Property Damage
Scope:
- Risk assessment covers all property hazards (all risks), and can include consequential loss (Business Interruption - BI) or be limited to selected risk factors.
- Physical tests of main fire protection or fire suppression systems.
- Assessment of all commercial/industrial property including single or multiple plants/locations.
- 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
- 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 fire protection systems based on test data
- cost-effective measures that should be considered to prevent or reduce property damage
Benefits:
For Underwriting
- Understanding the quality of risk and in-depth knowledge about hazards and exposures.
- Acceptance or rejection of risk based on fact-based information.
- Optimise pricing.
- Tailoring reinsurance terms and conditions.
- Portfolio protection and enhancement.
- Cost savings due to outsourcing of risk engineering activities.
For Marketing / Sales
- Supports active discussions with the Insured.
- Practical, cost-effective risk improvement advice to support long-term relationships.
For Claims
- Provision of facts prior to a claim.
- Supports legal actions – if required.
For Insured
- Guidance on how to avoid possible losses.
- Proof of long-term commitment.
- Ongoing support.