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Heavy Industry (Steel, Cement, Mining…)

Industry-Specific Knowledge Insurance Solutions Recommended

Industry-Specific Knowledge

The heavy industry sector, which includes steel and cement production, is characterized by a high level of risk. Fluctuations in global demand and supply can lead to significant changes in raw material prices, affecting production costs and profitability. Additionally, the sector is prone to environmental and health risks, such as air pollution and occupational hazards, which can result in costly compliance measures and potential damage to reputation.

Moreover, the industry is vulnerable to physical risks, such as equipment failures, natural disasters, and supply chain disruptions. The risk of product liability claims also exists, particularly in cases where defective products are used in construction projects. Furthermore, the sector is subject to regulatory risks, as changes in government policies and regulations can impact production costs and profitability.

To mitigate these risks, companies in this sector invest heavily in risk management systems (safety, maintenance, operation manual, training, risk transfer method), maintain strong relationships with suppliers and customers, and stay up-to-date with regulatory changes.

Insurance Solutions Recommended

Motor Vehicle Insurance (MV)

There is also coverage for physical damage to your vehicles such as theft, collision, fire &explosion, natural disaster.

Product Liability (PRL)

Numerous variations of this insurance type are currently available in the market.

Public Liability (PL)

It is essential for the policyholder/insured to meticulously scrutinize the selected option to comprehensively grasp the advantages and disadvantages of each version.

Marine Hull Insurance

This policy covers damage, loss, or theft of a vessel, providing protection against physical risks. It also covers liability for third-party claims, ensuring that the vessel owner is protected from unforeseen events.

Cargo Insurance (CI)

Covers the risk of loss or damage to goods during transit, storage, or warehousing. It provides financial protection against theft, fire, water damage, and other perils.

Environmental Impairment Liability (EIL)

Environment Impairment Liability (EIL) insurance provides coverage for damages or losses resulting from environmental pollution or contamination

Directors and Officers Liability Insurance (D&O)

Covers individual Director against E&O and wrongful acts claims, either alleged or actual, arising from their civil liability under the duties of a director, manager or supervisor

Property Insurance (PD)

Cover for physical damage happening to tangible property (building, machines & equipment, tools, stocks, forklift…) such as fire, storm, lightning, flood…

Employees benefits and Healthcare (EB&H)

IIB provides advisory to build the most robust and adapted employees benefits scheme that fits your operations, size and HR strategies. We also provide broking services for Healthcare, Workers’ Compensation Insurance (WCI) and Personal Accident (PA)

Delay in Start-up (DSU)

DSU insures project owners for the financial consequences (as described in the policy) of a delay to project completion arising from an insured physical damage event.

Trade Credit Insurance (TCI)

Solution for bad debt protection. It protects the Firm against non-payment of invoices by covering your receivables due against unexpected commercial and political risks (customer bankruptcy, changes to import and export regulations, etc...)

Construction All Risks (CAR)

Provides comprehensive insurance coverage for construction projects, including risks such as damage to work, delay in completion, and loss of or damage to materials. Coverage extends to the contractor’s equipment, temporary works, and site personnel.

Business Interruption (BI)

The policy cover for losses resulting from business interruption caused by accidental damage to a building or property used for business purposes at the insured premises.

Contaminated Product Liability (CPL)

Covers businesses against financial losses resulting from defective or contaminated products, including recalls, product withdrawals, and damage to reputation. Coverage includes damages to third-party property, bodily injury, and consequential damages, as well as defense costs and penalties. Policy limits vary depending on the industry and risk.

Employer Liability Insurance (ELI)

Covers employers' legal liability for work-related injuries or illnesses to employees. It provides financial protection against employee claims, including medical expenses, lost wages, and rehabilitation costs. ELI also covers claims related to employee death, disability, and mental health issues.

Travel Insurance (TVI)

Provides financial protection against unexpected events while traveling, such as trip cancellations, medical emergencies, travel delays, medical evacuation, and medical expenses, lost or stolen luggage, travel documents, and personal effects.

Master policy

is the tailored made program for company who have various type of assets/ risk locations/ comprehensive risks for better management and volume to negotiate with risk carriers in both purchasing and claim process.

Parametric Insurance

Provides coverage based on specific, measurable events, such as earthquakes, hurricanes, or floods, lack of wind, lack of solar, pandemic…. Policies pay out a fixed amount based on the intensity of the event, rather than the actual damage caused. This model provides rapid and transparent payouts, often within hours of the event, with reduced administrative costs.

P&I

Covers vessel owners against liability for damage to third-party vessels, property, and people. It provides financial protection against claims, damages, and settlements. Required by charterers, lenders, and stakeholders, it protects assets and reputation.

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