Specialised Risks
- January 26, 2024
- Posted by: [email protected]
- Categories:
SPECIALISED RISKS
In today’s ever evolving world and society situations and ideas are no longer cut and dried nor can they be classified as only in black and white, even p nows come in a myriad of hues of colour, and businesses today evolve along with the needs of the industry and the consumers. The insurance industr matured and evolved along with their clients, and recognised that there are now gaps in the conventional risk covers offered to date and created insur products to fill those gaps. Below is a sampling of some of the specialised risks insurance products available.
ENERGY
The global energy industry is a complex mix of risks in every step along the process chain, from exploration to production and processing to logistics and storage. Downstream, midstream or upstream, each stage and each company has its own unique risks and dangers, making each energy insurance policy unique in itself. Hence, the insurers have a team of risk professionals on hand ready to assist in assessing your risks and proposing a risk solution best suited to your needs.
POWER & UTILITIES
Society today, with all its advancements, is completely reliant on energy sources to sustain everyday activities, be it at home, at play or at work. Consequently, blackouts and power interruptions can be inconveniences at the very least or nightmares of critical proportions it continues for extended period of time, especially in the medical establishments. The insurer’s team of risks specialists, with first hand understanding of the industry and its inherent risks, are ready to assist with a risk assessment and customising a risk solution. Other value added services include business continuity and crisis management support.
TRADE CREDIT
It is every company’s goal to grow their business and profits. However, as the business grows, payment/credit risks to customers will increase and along with it the risk of irrecoverable bad debts. This in turn will have a negative effect on the company’s performance and growth. Trade Credit insurance offers the insured protection against the risk of insolvency due to irrecoverable bad debts, thereby improving its access to additional financing for further growth of the company.
AVIATION
Just as their marine and land cousins, aircrafts can and should be insured against possible and unforeseen losses. Also like other forms of passenger and cargo carrying conveyance, owners of aircrafts can suffer losses in the form of physical damage to the planes, and also liability to their passengers and other third parties who may suffer losses. In addition to the aircrafts themselves, aviation insurance can also cover the aircraft hangars, helipads, etc.
EXTENDED WARRANTY
Most new electrical and electronic goods and its components and parts today come with the standard 6 months or 12 months warranty period, which can sometimes be insufficient a time period. Hence, you now have the option to purchase the extended warranty insurance for your peace of mind.