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The loss control consultant will typically work for an insurance company, a private consultant firm or as an independent consultant. The LCC will survey businesses for property or casualty (general liability, automobile, workers compensation) exposures, identifying exposures to loss and how a business can control these loss exposures.
As the FM companies grew, the inspection workload became difficult to manage. By 1878, the FM companies formed a dedicated unit to handle the collective inspection activities for all the FM policyholders. This unique group of loss control specialists initially provided only inspection services.
The Hartford Steam Boiler Inspection and Insurance Company (HSB) is a global specialty insurer and reinsurer headquartered in Hartford, Connecticut.It was founded in 1866 and is the largest provider of equipment breakdown insurance and related inspection services in North America serving over five million commercial locations.
The core services offered by SGS include: the inspection and verification of the quantity, weight and quality of traded goods; the testing of product quality and performance against various health, safety and regulatory standards; and the ascertainment of the conformance of products, systems or services with the requirements of standards set by ...
The FAA publicly identified an “unsafe condition” that could result in a “loss of control” of certain Boeing 737 Max jets because of “nonconforming” installation of spoiler control wires.
Magnetic Flux Leakage Principle [1]. Magnetic flux leakage (TFI or Transverse Field Inspection technology) is a magnetic method of nondestructive testing to detect corrosion and pitting in steel structures, for instance: pipelines and storage tanks.
To meet the objective of rate adequacy, the rates should be responsive over time in comparison with changing economic conditions and loss exposures. Finally, to reduce the frequency and severity of losses, the rating system should encourage loss control activities. Loss control is important in insurance because it tends to keep insurance ...
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