Erection all risks insurance of High-Tech Factory
Date Issued
2008
Date
2008
Author(s)
Huang, Yi-Jyun
Abstract
Regarding the overall production of the Taiwan Science Park in 2004, the total revenue reached NT$1,085 billion. In fact, Taiwan’s High-Tech industry has played a crucial role in this field. It makes a large investment in the high-tech industries, and it will continue to face fierce competition on different fronts. Besides, with the characteristics of short-life cycle, high complexity and changeable technology, the risk management is an essential issue for erection projects. Therefore, the All risk Insurance (EAR) is a widely applied risk-transfer approach in the erection industry. However, the insurant may not comprehend the deductibles and the article of the insurance program which would effect the coverage of risk premium. The data source is from Engineering Insurance Association(EIA) (1998 to 2007). There are total 2,121 cases. The amount of accident record is 158, and the average rate is approximately 0.2%. This research first analysis the insured situation, then obtain the following result, ” The higher items of the total damage loss are “ Fire,” “Negligence, or error,” “Unknown cause,” and the higher frequency items are “Negligence, or error,” “Fire,” “Collision,” “Unknown cause.” The whole average loss is about 4 million N.T., the average loss of natural calamity is about 200,000 N.T., and the other average damage loss is about 5 million N.T.. On the other hand , this research makes discussion on the accessional articles and the special provisions, through the expert interview and the literature review. This research also classifies and reorganizes the common clauses for several types, like the strict clause, the controversial clause, and the feckless clause, such as “206 fire fighting provisions,” “FIRE FIGHTING FACILITIES FOR HIGH-TECH INDUSTRY,” “RESTORATION OF EQUIPMENT CLAUSE,” “002 co-insurance interactive responsibility additional article,” “006 working overtime, rushing and the urgent transport expense additional article,” “004 expansions guarantees against damage the insurance additional article,” and so on. Finally, this research gives suggestions for proprietors of High-Tech industries . On the aspect of natural calamity, the insurant should transfer the catastrophe risk to the insurer, while accepting the general risk. In addition, the insurant also needs to negotiate with the insurer about the clause for benefiting the insurant completely and effectively.
Subjects
High-Tech factory
erection all risks insurance
insurance clause
Deductible
the risk of erection
Type
thesis
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