MANAGEMENT OF PETROCHEMICAL RISKS

Background
Insurance of Petrochemical Risks involves special issues of hazards, which need to be dealt separately. Handling of highly hazardous materials and existence of both fire and explosion hazards in a high degree, a clear understanding of the risks and hazards involved in such industries is necessary together with a fairly good knowledge about the process and operation of these Plants. As a separate Petrochemical Tariff governs Petrochemical risk insurance, it is also required to have a thorough understanding of the philosophy and various risk management measures incorporated in the Tariff.

Objectives
This programme aims to enable the participants

• To assess the various risks and hazards involved in Petrochemical Risks

• To have a thorough understanding of Petrochemical Tariff and various Risk Management measures incorporated in the tariff

• To have a fair idea of working of Petrochemical Risks – the process, operation and maintenance

• To assess PML of Petrochemical Risks

• To evaluate the special aspects of loss of profits insurance of these risks

• To understand various issues in Machinery Insurance and Machinery Loss of Profits insurance of these risks

• To evaluate Liability risks relating to Petrochemical Plants

Contents
• Process, Operation and Maintenance of Petrochemical Risks

• Risk Management in Petrochemical Risks

• Petrochemical Rating Guide Lines.

• PML Assessment of Petrochemical Risks

• Consequential Loss Insurance of Petrochemical Risks

• Machinery Insurance and MLOP Insurance

• Liability risk evaluation

• Rating of Petrochemical Risks – Case Study