Enhance your Knowledge about Engineering Insurance
IMIA is a network of Experts in worldwide Resume Insurance that shares experiences, investigations and discussions on emerging and critical issues and complex annotation papers related to the discussion of all topics of Engineering Insurance.
This network has key value to provide a forum for understanding and marketing best practices in Insurance engineering industry.
The history of the establishment of the IMIA was in the mid-60s of the middle of the last century, the industry began to develop in various parts of the world, which marked the start of the growth of groups and industry groups, international cooperation, contractors and project owners, both technologically, civil structures, , as well as the nuclear industry project which in particular provides the necessary reasons for the protection of projects created in this industry. This required protection ultimately requires the transfer of risk as one of the Risk Management through Insurance, which is Engineering Insurance.
The effects of rapidly evolving development in all sectors of industry that require insurance protection, both construction project Insurance, Manufacturing Projects, Machines, are increasing, with various problems occurring in Engineering claims cases that ultimately all underwriters feel the need to sit together discusses and deliberates all aspects related to Engineering Insurance.
IMIA was established as an international association of national insurance associations representing direct insurance companies. Reinsurance is not an official member of the association but Munich Re and Swiss Re as the world's leading reinsurers in the line of business engineering have been regular guests of the association since the beginning and contribute to their experience.
All German Reinsurance and Underwriter Companies (as Market Leader) and other parts of the world join the Engineering Insurance Committee at the Germany Insurance Association and determine the first step of an international approach to addressing the problems in the industry.
Membership leaders, writing letters to their associates and insurance business companies in other industrialized countries, offer a world-wide discussion of the changing experiences to address the issues facing the industry.
The responses received from these efforts provided considerable encouragement, 11 countries such as Austria, Belgium, France, Great Britain, Italu, Japan, Norway, Sweden, Switzerland, USSR and Germany sat together at their first meeting in October 1968 with representatives from America and Denmark that followed later. These meetings ultimately have aspirations and aims on How and Best Practices in international associations for Engineering Insurance.
It was decided the establishment of an association that is "International Machinery Insurance Association" which then called IMIA.
What is the correlation to the Development of Insurance Market in Indonesia ?
Engineering Insurance Policies, as well as those in the Indonesian Insurance market, generally use the Policy Standards and Wording of International Insurance that are standard formats of Reinsurance such as Munich-re, Swiss-Re, London Engineering Group (LEG).
Therefore, it is important for all underwriters, insurance practitioners and insurance brokers to know about the types of wording and clauses applicable in Engineering Insurance or so-called Engineering Insurance.
The types of policies included in the group of Insurance Engineering , are:
• Advanced Loss of Profits Insurance (ALoP) / Delay in StartUp (DSU)
• Aero Insurance
• Boiler & Machinery Insurance (Machinery Breakdown Insurance)
• Business Interruption Insurance (MLoP - Machinery Loss of Profit)
• Contractor's All Risks Insurance
• Contingent Business Interruption Insurance (CBI)
• Comprehensive Engineering Completed Risks Insurance (CECR)
• Comprehensive Project Insurance (CPI)
• Construction Erection All Risks Insurance (CEAR)
• Contractors' Plant and Machinery Insurance (CPM)
• Deterioration of Stock Insurance
• Engineering Project Insurance (EPI)
• Erection All Risks Insurance (EAR)
• Electronic Equipment Insurance (EEI)
• Industrial All Risks Insurance (IAR)
• Third Party Liability Extension
• And all other expansion or word endorsement clauses.
Data Standard policies, clauses and conditions and all matters concerning insurance insurance can be obtained by clicking THIS LINK.
Or to the source directly at https://www.imia.com/