All your risks at a glance: cover concepts for the chemical industry
The chemical industry is an important economic factor in Germany. However, the entire industry also has high potential liability not least because of the environmental risks associated with it. In terms of turnover the chemical and petrochemical industry is Germany’s third largest economic sector after automotive and machine construction and is therefore an important employer. As such, the industry faces the challenge of reconciling economic performance with ecological responsibility and safety aspects.
The high requirements specific to the industry for environmental protection, health and safety in the chemical sector arise from a complex legal framework that makes precise and up-to-date knowledge of the entire industry a necessity. When it comes to risk and insurance management, chemical companies therefore trust the experience and cross-discipline expertise of Funk. As a leading insurance broker for the chemical sector in Europe, we support a wide range of companies in the chemical industry with comprehensive, company-specific risk and insurance management strategies at a global level.
Comprehensive protection: insurance modules for the chemical industry
Funk covers the entire spectrum of company risks in the chemical industry, including:
- Property and business interruption insurance
- Technical system insurance
- Public and environmental liability insurance (including product liability risks)
- Product recall insurance
- D&O (Directors and Officers) insurance
- Transport goods insurance
Individual risk management for a dynamic industry
The industrial sector is known for its high degree of innovation with continual further development of systems, processes and products. Effective insurance management must take into account this development as well as regular amendments to legislation. Funk has been working with renowned companies in the chemical industry for many years and has comprehensive and up-to-date knowledge of the industry and its specific risks. 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.
System and operational safety – company-specific insurance solutions
Highly complex technical systems, like those used in chemical research and in companies which produce and process chemicals, mean that the plant houses a significant amount of valuable equipment which must be protected accordingly. Funk works together with the client to analyse all aspects of an individual fire protection system, for example, taking into account the relevant potentially explosive zones and recommends an appropriate cover strategy. In the process the risks of a business interruption, personal injury and potential contingency losses and dependent losses, amongst others, are analysed. Funk also works with the client to develop a strategy of protection against the liability risks that arise especially from the exposed environmental risk of the chemical industry.