Insurance for Waste Plant Management
Insurance plays a crucial role in the management of a waste plant. The way the plant is run is highly regulated by local authorities, but the insurer may also have relevant advice on how the plant needs to be set up.
There are many ways to organize and run a waste management plant to minimise insurance costs. These actions can also affect the safety of the plant, its employees, the environment, and the surrounding areas - usually in a positive way!
Minimising risks associated with running a waste management plant is the best way to keep insurance premiums as low as possible. Have you considered these key risks associated with waste management facilities?
Fire - Insurance premiums are affected by the likelihood of having a fire, and the speed and effectiveness of fire protection systems, like fire alarms, automatic sprinkler systems, and other special extinguishing systems.
Dust, Ignition, & Explosions - Waste management facilities have a risk of explosion, ignition, and dust collection just in the nature of the job. However, it’s important to minimise these risks, especially when it comes to insurance premiums. Dust clouds may also cause an explosion, which results in a larger dust cloud, leading to an even bigger explosion… prevention is key.
Stockpiles - Depending on what materials are being handled, it’s important to use monitoring instrumentation to measure levels of various organic and inorganic waste and materials in the facility. A balance between decomposition and safety is necessary for the protection of those involved, and the functions of the waste management facility.
Equipment - As with any business involving heavy duty equipment, there is always a risk of failure, dirt building up, improper maintenance, or an unforeseen accident leading to injuries, malfunctions, or breakdowns. Any of these can result in an insurance claim, depending on your policy, so equipment maintenance and checks are vital.
Conveyors - There are a great many risks associated with the use of conveyors in a waste management facility, including belt slip and misalignment, which can lead to materials being stuck, belts breaking, backed up materials, and more. It’s critical to ensure that conveyors are maintained and cleaned, especially when it comes to insurance premiums.
Managing Hot Loads - Because hot loads may or may not include dangerous materials, it’s important to have a reliable system for sorting through them. Smouldering materials, glass bottles, batteries, and more that may be hazardous need to be sorted out.
For more information on these and other key risks associated with waste management facilities and insurance premiums, check out our white paper on the subject.