ENGINEERING MEETING

VALUATION SURVEY
2 May 2019

ASET ASURANSI PROPERTI

PT. PERTAMINA HULU ENERGY SIAK DAN KAMPAR

Wisma Tugu II 4th Floor

Jl. HR Rasuna Said Kav. C 7 - 9
Jakarta Selatan 12940
Telp. 021 - 520 8244 Fax. 021 - 520 8243
OUTLINE
Introduction

Insurance Policy

Valuation Survey Program

Cost Trending

Valuation Report
INTRODUCTION
 DEFINISI
VALUATION SURVEY :
• Provide reasonable the updated Total Sum Insured (TSI) Value for insurance
purposes to avoid over / under insured

• Record and update the operational assets (inventory list)

 TYPE VALUE

Calculation based for Insurance :

RAN : Biaya yang diperlukan untuk menggantikan, memperbaiki,

atau membangun kembali properti yang diasuransikan ke kondisi
baru yang secara substansial sama dengan, tapi tidak lebih baik
atau lebih ekstensif dari kondisi sebelum terjadinya kejadian (tidak
ada betterment)

Others Value : Jenis nilai penggantian selain RAN yang disepakati

oleh Insurer dan Asset Holder untuk jenis penggantian yang
disesuaikan dengan kondisi asset, dimana skenarionya harus jelas
dideskripsikan oleh Asset Holder i.e. First Loss Limit (FLL),
Indemnity Value, ACV, MRV, etc
 Property “All Risks”
TYPE OF INSURANCE VALUE

REINSTATEMENT AS NEW VALUE

- Replacement as New

- As it is

- No betterment and
depreciation
INSURANCE POLICY
 INSURANCE ASPECTS

• Total Sum Insured (TSI) : Valuation

• Potential Hazard Identify. : Risk Survey

• Estimation Maximum Loss : EML

INSURANCE POLICY - JASINDO
 INSURANCE COVERAGE

General Inclusion
Onshore and Offshore property :
 Operation Facilities Station

 Manifold Facilities

 Storage Facilities

 Control System, Panel & Switchgear

 Etc
INSURANCE COVERAGE
General Inclusion (process equipment) :
 Equipment cost
 material cost :
– Piping & valve - Instrument
– Steel - Paint
– Concrete - Control
– Electric - Insulation

 Labor cost :
– Fabrication cost
– Installation cost

 Indirect cost :
- Engineering Overhead Cost
- Construction Overhead Cost
- CIF
INSURANCE COVERAGE
General Exclusion :
– Land, drains, sewers, roads, gates and fences
– Landscaping and general site preparation, VAT, discount, interest,
financial charge, project redesign, overtime payments, bonus
payments, certification, pre survey
– Pipelines outside perimeter fences
– Mobile equipment, vehicle, aircraft, watercraft
– Items on hire / loan / property of other
– Property in the course of construction, dismantling, commissioning
– Catalyst & consumable materials in process
VALUATION SURVEY PROGRAM
 INSURANCE VALUE

Calculation based on Insurance Value :

- Reinstatement as New Value

(RAN)
 RAN VALUE
Basis Calculation
Each equipment cost consist of :
1. Main equipment cost
2. Material component cost :
– Piping and valves ̶ Control system
– Concrete ̶ Electrics
– Steel ̶ Insulation
– Instrumentation ̶ Paint
3. Labor cost :
– Fabrication cost
– Installation cost
4. Indirect cost :
– Engineering overhead ̶ Cost, Insurance & Freight (CIF)
– Construction overhead ̶ Contingency
 RAN VALUE
Calculation Steps

FINAL
Value
Escalation

Other
References

Basic
Program

Data and Site Visit

 RAN VALUE
Basic Program
Data and Site Visit

Input Estimation Program • Hill Program (Sixtenth Factor)

Order of
Magnitude
• CTCI-2 (I)=CTCI-1 (Ibase)*(I/Ibase)* (Capacity2/Capacity1)0.6

• Lang Program (Lang Factor)

Study
Estimate
• CTCI=1.05*fL-TCI ∑ (Ii/Ibase-i) Cp-i

• Guthrie Program (Bare Module)

Preliminary
Estimate
• CBM= Cp-base(I/Ibase)[FBM+(FdFpFm-1)]

Basic Value
 RAN VALUE
Next Steps
Modified Value

General Estimation Cost Handbook

Manufacturer/Supplier Price Compared with

Other
References
Project Cost of the Plant

Other Similar Plant Project Costs

Basic Value
 RAN VALUE
Escalation Process
Modified Value

Nelson Farrar index

Escalation Index
Producer Price index

Chem. Eng. Index

etc.

FINAL VALUE
 METODE VALUATION
GUTHRIE MODULE

•Perhitungan bare-modul cost:

 Biaya bahan total ditambahkan ke FOB purchase cost dengan

menggunakan faktor; diperoleh biaya modul M;
 Biaya tenaga kerja (erection dan setting) L ditambahkan sebagai
faktor atau dihitung dari rasio L/M; diperoleh M + L = X (biaya
modul langsung);
 Biaya modul tak-langsung (freight, tax, insurance, engineering, dan
field expense) ditambahkan ke (M + L); diperoleh bare-module cost;
 METODE VALUATION
GUTHRIE MODULE (equipment)

PUBLISHED
COSTING
METHOD
METODE VALUATION
NELSON FARRAR INDEX
METODE VALUATION
OTHER PRICING DATABASE
METODE VALUATION
OTHER PRICING DATABASE
COST TRENDING
MATERIAL COMPONENT INDEX
STATIC EQUIPMENT INDEX
ROTATING EQUIPMENT INDEX
ELECTRICAL EQUIPMENT INDEX
SUMMARY VALUATION REPORT
 REPORTING

• Preliminary Report
• Draft Report
• Final Report
PHE SIAK SUMMARY VALUATION REPORT
PHE Siak Overview
DEKLARASI ASET PHE SIAK

Deklarasi 2018/2019 = USD 2,583,761

Certificate

Synergy Value 2019 : USD 6,730,000

PHE KAMPAR SUMMARY VALUATION REPORT
PHE Kampar Overview
DEKLARASI ASET PHE KAMPAR

Deklarasi 2018/2019 = USD 116,214,478

Certificate

Synergy Value 2019 : USD 47,260,000

THANK YOU

www.synergy.co.id
 Contact us

PT Synergy Risk Management Consultants

Wisma Tugu II, 4th Floor,
Jl. HR. Rasuna Said Kav C7-9, Jakarta Selatan.
Phone: (021) 520 8244
Fax: (021) 520 8243