Date: 6 Feb 2025
Recent incidents underscore the critical importance of comprehensive insurance coverage for manufacturing facilities. In October 2024, a significant fire erupted at Critical Mineral Recovery's lithium-ion battery recycling plant near Fredericktown, Missouri, leading to evacuations due to hazardous smoke. (waynecojournalbanner.com) Similarly, in November 2024, an explosion at a factory in Louisville, Kentucky, resulted in two fatalities and raised concerns about long-standing safety issues. (apnews.com)
These events highlight the unpredictable nature of industrial operations and the potential for substantial financial losses. To mitigate such risks, factory owners should consider specialized fire insurance policies tailored to protect infrastructure, machinery, and inventory. Such policies typically cover damages from fires, explosions, natural disasters, and other unforeseen events. (tataaig.com)
However, it's essential to recognize that insurance premiums for manufacturing facilities have been rising. Factors such as increased natural disasters and higher construction costs have contributed to this trend. For instance, U.S. manufacturers have experienced significant increases in property and casualty insurance costs, with smaller factories and those handling hazardous materials facing the greatest challenges. (reuters.com)
Given these challenges, it's crucial for factory owners to assess their specific risks and ensure they have adequate coverage. Regularly reviewing and updating insurance policies can provide financial protection and peace of mind in the face of unforeseen disasters.
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source: https://insuranceasianews.com/bhsi-tracking-claims-trends-in-asia/
BHSI: Tracking Claims Trends in Asia
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Marine Casualties & Major Incidents
A marine casualty means an event, or a sequence of events, that has resulted in any of the following which has occurred directly in connection with the operations of a ship:
death or serious injury
loss of a person from a ship
loss, presumed loss or abandonment of a ship
material damage to a ship
stranding or disabling of a ship
collision
material damage to marine infrastructure external to a ship that could seriously endanger the safety of the ship, another ship or an individual
severe damage to the environment, or the potential for severe damage to the environment brought about by the damage of a ship or ships.
Marine casualties do not include deliberate acts or omissions intended to cause harm to the safety of a ship, an individual or the environment.
You may check the most up to date Marine Casualties via our Surveyor here
You may also check our claims experience here
Date: 03 March 2022
Date: 12 Feb 2022
