An engineering insurance catering for contractors and others who move, erect or install plant and machinery. The cover enables the contractor to meet his contractual obligations and cover can extend to: testing operations; maintenance period liability; constructional plant and equipment used in connection with the contract; manufacturers’ guarantee for repairs or replacements from manufacturing defects.
Insurance Encyclopedia
Machinery Leasing Insurance for Engineering Insuance
The main object of machinery leasing insurance is to protect the leasing company’s interest as the owner of installations and machinery leased for a certain number of years under various leasing contracts. It also covers the interests of the lessee, however. It is an all risks cover with the same scope as that of Electronic Equipment Insurance. The type of machines and equipment automatically insurable by declarations under the contract, which is in the form of a master policy. Installations are insured with an automatic extension of the annual cover up to a maximum of five years, the usual length of a leasing contract. The individual value of the leasing contracts, which are automatically covered on declaration, is subject to a limit per insured location.
Machinery Loss of Profit Policy (MLOP) and Boiler/Pressure Plant Loss of Profit (BPLOP) Insurance Marine – cum – Erection All Risks Insurance (MCE) (Machinery cum Erection (MCE) Policy for Engineering Insurance
Policy covers business interruption losses consequential upon material damage as defined in the respective policies. The indemnity is provided against loss of net profit, loss of insured standing charges and increased cost of working. Insured has the option to select the key items of the Plant where stoppage would seriously interrupt the business, e.g., steam boiler, turbo alternators, transformers, major process machinery and so forth for Material damage + Loss of Profit. It is a condition under MLOP that a claim must first be admitted under the concurrent material damage (Machinery or Boiler) Insurance policy before a claim becomes admissible under the MLOP. However, if no payment is made solely as a result of an excess under the material damage policy, i.e., the liability admitted, the MLOP loss will be admissible.
Made good
The sums paid to a general average fund to make good losses incurred by the general average act.
***
The value of that part of a ship or cargo that is sacrificed in a general average is called the “made good.” The owner is entitled to the cost of repairs to the ship or the net value of the cargo sacrificed.
magnetic resonance imaging (MRI)
Medical imaging diagnostic test based on the resonance of atomic nuclei in a strong magnetic field. MRI is the method of choice for a growing number of disease processes. Advantages are its superior soft-tissue contrast resolution, ability to image in multiple planes, and lack of ionizing radiation hazards.
Main Excepted Causes
Are (i) Cessation of work which is similar to the exclusions under RSMTD Clause of Standard Fire and Special Perils Policy i.e., mere inaction by employees in furtherance to demands; (ii) Failure of utilities like water, gas and power supply (iii) Operation of the plant beyond design specification and capacity ratings. (iv) Normal wear and tear (v) Defective design (vi) Leakage of overflow of contents is not considered a direct damage. Hence, excluded. (vii) Seepage and Pollution. However, deliberate damage to insured property in order to prevent or mitigate the pollution hazard or threat resulting directly from a damage to property insured is covered. Excluded property is similar to Industrial All Risks Insurance. Add On covers available. Capital addition to the extent of 5% automatically covered. Shut down and startup costs covered. The policy also covers increase or decrease in value up to 10% without any adjustment in premium. Business interruption and marine covers follow the coverage under the respective policies.
Main term
1. When coding a diagnostic statement, identifies the condition, disease, or injury word(s) to look up in the alphabetical index of the International Classification of Diseases, Ninth Revision, Clinical Modification (ICD-9-CM) code book. 2. Alphabetical major headings printed in boldface that appear in the “Index,” which is the last section of the annually published Current Procedural Terminology code book. These main terms relate to procedures, services, organs, other anatomical sites, conditions, synonyms, eponyms, and abbreviations.
Mainstream financial activity
The FSA regulates professional firms that carry on mainstream financial activity as per the Regulated Activity Order. It includes direct advice to clients on investment and pension products, discretionary investment management and certain types of corporate finance activities such as listing and public offers. Broadly it means standalone investment advice as opposed to advice as an adjunct to the provision of professional services, e.g. legal services. Such firms must become authorised professional firms. A professional firm not conducting mainstream financial activity, whose advice is incidental to a professional activity, can become an exempt professional firm regulated by a designated professional body.
Maintenance
That act of keeping or the expenditure required to keep a property in condition to perform adequately and efficiently the service for which is issued.
Maintenance Bond
A Bond guaranteeing against defects in workmanship or materials for a stated time after the acceptance of the completed work. Two years is a common term for a construction bond.
***
Guarantees that faulty work or defective materials charged to the bond principals will be corrected or replaced. A maintenance bond may be included among the terms of a performance bond.
***
UK: Performance bond under which the surety guarantees that the contractor will fulfil his obligations during the maintenance period that follows completion.