Why do insurers require property damage to be covered for consequential loss coverage to work?
If the Insured does not have the economic capacity to repair the material damage, either due to not having a damage policy or because it is clearly insufficient due to …
What happens when a claim occurs that causes consequential losses during the warranty period of an insured machine or installation?
In these cases, it is highly probable that the material damages are assumed by the manufacturer of the machine or installation affected. But in the manufacturer’s warranty contracts it is …
Lessons from the Coronavirus
Of this pandemic, we already commented the other day, about the importance of contingency plans. Today we want to draw attention to the need for Western countries, like ours, to …
Maintenance contracts and machinery breakdown coverage.
We have heard many times that if an important machine has a maintenance contract, it no longer needs to be insured for Machinery Breakdown. The foregoing is a gross error …
The study of the cause of Machinery Breakdowns.
We are all well aware that ascertaining the cause of a loss event is essential in order to clarify the cover for the claim, determine liability for the same and …
Gas explosions: Importance of maintenance.
Gas explosions are very conspicuous and have great media coverage, but they are very rare considering the large number of gas installations in Western countries. What happened a few days …
The consequential losses and the coronavirus.
Unfortunately for the affected companies, the vast majority of the consequential loss policies contracted do not cover the serious economic consequences generated by the coronavirus, since the condition of the …
The coronavirus and contingency plans.
In this pandemic, it was clear that we were caught off guard, since neither governments nor the vast majority of companies had contingency plans prepared. Businesses have generally reacted effectively …