Property Risks

"Property", in insurance, refers to the following risks:

• CAT RISKS (flood, earthquake, ...)
• Fire
• Machinery Breakdown
• Business Interruption
• Malevolence (theft, sabotage),...

The evaluation process is iterative and consists in reviewing the various dangers, the existing prevention and safety measures, as well as the consequences of potential accidents on property and business.

Financial assessment of potential damages on one hand and budget costs of prevention measures on the other hand are used to ensure rigor and coherence in the evaluation.

Risk managers can then find a balance between:
- possible minimization of consequences for potential losses
- costs of risk reduction measures
taking into account other corporate priorities.

For instance:
- without firewall, a normal loss expectancy may involve the loss of the whole building,
- after erection of a firewall, the normal loss expectancy may be limited to a part of the building.

Key factors that can support the decision may include various topics,
such as:  
  • Indirect losses, i.e. loss of market share
  • Corporate or Brand image
  • Frequency of occurrence
  • Ethical values
  • Legal responsibilities
  • Corporate financial strength

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Fire triangle

The Fire Triangle:
a delicate balance

Preventing Fire is ensuring
the Fire Triangle Balance:
Energy Control: Electricity,
Smoking, Hot Work, Sprinklers, ...
Oxygen Control: Extinguishers, ...