SL7™ – Insurance Issues
Have you just been told by your insurance company that for insurance purposes you need to shield your transformer or LPG facility (or other scenario) with 120/120/120 FRR – 240/240/240 FRR?
For similar reasons to compliance we are being approached by companies that meet compliance but unable to gain or maintain their business insurance, mainly on their buildings due to either regulatory non-compliance or in some cases where their insurer assesses a risk disassociated from regulatory requirement that they are uncomfortable with.
A good example of this is a company who meets all regulatory requirements but they cannot gain insurance due to their power transformer bank not having fire rated panels separating them from each other. There is no standard for this currently in New Zealand but the risk is well documented so some insurance companies look for exposure.
Industry risk mitigation is becoming an area of interest to insurance companies and they are looking more closely at their exposure so if your business is facing these types of challenges please give us a call. We will quickly assess whether or not we can help and at the very least point you in the right direction.