among other equipment reliability details.
“Through our report assessment, recommendations and loss scenarios, we give our clients a ‘big picture’ overview allowing them to drill down further as they wish for additional data to effectively target plant exposures that may lead to production interruption and loss of business income,” explained Tom Gallagher, Equipment Breakdown Engineering leader. “The resulting reliability ratings and subsequent recommendations can provide a useful tool for CFOs, risk managers and plant managers when allocating resources to maximize availability rates. It’s all about maintaining plant reliability and getting product to the market.”
XL Catlin’s equipment breakdown coverage, Up+Running, provides further protection against financial losses that result from the breakdown of equipment and result in business interruption, equipment repair, or replacement costs.
The XL Catlin insurance companies offer property, casualty, professional, financial lines and specialty insurance products globally.
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