P&C Loss Control
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Businesses buy insurance to mitigate the effects of a loss. The cost of insurance is determined, among other things, by the value of the assets being insured and by the exposure to loss that those assets face. Many would argue that any exposure can be managed and the risk of loss reduced through effective measures. Good lighting and security measures reduce the probability of vandalism and of break and entry and theft. Clean well-organized sites, and fire prevention, detection and suppression systems reduce the risk of loss due to fire. The presence of good loss control measures will reduce the cost of insurance, but an insurance underwriter needs to see and understand those systems in order to be able to properly assess the risk and price the insurance. An effective loss control system can help inspectors identify and record the assets and the quality of the loss prevention measures in place. This results in a better record of the state of the assets at the time of underwriting, and helps all parties identify improvements which can be undertaken to reduce the risk of loss, and the correspoinding cost of insurance.
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