Securing your critical equipment

If Insurance offers insurance solutions that help to protect clients from sudden and unforeseen issues with their critical equipment.

A significant part of the mitigating work entails that our clients maintain their critical equipment with due care, have spare parts available and access to alternative suppliers,” says Kristine B. Wagner, Head of Underwriting at If Insurance.

“In today’s world, and following Russia’s invasion of Ukraine, it is more evident than before that you cannot rely necessarily on the suppliers that you thought you could rely on. This is not only in terms of supplying materials and components to support production of your own projects, but also with regards to maintenance of your manufacturing equipment. Clients need to be mindful about where they will get replacement parts from, and to have an understanding of the risks relating to possible delivery times or quality issues with these parts, if sourced from alternative suppliers,” notes Wagner.

If’s Risk Engineers are well positioned to support clients in this regard, working by your side to ensure business continuity when supplier risks are also faced. A well-prepared organisation pays careful attention to critical equipment with regards to risk management and loss prevention. This is done by focusing on recognising potential show-stoppers thoroughly and mitigating possible impacts across various scenarios.

Managing risks together

According to Laura Rastas Jansson, Head of Property Risk Management Services; “In the current global situation especially, it is of utmost importance that clients carefully assess the critical parts of their own production processes, as well as scrutinise the resilience of their supply chain.”

“Some essential questions to find answers to include ‘What spare parts are so critical that you need to have them on-site in reserve?’; ‘How reliable are your existing spare part suppliers in today’s world considering the current situation?’; ‘Which relevant alternative suppliers exist?’; ‘How simple or complex would the process be if you were to switch to an alternative supplier?’; ‘What would be the likely availability of alternative suppliers?’

It is also important to look at these scenarios holistically, and to ask the same questions with regards to raw material and component suppliers,” concludes Rastas Jansson.   

Laura Rastas Jansson photo

Meet our expert

Laura Rastas Jansson

Head of Property Risk Management

Written by

Caroline Bødkerholm, If