Kar kaybı sigortaları
Başlık çevirisi mevcut değil.
- Tez No: 61864
- Danışmanlar: YRD. DOÇ. DR. ŞEVKİ KAYLAN
- Tez Türü: Yüksek Lisans
- Konular: Sigortacılık, Insurance
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 1997
- Dil: Türkçe
- Üniversite: Marmara Üniversitesi
- Enstitü: Bankacılık ve Sigortacılık Enstitüsü
- Ana Bilim Dalı: Sigortacılık Ana Bilim Dalı
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 78
Özet
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Özet (Çeviri)
ingilizce ÖZET 64CONTENTS l.ATM 69 2.HISTORY OF LOP 69 2.1.CHOMAGE 69 2.2.TIME LOSS INSURANCE 70 2.3. LOSS OF PROFIT INSURANCE 70 3.PRINCIPLES OF LOP 70 4.CALCULATION OF GROSS PROFIT 72 4.1. GROSS PROFIT 72 4.2.RATIO OF GROSS PROFIT 73 4.3. STAND ART TURNOVER 73 5. CALCULATING THE COVER REQUIRED 73 5. 1.INDEMNITY PERIOD 73 5.2.THE SUM INSURED 74 5.3. PREMIUM AND LOSS CALCULATION IN LOP 75 6.INCREASING WORKING COSTS AND SAVINGS 76 7.RISK MANAGEMENT 76 8. CONCLUSION w77 & >' r I t 65l.AIM Loss of Profit Insurance covers partial or totally business interruption occured from physical damages. Indirect losses after, say, Fire, are probably more costly than that of damage appeared. Any loss in business gave a Hong break on the operation of a firm, expectations of he interest parties, shareholders, employees and society would nor be achieved, substantial economic loss is a result. Classic Fire insurance Policy can only cover the physical damages, therefore Loss of Profit Insurance is necessary in order to cover indirect losses. After fire, either turniver will stop or decreases under normal level, or extra expenses will result. This means growth, development and earnings (income) of a firm will be in danger. In order to prevent or to diminish to its minimum level of this negative effects, loss of profit insurance is necessary to take. Wages, compensation to employees, rent a machine, punishments and tax, etc, can be considered as an axtra expences after the damage. These risks can be included in the coverage with respect to demand of insured. 2.HISTORY OF LOP Fisrtly this insurance had been seen in England. The Minerva Universal, The Beacon Fire Insurance Co., General Indemnity and Crown Fire were the first examples. Systems used respectively are as follows: 2.1.CHOMAGE s ' i \\ This system as known as a percentage of Fire damage. 20% is for industrial risks and 30% for civil risks. 66Coverage of the risks will not be achieved through this system. Because indemnity is not dependent on real risk but sum insured of the Fire Policy. 2.2.TIME LOSS INSURANCE It is counted on the basis of annual profit of the business and indemnity will be paid for each word day interrupted. 2.3. LOSS OF PROFIT INSURANCE We can say Loss of Profit Insurance will cover real loss, as will be mentioned in details. 3. PRINCIPLES OF LOSS OF PROFIT INSURANCE Loss of Profit Insurance is given with Fire Insurance Policy. It means that any one of allied perils of main coverage must be realized. Previously Loss of Profit Insurance was given as an additional perils with Fire Policy and then began to be given by machinery breakdown, electronic equipment etc. It will be beneficial to know the characteristics of indirect insurances. There must be: -Existence of material risk and it must be covered, -Relation between this covered material risk and operation of business, -Defination of the probable indirect risk,,>-.» -Relation between insured risk and indirect risk, 67-Material countability of yhe size of a loss. Loss of Profit Policy must be properly prepared otherwise two parties as an insured and insurer may be negatively affected. Morality of an insured must be considered as most important subject because abuse of this policy is more possible. Technical caracteristics, capacity and previous financial sataements of a business will give the light the to learn business insured, gross profit or income and and indemnity period. There are mainly three time concept which must be considered : 1 -Insurance Period 2-Interruption Period 3-Intemnity Period Insurance Period means the period of time with respect to which loss of profit insurance is contracted and for which premiums are paid. It represents the period of time during which property damage may occur for the Loss of Profit Insurance to be applicable. Interruption Period means the period of the during which property damage affects the profit of the business. #«p»-“^~,, Loss of Profit insurance is affected as protection against the consequences of an interruption in the insured business during definite period, indemnity period, -'The 68duration of the indemnity period is chosen by the insured and should correspond with the longest foreseeable period that an interruption could affect the profit of business. Longer indemnity period may be necessary when it is known that a very long period of time would be required to replace or repair thedamage prooduction aquipment. 4.CALCULATION OF GROSS PROFIT 4.1. GROSS PROFIT Turnover is the money given or will be given to owner for products or services produced by operation of the business. Gross Pofit is the amount by which the sum of the amount of the Turnover and the amounts of the closing stock and work in progress shall exceed the sum of the opening stock and work in progress and the amount of the Uninsured Working Expenses The purchase of raw materials, packing materials and carriage will be closely linked to the level of production. If production increases, additional purchases of these items will be necessary. By the same token, a fall in production, as, for instance, following interruption due to a fire, will lead to a lower level of purchasing. Thes items are known as Variables, since expenditure on these items will normally vary directly with the level of production. Costs of running the business will continue to have to be paid either in full or in part, irrespective of the level of production. These costs will include directors' fees, rent payable, rates, interes payable, and office expenses. The level of expenditure on these items does not vary directly ih line with the level of production and they are accordingly known as Standing Charges; - ; ”?'