Highly Protected Risk or HPR refers to those risks that have invested in the highest possible level of fire protection to protect their assets. The fire protection systems insured are based on guidelines provided by specialist insurers of HPR risks such as Factory Mutual (FM Global). These guidelines require a much higher level of protection compared to what regulatory controls require under the building code in Australia.
Whilst there is a significant capital investment required to achieve HPR status, this will also lead to significant premium reductions and much more capacity available in the insurance market.
When such a significant investment is made in fixed fire protection systems it is crucial that systems are maintained to ensure that the HPR status is maintained. Whilst HPR insurers will provide engineering services to assist in this regard, RiskTech can also provide consulting services to maintain HPR risk protection. This is achieved by:
- Regular site auditing and testing of fire protection systems;
- Involvement in design phase of any building changes or new construction;
- Reporting to underwriters; and
- Independent review of underwriter recommendations.