In the chemical industry, the risks may range from product quality, workplace hazards leaving threats. First Policy can assist your business by making it easier for you by a proper assessment of your risk management issues and necessary mitigation measures.
Great Insurance Solutions for your Chemical Business
The risks associated with the chemical industry are commensurate with their rapid growth and development. Apart from their utility, chemicals have their own inherent properties and hazards. We do thorough identification and analysis of all risks and insurance planning are so done, so that interruption risks and public liability risks could also be managed effectively.
For managing risks effectively
We work with our clients to implement comprehensive risk management programs that include Process Safety Management, Emergency Response Planning, Regular Safety Audits, Employee Training and Continuous Improvement Initiatives.
We help our clients achieve
Industry best practices. Along with, Appropriate insurance coverage for of risk mitigation.
Our insurance programmes are designed to cover
Chemical Hazards, Fire and Explosion, Worker Safety, Environmental Impact, Process Safety Failures and Security Threats.
Our Experience in the Chemical Industry
Premium Reduction
In recent premium hike situation, we could help contain premium cost at INR 70 million instead of INR 200 million quoted initially. Premium Saving to customer of INR 130 Million.
Experienced Team
Successfully handled claim in property business interruption of INR 300 million.
Dependable Services
Handled liability claims in Explosion leading to Third party property damage.
Insurance policies commonly applicable to Chemical and Fertilizer companies are as follows:
Marine Cargo Insurance
Property Insurance
Business Interruption Insurance
Directors and Officers Liability Insurance
Workers' Compensation Insurance
Cyber Liability Insurance
Trade Credit Insurance
Environmental Liability Insurance
Public Liability Insurance
Product Liability Insurance
Commercial Crime Insurance
Machinery Breakdown Insurance
Why Choose First Policy
Industry Expertise
We possess in-depth knowledge and expertise in the chemical sector since more than 2 decades.
Specialized Coverage
We help you navigate the complex landscape of insurance products, ensuring you have the right coverage in place to protect your assets, employees, and reputation.
Claims Management
Our expertise in claims management helps you navigate the complexities of the process. Facilitating a swift recovery.
Risk Assessment & Mitigation
We identify the potential hazards and vulnerabilities within your operations. We help you mitigate risks and design comprehensive insurance programs.
Regulatory Compliance
First Policy ensures that your insurance program aligns with regulatory requirements.
Risk Management Strategies
Our goal is to help you proactively manage risks, reduce the frequency & severity of incidents, enhance the overall safety & resilience of your chemical operations.
Areas Of Cover Includes
Builders All Risks
Ship Repairers Liabilities
Contract Review
Our Coverages Are Designed To Cover
Chemical Hazards
Chemical plants handle and store a wide range of hazardous substances. The risk of chemical spills, leaks, or releases can result in fires, explosions, and toxic exposures to workers, neighboring communities, and the environment.
Fire and Explosion
Chemical plants often have processes and equipment that generate heat or involve the use of flammable substances. Equipment failures, ignition sources, inadequate maintenance, or human errors can lead to fires and explosions. These incidents can cause significant damage, loss of life, and environmental pollution.
Process Safety Failures
Chemical processes involve numerous interconnected systems and equipment. Failures or malfunctions in process controls, pressure vessels, pipelines, or safety systems can lead to catastrophic events. Proper process hazard analysis, safety protocols, maintenance procedures, and employee training are critical for managing process safety risks.
Worker Safety
Chemical plants present various occupational hazards, such as exposure to toxic chemicals, confined space entry, working at heights, and operating complex machinery.
Environmental Impact
Chemical plants have the potential to release hazardous substances into the environment, either through accidental spills or as part of routine operations. Environmental risks include soil and water contamination, air pollution, and ecological damage. Compliance with environmental regulations, robust containment measures, and effective emergency response plans are essential to mitigate these risks.
Security Threats
Chemical plants may be targets for sabotage, terrorism, theft, or unauthorized access due to the nature of the materials they handle. Security measures, including perimeter protection, access controls, surveillance systems, and cybersecurity protocols, are critical to preventing unauthorized activities and safeguarding against potential security threats.
Stats
In recent premium hike situation, we could help contain premium cost at INR 70 million instead of at about Rs. 200 million quoted initially.
Handled INR 300 million claim in property business interruption
In recent premium hike situation, we could help contain premium cost at INR 70 million instead of at about Rs. 200 million quoted initially.
Our Other Services
Claims
Reinsurance
Marine Insurance
Risk Management
Property Insurance
Liability & Credit Insurance
Employee Benefits
Engineering & Misc. Insurance
Why Us
Industry Expertise
As an insurance broker, we possess in-depth knowledge and expertise in the chemical sector. We understand the specific risks associated with chemical manufacturing, storage, transportation, and distribution. Our industry insights enable us to tailor insurance solutions that address the unique needs and exposures of your business.
Risk Assessment and Mitigation
We conduct thorough risk assessments to identify the potential hazards and vulnerabilities within your operations. Whether it's the handling of hazardous materials, the risk of accidents or spills, or compliance with stringent environmental regulations, we help you assess and mitigate these risks. By understanding your risk profile, we can design comprehensive insurance programs that provide adequate coverage for property, liability, pollution, and other specific risks.
Specialized Coverage
Chemical companies require insurance coverage that goes beyond standard policies. We have access to insurance markets that offer specialized coverage for chemical risks, such as pollution liability, product liability, product recall, and business interruption due to a chemical incident. We help you navigate the complex landscape of insurance products, ensuring you have the right coverage in place to protect your assets, employees, and reputation.
Regulatory Compliance
Compliance with local, regional, and international regulations is critical for chemical companies. Our insurance broking company ensures that your insurance program aligns with these regulatory requirements. We help you understand the insurance implications of regulations, such as environmental laws, chemical handling protocols, and transportation regulations. By maintaining compliant insurance coverage, you can mitigate regulatory risks and avoid potential penalties or business interruptions.
Claims Management and Support
In the event of a claim, we act as your dedicated advocate. We assist you throughout the claims process, working closely with insurance companies to ensure timely and fair claim settlements. Our expertise in claims management helps you navigate the complexities of the process, minimizing disruption to your operations and facilitating a swift recovery.
Risk Management Strategies
Beyond insurance, we provide comprehensive risk management services. We work with you to develop risk mitigation strategies, including safety protocols, training programs, and loss control measures. Our goal is to help you proactively manage risks, reduce the frequency and severity of incidents, and enhance the overall safety and resilience of your chemical operations.