Insurance Risk Engineering: Evaluating Estimated Maximum Loss (EML) Scenarios
Despite current work from home guidance, BakerRisk continues to offer support to our Insurance Risk Engineering (IRE) clients through the Covid-19 crisis.
Some clients are reducing their output in response to the current economic challenges, while others are ramping up production to respond to the needs of various industries (health care, chemicals, manufacturing/food production, etc.). Insurance coverage must be maintained even for facilities that have temporarily halted operations. The need to conduct risk analysis surveys of facilities to evaluate operational and physical risks continues.
In some cases when it is not possible to wait, our Insurance Risk Engineers are conducting “virtual” risk analysis surveys of our clients’ sites through interviews with site personnel and documentation review to answer key questions about their risk profile. Using today’s teleconferencing technology, we can tailor these virtual surveys to meet the needs of the client and their insurance partners.
While working from home, BakerRisk continues to perform the following services within the insurance risk service areas:
- Loss estimate studies (EML, PML, etc.)
- Business interruption and interdependency studies
- Contingent business interruption exposure studies
- Natural peril / catastrophe (nat/cat) risk evaluations
- Mechanical breakdown evaluations
We look forward to partnering with you to address your Insurance Risk needs.