In the eighteenth century the demands from industry for higher working pressures frequently outstripped the ability of
Question:
In the eighteenth century the demands from industry for higher working pressures frequently outstripped the ability of engineers to design, construct and install plant that could safely deliver those pressures. The somewhat primitive methods of boiler fabrication at the time, coupled with the poor working practices which were frequently adopted, resulted in a rapid increase in the number of boiler explosions, this led in tum to great public concern over the devastating boiler explosions which was occurring and with alarming frequency. The boiler were literally blowing to pieces and the number of victims of fatal and serious injury often ran into double figures. Within a few years, some of the Association's members became convinced that insurance of boilers was desirable, in addition to their inspection. As boiler assurance increased in popularity, more engineering insurance companies were formed.
a. You are in charge of the insurance department of a large manufacturing company. Explain to your director the differences between the two basic categories of engineering policies and describe two covers under each category
b. The company depends greatly on the computer system and issues involving the system will create serious interruption in the operations of the company. What information will insurers require before the provision of business interruption insurance in respect of computer cover?
c. Outline the benefits of ensuring prompt notification of losses under engineering assurance cover
d. Explain the variations in engineering insurance claim settlement process from the ordinary claim settlement process
e. Why do you think it may not be necessary for your insurer to have permanent staff for the engineering surveyors department in recent times?
Financial Accounting an introduction to concepts, methods and uses
ISBN: 978-0324789003
13th Edition
Authors: Clyde P. Stickney, Roman L. Weil, Katherine Schipper, Jennifer Francis