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Insurance Risk Engineering

BakerRisk’s Insurance Risk Engineering (IRE) professionals are experts at identifying risks that can cause or contribute to property losses involving property damage and business interruption. By evaluating the risks at operating facilities and presenting those risks and associated risk reduction measures to clientele and the insurance underwriting community, BakerRisk’s globally recognized IRE evaluations provide clients with updated loss estimates, enabling them to secure appropriate coverage and avoid inflated premiums associated with improperly quantified risks. Our proprietary MaxLoss© insurance risk engineering software differentiates us from the competition and has become the industry standard for computing and quantifying financial impacts from VCEs, large-scale fires, and other property damage events.

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BakerRisk insurance risk engineer with a white hard hat kneeling in front of red pipe

What we offer

BakerRisk’s insurance risk engineering expertise and services allow us to efficiently assist with the following:

  • Construction/erection all-risk (CAR/EAR) evaluations, also known as Builder’s Risk Evaluations
  • Specific, topic-focused “deep dive” evaluations of mechanical integrity, PSM, Safe Work practices, Operational Discipline/Conduct of Operations, etc.
  • Peril-specific evaluations for natural perils such as earth movements, floods, hail, lightning, hurricanes, volcanic eruptions, severe windstorms, wildfires, and winter storms
  • Business continuity evaluations to identify key exposures or weaknesses that may hinder a client’s recovery after a property damage event. Evaluations consider factors such as business interruption (BI), contingent business interruption (CBI), extra expense (EE), ingress/egress, service interruption, and supply chain analysis, as well as inward looks at potential company interdependencies
  • Protective system evaluations focused on areas such as safety instrumented functions, fire protection systems (both active and passive), fire and gas detection coverage and adequacy/reliability, emergency response capabilities, etc.
  • Loss estimate studies, such as Estimated Maximum Loss (EML), Probable Maximum Loss (PML), etc.
  • Mechanical breakdown evaluations

Testimonials

What do our customers have to say?

“BakerRisk handles their business with professionalism and demonstrates expertise throughout each and every assignment. Chevron Phillips Chemical Company has benefited and continues to benefit from a long-term partnership with BakerRisk. Their expertise is an essential component in our insurance program.”

Rondy SpardellaInsurance & Claims Manager, Chevron Phillips Chemical Company LP

Advanced risk engineering software to effectively determine worst-case loss.

BakerRisk’s proprietary MaxLoss© software allows users to efficiently and accurately assess potential maximum loss events based on various user-defined potential loss scenarios. Through an intuitive map-based Graphical User Interface, MaxLoss© allows risk professionals to quickly define a variety of loss scenarios, including business interruption impacts, equipment replacement, labor availability, and more. Key features and client advantages of our insurance risk engineering software include:

  • Utilization of traditional TNT Equivalency approach for Vapor Cloud Explosion analyses
  • Implementation of BakerRisk’s methodology to improve confidence in TNT Equivalency Calculations
  • Direct input or automated calculation of source parameters via an integrated discharge model
  • Static loss estimates
  • “Drifted” analysis, which computes property damage at thousands of analysis shift locations and reports worst-case scenarios
Maxloss/min - insurance risk engineering software

Learn more about MaxLoss©.

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Our Specialists

Meet our insurance risk experts.

Brian Norrie
David Black - Headshot

David Black, ARM
Daniel Bushey Headshot

Daniel Bushey, CSP

Related services

Explore our other services.

Discover how our detailed review of your BI risk provides you with the critical input needed when considering capital projects or other plant improvements.

Business Interruption Risk

BakerRisk’s professional team and decades of experience can help you develop and implement effective emergency response and fire hazard mitigation plans to limit incident impact, ensure business continuity, and more.

Fire Hazard Analysis and Emergency Response Planning

FireHAT© is our proprietary Fire Hazard Analysis software, an innovative modeling tool used to support our Fire Hazard and Mitigation Analysis (FHMA) studies. The objective of a FHMA is to perform a comprehensive evaluation of potential, credible fire scenarios that the site would be expected to respond to and successfully control.

FireHAT©

BakerRisk’s proprietary MaxLoss© software allows users to efficiently and accurately determine the potential maximum loss event for a facility based on a variety of user-defined potential loss scenarios. The tool provides an easy and consistent process to quantify property damage loss potentials as a function of potential credible events on site.

MaxLoss©

Explore the Nelson-Farrar Cost Index (NFCI), a service that provides industry-leading cost escalation data for various operating and construction cost factors.

Nelson-Farrar Cost Index

Related Resources

Expert knowledge and industry insights for insurance risk engineering.

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Insurance Risk Engineering: Evaluating Estimated Maximum Loss (EML) Scenarios

Working from home won’t slow down Senior Process Safety Engineer, Dan Bushey while he is evaluating EML’s. 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...

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