Central to effective risk assessment is knowledge sharing between adjusters, brokers and underwriters to ensure that all parties fully understand the risks, and that carriers are armed with accurate information. As with any insurance product, competent risk assessment is essential in the calculation of premium. (Credit: csfotoimages/Adobe Stock)
Accidents or fires at food processing plants in the United States can lead to major insured losses and claims of this nature are on the rise.
The sheer scale of the U.S. food industry (according to USDA there are over 36,000 food processing plants in the United States) and the complex supply chains involved, mean that the repercussions can be huge. Losses of this nature can cost multiples of millions and affect many different stakeholders, including the American public (particularly so given that US food prices have risen 10.4% annually, according to recent reports).
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