“”>. 69After fire, turnover will be sharply decreased according to severity of loss. Decrease in production leads to decrease variable costs. The difference between decrease in turnover and decrease in variable costs will give the decrease in gross profit which will be covered Loss of Profit Insurance. If rate of decrease in any expense item is equal to rate of decrease in turnover, there will be no business loss. On the other hand, if rates are different, difference is the loss. 4.2.RATIO OF GROSS PROFIT It is the ratio of gross profit earned previous year before damage to turnover. Previous Year Gross Profit R.G.P.= Turnover 4.3. ST AND ART TURNOVER It is the turnover of previous period which is equal to indemnity period. 5. CALCULATING THE COVER REQUIRED 5. 1.INDEMNITY PERIOD The period beginning with the occurrence of the Incident and ending not later than the Maximum Indemnity Period thereafter during which the results of the Business shall be affected in consequence thereof. It should be noted that the Indemnity Period lasts as long as the results of the business are affected by the damage, limited to the maximum numbered of months chosen by the Insured. 70The cover does not cease when the buildings are restored and the machinery is functioning, but when the Turnover has reached the level at which it would have been had the damage not occured. This well be a number of months after restoration, when the production line is functioning properly and the costomers are back or have been replaced. Every business has its individual characteristics, but some of the principal factors for consideration are as follows: -Availability of alternative premises -The ease or otherwise with which the existing premises can be repaired or replaced. -The availability of raw materials -The timelag in the replacement of machinery -The possibility of manufacturing the product in another factory within the group should be explored -The estimated time required to“recover”customer -For a seasonal business, an Indemnity Period of twelve months shoud be regarded as a minimum. 5.2.SUM INSURED' Sum insured is the annual gross profit of a business in Loss ' of Profit Insurance. It is the coverage limit. It depends on estimated changes in revenue, price and costs. 71Estimation of the Gross Profit is as follows : Previous Year Value 1 -Turnover or sales 2-Stocks at the end of year and products in progress Deductibles : 1 -Stocks after beginning of year and products in products 2-Expenses given below : -Raw Material -Energy -Wages -Other Expenses Previous Gross Profit Adjustment of Gross Profit in respect of previous period Adjustment of Infilation 5.3. PREMIUM AND LOSS CALCULATION IN LOP Loss of Profit Insurance are generally given with fire and its allied perils. Therby sum insured are determined by sum insured value of fire and its allied perils. Second important aspect which affects premium is indemnity8 fieripd. If determined indemnity period is over twelve months, sum insured should be^ihcreased^ 72proportionally. On the other hand, premium will not be increased proportionally but will be increased at a decreasing rate. When indemnity period is below twelve months, sum insured will not be decreased. But premium will be calculated in a different way. 6.INCREASE IN COST OF WORKING AND SAVINGS The additional expenditure which will be incurred for the purpose of avoiding or diminishing the reduction in Turnover during indemnity period should be included loss amount. Some of the fixed costs are reduced in consequence of the fire. Therefore, some steps must be taken to monitor expenditure after a loss to ensure that if there are“savings”, the amount is bought into the loss calculation. On the other hand, if there is a saving in respect of items of uninsured working expenses, insurer is not entitled to the benefit of this saving. 7.RISK MANAGEMENT Business Interruption insurance is concerned with the after affects of a fire, exposion or othe incident causing damage to the premises and their contents, and with the steps taken to get the busimess on its feet again. Risk management seeks to protect the assets and profitability of the business as economically as possible. Two concepts of insurance and risk management go hanh in hand, since measurestaken to reduce the loss and level of interruption or interference should a loss happen, "have a marked effect on size of the claims sustained. Risk management starts when the Risk Manager identifies the various risks involved in a creative business. The next stage is to take each risk in turn and decide 73-Probability of occurrence -The anticipated probable severity of the loss -The maximum probable severity of the loss Steps can be taken to reduce the amount of the loss by installing fire alarms, sprinklers and other firefighting equipment. Other measures are the fitting of fireproff doors to openings and roof vents to the roofs. The catastrophe potential of the fire or explosion is such that it is likely that very few firms can afford carry the whole of the risk themselves. It follows the deductible may apply and remaining risk is normally still too large to be acceptable to the firm concerned and transferring the risk is the only solution. 8.CONCLUSION Running of a business without interruption is in favour of both owner, employees and society. Any material damage can give longest break in operation of a business and then expectations of interested parties will not be achieved and as result economic loss will occured. Existence of uncertanities provide the act of business management conservatively of business may take a caution against uncertanities by holding reserves. Any loss cancel or postpone investment decision of a firm. Loss of Profit Insurance providing to manager act agressively will have a positive effects on existence of a firm and econimic results and therby society. Wdmanksyon mmm 74
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