They tried to calculate and anticipate risks at all times, and not one volume of mathematical calculations is devoted to this topic. But practice shows that
unpleasant events always happen unexpectedly.
Construction Risk Insurance
This type of activity during construction work is an effective protection against possible losses. No matter how advanced the technologies in this industry are, the improved technical equipment of the work site, it is impossible to exclude the possibility of damage during the construction of facilities.
The insured . In this case, one contract is drawn up for the entire volume of construction work, in which all participants located at this facility are considered insured. The general contractor most often acts as the insurer, as it bears full responsibility to the project customer.
Objects of insurance . This agreement provides for insurance of property risks at the work site intended for certain works, namely:
- all types of construction products;
- mechanical means and mechanisms;
- temporary buildings at the construction site;
- buildings, structures requiring reconstruction and overhaul.
Fundamentally new directions are insurance against:
- possible interruptions in the workflow;
- Failure to comply with the conditions of the signed construction contract.
Coating. Risk insurance under such a program works on the principle of “all risks”, which implies the provision of protection not only in classical cases, but also in other unusual situations.
Sum insured . According to a mutual agreement, a fixed rate is established, which includes cash payments for the construction project and liability for harm to third parties.
Bank Risk Insurance
The specifics of the work of
banking involves protection from possible losses that arise due to the instability of situations both in the domestic market and in the world. In this case, risk insurance implies not only the probability of non-receipt of profit on transactions, but also the possibility of losing all capital. The following types are recognized:
- Financial: credit, interest, liquid, investment, currency. As well as the risk of insolvency.
- Functional: strategic, technological, operational. In addition, there is a risk when introducing new products and various banking technologies.
- External: likelihood of inconsistency and loss of reputation.
Risk insurance in banking is not only a credit institution, since in the process of performing various operations it risks not only its finances, but, above all, the money of depositors. However, it is impossible to insure the bank’s capital in full, so a special reserve cash reserve fund is being created. Such a procedure is carried out only for deposits that are especially important for the institution.
Many countries have introduced the mandatory purchase of a basic policy into the practice of the bank, which increases the reputation of the institution and helps to attract new customers.