Insurance companies provide assurance to process operators including catalyst users such as oil refineries and petrochemical plants. Some of the claims received by the insurance company involve damage to the catalyst. Insurance companies need assistance with interpretation of the claim and they want to understand whether the damage claimed by the process operator is insured in the first place, and if so whether the compensation asked for by the process operator is fair given the state of the catalyst before the incident and the actions taken by the operator before, during, and after the incident.
Catalyst Intelligence has assisted several insurance companies by answering detailed / specific questions from the insurance company. Sometimes the information provided by the process operator is insufficient to give an exact answer and in those cases we ask for additional information from the operator via the insurance company. For instance if the catalyst was at end of life at the time of the accident, then it is not fair to claim replacement by a fresh catalyst load at full value. Where a unit consists of multiple reactors and the catalyst in one reactor is severely damaged but catalysts in other reactors can be re-used, then again it is not fair to ask compensation for replacement of all the catalyst by fresh catalyst even if that is something that the process operator prefers to do. By reviewing the claims and answering questions from insurance companies, we make sure the compensation paid is in accordance to what has been agreed in the insurance policy.
