Machinery and Equipment Integrity and Reliability
Published: 31-Oct- 2011 | Product Category: Risk Consulting
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Within almost every industry sector, maintaining the integrity and reliability of machinery and equipment is paramount to sustaining a safe, productive, and profitable work environment. Reliability has been defined as the probability of an item to perform a required function under specified conditions for a certain period of time.
Routine equipment failures have long been expected and accepted within the manufacturing industry. But with tightening profit margins routine equipment failures are no longer acceptable and can affect the bottom line and customer satisfaction.
Experience has shown that by reducing, or even eliminating, routine equipment failures the total cost to produce is lowered, a higher rate of return on investment is achieved, and additional capital improvement expenditures are authorized.
Understanding why something failed is the first step in the process of eliminating future failures. Once the reason for the failure has been identified, people can address the issues, thereby eliminating or significantly reducing the chances of a recurrence. Just as important is understanding the potential effect that changes in maintenance or equipment might have.
Marsh Risk Consulting's Property Risk Consulting experts provide the highest quality, independent machinery and equipment risk management service to clients worldwide. Our equipment integrity and reliability (ER&I) consultants are a valuable resource for risk managers in monitoring the field activity of their insurers and providing sound advice on all matters related to machinery and equipment risk and jurisdictional compliance. ER&I consultants are able to deliver a range of customized solutions to meet individual client needs effectively and efficiently.
These solutions include:
- program implementation and effectiveness assessment;
- training and education;
- insurer coordination and performance monitoring;
- recommendation tracking and prioritization;
- development of alternatives to insurer-generated recommendations;
- client advocacy and dispute resolution;
- development of facilities process descriptions, hazards identification, and critical equipment list;
- loss scenario development, loss estimates, maximum foreseeable losses (MFLs), and probable maximum losses (PMLs);
- creation of internal policies or standards regarding equipment operations, maintenance, or inspection;
- facility audits and inspections;
- due diligence for new acquisitions;
- loss investigation and technical support on claims;
Our consultants use their experience in the boiler and machinery insurance industry to identify areas of insurer concern, approach recommendations with a positive look towards risk reduction, and evaluate claims to ensure the best possible solution is presented and the probability of future losses is significantly reduced.
We offer a non-adversarial approach to risk management by creating a solution that meets your organization’s immediate and future needs and therefore meets the needs of your insurer.
These customized risk engineering and management solutions also help you to meet your organization’s business objectives.
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