Property and Business Interruption Insurance for Manufacturers

Overview

Manufacturers use tools, human labor, machinery, and biological or chemical processes to transform raw materials-such as ore, wood, and foodstuffs, or component parts-into finished goods-such as metal goods, furniture, and processed foods. Manufacturing should be a profitable business because converting raw materials into finished products adds value that generally makes the finished product worth more than the raw materials that went into it.

Every manufacturer faces a variety of risks. This course deals primarily with the risks of direct loss or damage to a manufacturer's real and personal property, as well as the loss of income and extra expenses that invariably accompany a direct property loss, and how those risks may be insured.

Learning Objectives

On completion of this course, students should be able to:

describe and explain the relevance of common variations among commercial direct damage and time element property insurance policy provisions
describe and explain the relevance of key coverage alternatives available under commercial insurance policies that provide coverage against employee dishonesty, flood, and earthquake
describe the purpose and function of DIC policies and explain how they differ from basic all-risk policies
explain how HPR properties and HPR property insurance policies differ from other properties and policies
explain the coverage features and coverage alternatives found in HPR insurance policies providing direct property damage and time element coverage
explain factors a manufacturer should consider when determining what limits of property insurance to carry
describe key factors affecting the cost of a manufacturer's commercial property insurance, and identify various approaches to minimizing insurance costs

Designed For

P/C Producers

International Risk Management Institute, Inc. (IRMI) is the premier provider of risk and insurance continuing education and reference publications, and is considered the ultimate authority by leading insurance practitioners. Written by industry experts, IRMI courses provide the most up-to-date, practical and reliable information possible.

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