Striving for Excellence in Engineering Insurance
Why should you be interested in IMIA? What does IMIA offer to the Engineering Insurance Markets? How does the community of Eng. Ins.- UW s & Experts in the markets contribute to a valuable Working and Quality Proposition of IMIA? 2
Tunnels Commercial buildings Transportation High tech Bridges Energy Off-shore Oil&Gas the underwriters dilemma Design risk Surrounding property DSU ALoP? Testing Rating process Extension terms Rate?? Deductible Time excess VCE/BLEVE 3
IMIA, was initiated and founded in 1968 by a group of Insurers specialised in Machinery and Project Insurance. The aim: to offer guidance in underwriting and claims handling to market participants having to face continuously changing insurance needs from manufacturers and contractors and fast developments of the technologies applied. Trend continues: Eng. Insurers face larger and increasingly complex technological risks geared towards efficiency and productivity. Engineering Insurers need to understand and appreciate the impact these changes in technology and coverage have on risk exposure and pricing calculation. 4
Other issues: lack of adequate know-how and scarce availability of Engineering Insurance experts in the markets. Increased interest in IMIA The members of IMIA join efforts to investigate and publish technical papers, to maintain an ever growing data base on risk information, statistics, loss examples and interesting links. 5
The core value of IMIA is to offer a forum for promoting, understanding Engineering Insurance and supporting best practice in the field of technical insurance and loss handling. No need to be a member of IMIA. The quality of the work and the information provided by IMIA grows with each member contributing his own experience. 6
Who is IMIA? An international network of Engineering Insurers who share experiences, discuss and develop new ideas and, through its annual conferences, working groups and its internet Web Page, investigate and identify risks and share knowledge on emerging and critical issues. 7
IMIA today 70 Delegates from 20 Nations, from Insurance Associations, Insurers, Reinsurers, Brokers and Loss Adjusters The topics dealt with embrace all classes of Engineering Insurance IMIA maintains an Internet website providing all information developed or gathered by IMIA on Engineering Insurance 8
www.imia.com 9
all general information in About IMIA : 10
About Engineering Insurance contains: an Introduction to Engineering Insurance a description of the renewable and non-renewable classes of Engineering Insurance 11
Library contains: the bulk of technical information such as: IMIA working group papers, external and guest papers, IMIA premiums / claims statistics, claims examples, Country Reports on the local Eng. Insurance Market, and many web links providing reference to standard Eng. Insurance wordings 12
some examples on contents of Publications: : Latest 5 IMIA Papers Revamping and modernisation of machinery and equipment Engineering Insurance Exposure related to Wet Risks Water Distribution Systems in Buildings during Construction Rehabilitation Works and High Coverage Limits for Existing Emerging Technologies: Insuring what has not been insured before Latest 5 External Papers Tunnelling Code of Practice - Russian Version Modelling study of the earth's environmental change and global warming phenomenon German Version of the Tunnelling Code of Practice Spanish translation of the Code of Practice for Risk Management of Tunnel Works One Hundred and One NDT and Machine Diagnostic Methods for the Prevention of Losses in Critical Machinery 13
some examples on contents of Publications: : Latest 5 Guest Presentations at Annual Conference Reflections on Hurricane Katrina Alternative Dispute Resolution (ADR) for Insurance Disputes Public/Private Partnership (PPP) for public infrastructure projects: What have we learned from the UK experience Unclear/Imprecise Wording and Common Law Principles of Construction Claims by Engineers - Problems that engineers encounter when claiming...and the trouble these cause to Insurers Latest 3 Short Papers provided by Delegates Solar cells production Third Party Liability risk evaluation for contract works Handling of cracks in the ends of a cement mill 14
Members Roles and Opportunities Member countries and companies delegate experienced professionals to IMIA Delegates are seen as ambassadors of the engineering insurance community and as representatives of IMIA. They maintain contact to organisations and other fellow experts in the engineering insurance community actively contribute in working and discussion groups discuss topics of special interest to be worked on by IMIA working groups exchange experience to reach best practice and knowledge for the benefit of their companies and / or associations 15
Interested in more information? Please have a look @ www.imia.com where you will also find Information on: - IMIA Members and Membership - The IMIA Constitution - IMIA s annual conferences - and a lot of other useful information about IMIA and Engineering Insurance underwriting & claims handling. 16
Interested in supporting the international Engineering Insurance community? Then : you should join IMIA!! and thereby contribute to the success of our community when striving for Excellence in Engineering Insurance!! 17
Striving for Excellence in Engineering Insurance Detmar Heidenhain, Chairman of IMIA, Senior Executive Manager, Munich Reinsurance Co.