Chemical industry: Securing a high potential of liability
The chemical industry is facing the challenge of reconciling a successful economic performance with ecological responsibility and safety aspects. Due to these factors, the whole industry has a high potential of liability that demands a carefully selected insurance and risk management concept.
The high requirements for environmental protection, health and safety measures in the chemical sector arise from a complex legal framework with regular amendments. At the same time, the industry is known for its high degree of innovation and a continuous development of its systems, processes and products. Effective insurance management must be based on a precise and up-to-date knowledge of the entire industry, while also taking its constant transformation into account. Funk has been working with renowned companies in the chemical industry for many years.
Specific solutions for the chemical sector
- Property damage insurance against fire/explosion and machinery breakdown (technical and organisational fire protection)
- Business interruption insurance due to property damage and machinery breakdown
- Liability insurance for third party claims resulting from the operation or the products
- Environmental liability insurance (environmental damage liability and environmental impairment liability)
- Professional liability insurance
- Product recall insurance
- Marine cargo insurance
- Credit insurance
- D&O insurance
- Legal protection and criminal defence insurance
- Vehicle insurance
- Employee health and benefits concepts
Individual risk management for a dynamic industry
As a leading insurance broker for the chemical sector in Europe, we support a wide range of companies with comprehensive, specific risk and insurance management strategies at a global level. A typical example is the risk of fire and explosion, which mainly arises in the chemical and petrochemical sector due to the chemical reactions and processes themselves. Risk management in this field is therefore primarily implemented with measures for process safety instead of conventional fire protection strategies.
The highly complex technical systems that are used in chemical research and companies which produce and process chemicals, for example, have to be protected accordingly. Our experts work with their clients to analyze all aspects of an individual fire protection system, taking into account the relevant potentially explosive zones and recommending an appropriate cover strategy. In the process, the risks of a business interruption, personal injury and potential contingency and dependent losses, amongst others, are highlighted. Funk also works with the client to develop a strategy of protection against the liability risks that especially arise from the exposed environmental risk of the chemical industry.
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