The Role of Maintenance Records in Plant and Machinery Insurance Claims

A maintenance record, as the name implies, is a document containing details about each repair and maintenance task performed on an asset or equipment. In essence, it tracks the failures and repairs of assets, serving as a valuable tool for health and safety management. Moreover, it enhances overall asset management by capturing essential information such as the scheduled time and date for maintenance, the type of maintenance needed, asset details like number and working condition, associated risks, and the environmental conditions and their effects.

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Advantages of Keeping Maintenance Record Safe

Here are a few advantages of keeping maintenance record safe:

  1. Avoid Costly Repairs

    Asset maintenance contributes to the overall expenses of organizations. While some maintenance is affordable, certain repairs can be quite expensive. The repair cost is essentially the amount needed to restore an asset to its normal working condition. Maintenance records contain details about each maintenance and repair undertaken on equipment.

    By consulting maintenance records, one can easily identify when and which maintenance strategy is needed for a specific asset. This proactive approach helps prevent asset failures, ultimately reducing the expenses associated with repairs.

  2. Enhancing Safety

    Maintenance records encompass data on the impact of each asset failure on the system, employees, and the environment. They also include information about worker performance and task execution. By utilizing maintenance records, one can easily assess the severity of asset issues, predict potential failures, and take preventive measures to avert them.

    This proactive approach minimizes safety and environmental risks, ensuring the safe operation of equipment. Operators and workers benefit from a clear understanding of equipment safety, contributing to efficient task execution.

  3. Equipment Replacement

    Maintenance records detail the frequency of asset failures, its current condition, and associated repair costs. This comprehensive information facilitates the determination of when an asset needs replacement.

    If the cost of repairing an asset exceeds the expense of replacing it with a new one, opting for replacement becomes a cost-effective decision. This not only reduces overall costs but also minimizes the occurrence of failures, provides warranties for new equipment, and decreases the effort required for repairs.

  4. Labour Workload Reduction

    Maintenance records, by preventing failures, significantly reduce the need for unnecessary maintenance work. By scheduling essential maintenance tasks and assessing employee performance, management can efficiently allocate tasks to workers. This results in a decrease in the number of workers required for a task and, consequently, reduces overall labour workload.

  5. Effective Machine Management

    Maintenance records store comprehensive information about assets, including working details, maintenance history, repair records, working environment, and associated risks. This wealth of information allows for timely and efficient maintenance, ensuring optimal asset condition, preventing failures, and extending the lifespan of each machine.

Importance of Maintenance Records in Plant & Machinery Insurance Claim

Maintenance records are crucial in plant and machinery insurance claims. They provide a clear history of equipment upkeep, showcasing responsible ownership. Insurers rely on these records to assess the machine's condition before incidents.

For instance, in a manufacturing plant with well-documented maintenance, the records expedite the claims process and strengthen the case for coverage in the event of a breakdown. Simply put, maintaining good records ensures a smoother machinery insurance claim experience.

Conclusion

Maintaining accurate maintenance records is crucial for effective plant and machinery insurance claims. These records not only track repair history but also enhance safety, prevent costly repairs, aid in equipment replacement decisions, reduce labour workloads and contribute to efficient machine management. Safeguarding and utilizing maintenance records is a strategic investment, ensuring optimal asset performance, risk mitigation, and cost-effective operations.

Written By: PolicyBazaar - Updated: 23 November 2023
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4.5 March 02, 2022
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4 February 26, 2022
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With a sudden malfunction in the machinery, one of the worker broke a pack of bricks. We were able to get settlemnt for it from our insurance and were able to get a new set without spending costs.
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4.3 February 22, 2022
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Owner Property Coverage
As we were working on a site we took owner s surrounding property cover so that in case of mishap, we would be prepared for compensation.
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5 February 18, 2022
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Freight Insurance
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5 February 10, 2022
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My cranes and other equipment were vandalised at night. i was able to get a claim settlement for the damages.
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4.5 February 09, 2022
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