HSB Engineering Insurance launches Machinery and Technology Insurance
HSB Engineering Insurance (HSB), part of Munich Re, has today announced the launch of HSB Machinery and Technology Insurance, its combined equipment breakdown, deterioration of stock and loss of income policy.
The product, aimed predominantly at manufacturing, food, pharmaceutical and specialist engineering industries, is HSB’s response to the reliance of businesses on evolving technology in all aspects of their operations.
"With sensitive microelectronics and circuitry an integral part of operational machinery, damage can be invisible to the naked eye", said Stephen Morris, HSB Engineering Insurance’s Chief Underwriting Officer. "The failure of a critical piece of equipment can pose a significant risk to a business’s bottom line and reputation", he added.
HSB’s new policy provides cover for damage and breakdown to fixed manufacturing, processing and services equipment, deterioration of stock cover for stock being stored in cold chambers, and financial loss cover following an event.
Significantly, the new policy responds to the 'invisible' risks posed by the failure of electronic or computer equipment that controls machinery. It also includes public relations cover for professional support when equipment breakdown is serious enough to create a risk to a business’s reputation.
Stephen Morris concluded: "Equipment breakdown and damage insurance has always offered businesses protection against unexpected costs for the repair and replacement of vital equipment. What we’ve done is go back to the drawing board and rethink the entire product so that it meets the needs of a contemporary business. Thirty or forty years ago, an equipment failure could stop a production line or slow down a manufacturing process; in today’s world, it can bring an entire organisation to a halt and have major knock-on effects for customers."
HSB Machinery and Technology Insurance policy is available through local HSB offices.