According to Brian Strain, Senior Vice President and Head of Equipment Breakdown business for XL Catlin, “Failure of even a single piece of equipment can result in the shutdown of an operation that may negatively impact a facility’s production goals including their ability to deliver product in the quantity and within the timeline promised to their customers. Reliability engineering is gaining traction as an increasingly viable way to help companies address equipment vulnerabilities that may impact business continuity risks such as unplanned equipment outages. We’re excited to be the first equipment breakdown insurer to incorporate the services into our product offering.”
XL Catlin’s EB Critical Equipment Reliability report provides businesses with a concise summation of assessment results in a table format that includes the critical equipment rating, Probable Maximum Loss (PML) and Maximum Foreseeable Loss (MFL) scenarios, a brief description of the rating for each piece of critical equipment or service evaluated and corrective action recommendations, among other equipment reliability details.
“Through our report assessment, recommendations and loss scenarios, we give our clients a ’Big Picture‘ overview allowing them to drill down further as they wish for additional data to effectively target plant exposures that may lead to production interruption and loss of business income,” explained Tom Gallagher, Equipment Breakdown Engineering Leader. “The resulting reliability ratings and subsequent recommendations can provide a useful tool for CFOs, Risk Managers and plant managers when allocating resources to maximize availability rates. It’s all about maintaining plant reliability and getting product to the market.“
XL Catlin’s equipment breakdown coverage, Up+Running, provides further protection against financial losses that result from the breakdown of equipment and result in business interruption, equipment repair, or replacement costs.
About the XL Catlin Insurance Operations
The XL Catlin insurance companies offer property, casualty, professional, financial lines and specialty insurance products globally. Businesses that are moving the world forward choose XL Catlin as their partner. To learn more, visit xlcatlin.com.
About XL Catlin
XL Catlin is the global brand used by XL Group plc’s (NYSE:XL) insurance and reinsurance companies which provide property, casualty, professional and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. Clients look to XL Catlin for answers to their most complex risks and to help move their world forward. To learn more, visit xlcatlin.com.