|
Wide experience is available for oil refinery type assignments. Peter MacLeod was exposed to
this type of loss in the Philippines, where a large oil company Catalytic Cracker cooling tower
exploded and subsequently the work involved in repairing the facility was most successful.
The major focus for the recovery of this oil refinery was the need to have the cooling tower
reinstated as soon as possible. Estimates of three months were well exceeded by the performance
of the engineering team engaged by the insured at the time, where a 7 day 24 hour operation was
established. Accounting staff overviewed the costs on a cost plus basis throughout the very
important rapid recovery time involved. The three month estimate was halved with the complete
reinstatement being completed in six weeks.
A wide range of earthquake repair experience has been established through the continual exposure
to earthquakes in the New Zealand environment. This has proved invaluable in the Guam area,
where
large earthquake claims have been worked upon. In one particular case, a Port Authority
sustained losses to many buildings and piers. In one case where failure was evident from
alleged faulty construction, a subrogation action was instigated. This is still ongoing. A
knowledge of methodology and repair was gained from many cases of cracked walls requiring epoxy
resin injection. In one high rise case, the underwriter asked for Peter MacLeod to take over the
claim and arrange settlement. This was after two years of the claim going nowhere.
The main exposure of this was the large Bay Milk Products claim in New Zealand that totalled
over $135,000,000.00. Peter MacLeod was one of the loss adjusters assigned to that claims
adjustment team. That was the largest claim in the New Zealand insurance history. A dairy
factory was involved and major experience was gained through the various methods of repair and
settlement options considered. |