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Risk exposure to businesses, projects and operations ~ Insurance Academy

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There are at least four risk exposures to businesses, projects and operations, including:

  • Human Resources Assets
  • Physical Assets (Buildings, Offices, Processing Units, Maintenance Facilities, etc.)
  • Movable assets (Heavy Machinery, Plant & Equipment, Vehicles)
  • Liability

Risks and considerations

There are 4 (four) risks that need to be considered in risk management, namely:

Physical

  • Natural disaster / catastrophic risk
  • Risk of intersecting or existing buildings
  • Transit (sea and land) and warehouse storage
  • Added risk of wet / “wetworks” (eg jetty, etc.)
  • cloud vapor or fire pool
  • Weight lifting or tandem
  • terrorism

Technical

  • Untested or upgraded equipment
  • Testing and commissioning
  • Substandard quality control
  • Substandard fire protection equipment
  • Incorrect design, workmanship & materials
  • Highly flammable raw materials
  • Insurance Bonds on existing facilities

Financial – delay

  • Loss of income / Loss of profit
  • Off-Taker/Prolonged Credit Risk
  • Default & Bankruptcy
  • Service payable
  • Increased work costs
  • Force Majeure – non-damage delay (over-running)

Legal or contractual

  • Surrounding property
  • Professional indemnity
  • Robust liquidated damages
  • Tie in to existing facilities
  • Contractor experience
  • Attention to safety and environment
  • Contractual structure (EPC, etc)
  • Political risk
Location:

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