An Insurance Spare is a type of spare parts identified through the Failure Modes and Effects Analysis (FMEA) that determines the probability of failure (POF) through a normal operation and scheduled Preventive Maintenance (PM) program. The Insurance Spare is a super critical item and needs to be available at any time that may be identified in the company insurance spare parts policies.
Related Definitions in the Project: The Operation and Maintenance; Bond and Insurance
