Insurance aspects of gas turbomachines
The power generation market worldwide has undergone rapid changes in the last ten years. Recent deregulation and privatisation of power utilities has introduced new market players.
As profit-oriented operations, these new power producers are continually demanding further technical performance improvements of power generating equipment. The insurance industry has been made acutely aware of such developments by suffering an increasing number of substantial losses involving both new and upgraded turbines of all major suppliers. The growing frequency and severity of losses, in turn, requires detailed loss analyses to effectively modify the scope of cover, deductibles and pricing.
This publication is intended to provide underwriters with basic knowledge of industrial gas turbine technology and insight for competently underwriting the attendant risks. In this connection, reference is made to the Swiss Re publication, Delay in start-up insurance, which also deals with insurance aspects relating to turbomachine installations.
