Security (Theft / Burglary)
Scope:
- Risk assessment covers all operational hazards related to security issues (theft, burglary, civil commotion, strike etc.), and can include consequential loss (Business Interruption - BI).
- Security Hazard risk assessment is often done in combination with Property Loss Fire assessment.
- Assessment of all commercial/industrial property including single or multiple plants/locations.
- Service extension to cover suppliers, customers, public or private infrastructure, or other dependent locations and services.
- On-site service around the globe (excluding active war zones or areas where government travel restrictions are in effect).
- On request: desktop assessments based on available information.
- Notification of significant risk exposures requiring immediate attention, even if not included in the scope.
Deliverables:
A concise and comprehensive Risk Assessment Report comprising:
- description of risk focusing on security
- the assessment of all relevant risk factors commonly used in the insurance and reinsurance industry or based on customized definitions
- an overall assessment based on globally applied GREx algorithm or client-provided
- clear and well defined loss scenarios (e.g., EML/PML; MFL; MPL)
- appraisal of existing security systems and processes intended to prevent or limit damage to property or the organization
- cost-effective measures that should be considered to prevent or reduce operational hazards related to security issues
Benefits for Risk Management:
- Clear, specific information for executive and line management about loss potentials and options for responding.
- Independent assessments capitalizing on all available insurance / re-insurance and broker resources.
- Optimizing terms and conditions for insurance solutions.
- Ensuring long-term commitment and ongoing availability of risk engineering services.
- Flexibility to switch insurance markets without losing high quality risk engineering support.
- Opportunities for improving emergency response preparedness.
- Fact base for developing business cases and budgets for loss prevention and mitigation efforts.
- Fully supports captive insurance company arrangements and/or in-house brokers.
Benefits for Line Management:
- Ongoing partnership with dedicated, knowledgeable experts.
- Consistent approach based on agreed methods / frameworks.
- Ready availability with local staff used wherever possible.
- Defining and prioritizing capital expenditure budget(s) for Corporate Risk Management.
- Active involvement in preparing emergency response plan(s).
- Ongoing support during planning, construction, testing and certification of relevant safety features, e.g., fire suppression systems.