For many banks, equipment maintenance is an ongoing challenge and
resource drain. When equipment warranties expire, you may purchase extended warranty
coverage for your equipment from the Original Equipment Manufacturer (OEM) or a Third
Party Service Provider. Although OEM or Third Party Service Contracts offer predictability
of expense outlay, they are expensive. In addition the bank is forced to contend with a
variety of service agreements covering many equipment systems with different service
providers. Total program management and control are almost impossible.
FSIA offers Royal Equipment Maintenance Insurance (REMi) as a solution to
this management problem. REMi provides one comprehensive equipment maintenance solution
that puts you in control, saves money, increases equipment coverage, and provides you with
systems to help understand and decrease your long-term equipment maintenance costs.
REMi offers an insurance program that reduces and monitors your equipment
maintenance expenditures. By consolidating all equipment vendor maintenance contracts into
one comprehensive protection plan, a REMi program controls your equipment repair and
maintenance costs. In fact, REMi can save you 15% to 25% in hard dollars compared to your
current vendor maintenance contract costs.
REMi covers all of your equipment seven days a week, 24 hours a day. One
equipment maintenance program includes reimbursement for covered costs of repair and
scheduled preventative maintenance work on equipment. In addition, REMI exceeds most
equipment maintenance agreements by reimbursing for losses associated with operator error
or negligence, power disturbances, and conspiratorial damage due to environmental change.
With REMi, you control who is called for service and timing of the service
event. You are free to use your current service provider or any desired provider for each
repair and maintenance event. You can also manage your equipment maintenance costs
effectively with targeted, accurate, timely reports and information. REMI Online offers
browser-based interface providing real time access to account scheduling, reports, claim
status and more. Comprehensive supporting documentation and detailed reports for each
service event help you accurately evaluate and manage equipment and vendor performance.
Program summaries offer a broad view affording you the opportunity to see trends in
program operation and to monitor overall costs associated with repair and maintenance
activity.
The program is insured by
Royal & Sun Alliance USA, one of the top 25 property/casualty insurers in the United
States. Royal Insurance Company of America, a wholly owned subsidiary underwrites REMi
insurance programs and carries an AM Best A+ Superior rating. The parent company, Royal
& Sun Alliance Insurance Group plc, with operations in more than 130 countries
worldwide, is one of the top ten multi-line insurers in the world.
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