Risk Management – Safeguarding Construction Plant and Equipment
Every year, insurance companies pay out substantial sums in claims following either significant damage and theft of construction plant and equipment (CPE). Losses can be incurred due to accidents such as collisions or overturning events, fire, flood or deliberately through vandalism or arson.
These incidents can also result in personal injury, property damage and business interruption as well as potential delays and increased costs (including insurance excesses).
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Many loss events are preventable and occurrences can be reduced through appropriate risk management procedures and activities. Ultimately, decreasing the frequency and severity of these incidents will help reduce your company’s insurance premiums. Below we give access to a downloadable document containing industry best practice guidance for organisations as well as relevant legislation.
Click the above image or here for your guide to loss prevention provided by HSB Engineering Insurance Limited
A Guide to Loss Prevention
Provided industry experts HSB Engineering Insurance Limited, this document aims to provide a guide to the prevention of damage or theft of construction plant and equipment (CPE), raising awareness of some of the practical measures that can be implemented to ensure CPE is operated safely and stored securely. Some real world working examples of typical incidents and suitable risk management procedures are provided to help inform those responsible within relevant firms.
CPE is not only operated on civil engineering and construction sites but also in a diverse variety of environments and industries, including waste processing, metals recycling, docks, farming and quarries, etc. Consequently, it is important to properly risk assess the work activities and to ensure the selected plant is suitable for its operating environment. This guide also aims to identify common loss prevention measures that can be applied to CPE working in various situations. With such a diverse range of CPE available, the specific operating and maintenance instructions for any particular piece of CPE should be referred to. However, many of the loss prevention principles are common to all types of CPE and working locations.
Click the above image or here for your guide to loss prevention provided by HSB Engineering Insurance Limited
We trust this document will prove insightful. If you have any feedback please feel free to get in touch. Alternatively should you wish to discuss your business’s commercial insurance requirements one of our experts will be happy to assist.
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