Our staff of insurance risk engineers and consultants undergo annual training to ensure each expert retains a “state-of-the-art” expertise and awareness of potential property damage causes and contributing factors. Our team is dedicated to assisting you with maintaining maximum asset reliability and minimal risk of loss.
Our Insurance Risk Engineering professionals evaluate the risks at operating facilities and present those risks and associated risk reduction measures to the insurance underwriting community via a comprehensive risk assessment report. These independent evaluations and quantified loss estimates, which are accepted by the worldwide energy insurance market (e.g., Swiss Re, Munich Re, Zurich, Allianz, ACE, XL, Starr, and AIG), help you obtain appropriate levels of insurance and avoid higher premiums associated with unknown or unquantified risks.
BakerRisk's proprietary MaxLoss© 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.
MaxLoss© software was invented by us to eliminate the guesswork of defining worst-case loss events. This definitive modeling tool includes blast damage algorithms for events such as Vapor Cloud Explosion (VCE) and Bursting Pressure Vessel (BPV) that conform to accepted insurance industry definitions.
MaxLoss©’s unique “drift” feature quickly zeroes in on the worst-case loss event calculation by computing property damage and iterating those results to thousands of analysis shift locations.
Our Insurance Risk Engineering includes loss estimate studies (EML, PML, etc.), business interruption and interdependency studies, contingent business interruption exposure studies, natural peril / catastrophe (nat/cat) risk evaluations, and mechanical breakdown evaluations.
For clients needing a rush evaluation to expedite reporting, a simplified “report by exception” service is available. This service is designed to produce a report that focuses on the key elements of the risk, for clients who do not need or desire a full narrative report. This report includes development of EML and other loss estimates as needed, a determination of qualitative ratings in key risk areas, and development of risk improvement recommendations.
Other insurance-related services we offer include:
- Construction/erection all-risk (CAR/EAR) evaluations
- Specific, topic-focused “deep dive” evaluations of mechanical integrity, PSM, and Safe Work practices Operational Discipline / Conduct of Operations, etc.
- Peril-specific evaluations for natural perils such as flood, hurricane, and seismic events
- Business Continuity Evaluations to identify key exposures or weaknesses that may hinder a client’s recovery after a property damage event
- Protective System evaluations, focused on such areas as: Safety Instrumented Functions, Fire Protection systems (both active and passive), Fire and Gas Detection coverage and adequacy/reliability, Emergency Response capabilities, etc.