Risk Management Checklist for Stock in a Controlled Environment

Risk Management Checklist for Stock in a Controlled Environment

There are a number of ways to manage your risk exposure:

1. Duplication of Refrigerated Contents

  • Duplicate and separate critical business components.
  • Refrigerate duplicates on a separate power supply
  • Consider off-site storage in case of a major incident
  • Review possible impact of a region-wide power failure

2. Maintenance of Power Supply
Many claims arise from contractors turning off electrical power or refrigeration units being moved and then not plugged in again.

  • Wire refrigeration units into the wall to avoid unplugging
  • Brief contractors of critical issues and supervise closely
  • Install a generator with a suitable auto-start mechanism and with sufficient fuel to last until return of power or alternative arrangements can be made.
  • Set up scheduled maintenance and load testing, and a generator back-up contract based on your critical thaw times
  • Get voltage surge protection for the whole building or for critical units (in case of electrical storm).

3. Provision of Alarms and Emergency Response Mechanisms
Early detection of a critical change in temperature is important.  Arrange scheduled manual monitoring or an automatic alarm linked to a central monitoring station. 

Devise an emergency response procedure and communicate this to all relevant parties.  Solutions need not be costly – a contract with an ice supplier to supply ice at short notice or using bottled gas coolant for a short term might be very effective.

4. Fire Brigade Pre-planning
Fire personnel are trained to shut down power on arrival at a site.  Pre-planning with the fire department could avoid this or at least minimise interruption of power.

5. Liquid Nitrogen Dewars
Flexible and portable, Dewars don’t rely on electrical supply - but often contain material with extremely low critical thaw temperatures.

  • Ensure the temperature alarm, is set at a low enough temperature to allow recovery in time
  • Include low liquid level alarms to ensure manual refilling is completed
  • Have an auto-fill system in place as back-up
  • Consider duplicating between units and sites
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About La Playa Science & Technology

Specialist & Independent

Specialist & Independent

La Playa's specialist Science & Tech team can help you protect your business with smart, flexible, high-performance insurance - with a friendly human UI. We understand the risks and pressures you face - and we speak your language.  We’ll support you with great advice - helping you make good decisions for your business. 

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We also offer Business Protection (including Key Person Insurance) and Employee Benefits: a joined up approach with a team of advisers working for your best financial interests - all under one roof

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Tech-based business is 24/7, global and borderless, exposing you to new risks and liabilities - often in unfamiliar places. As the law struggles to keep pace with technology, insurance can provide a real safety net if you fall foul of changing legislation.

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What does “Boutique Service” actually mean?
La Playa’s Personal Risk Concierge means:

  1. dedicated adviser so you can speak to the same person each time
  2. Careful listening to really understand your needs and priorities
  3. As much help as you need with completing forms to provide risk information
  4. A discreet and complimentary appraisal* of your property to assess the risks and ensure you have the right cover where you need it
  5. An independent market review - so you don’t have to shop around comparing policies, cover limits, risks covered and smallprint exclusions
  6. Careful monitoring of the insurers’ financial strength, claims and customer service
  7. An independent recommendation of the best policy for you - and, importantly, why
  8. Specialist policy wordings from underwriters who have demonstrated excellence and deep understanding of your risk exposures. We have analysed a wide range of policy wordings and have selected only the best for our panel. Our advisers have a deep working knowledge of these policies 
  9. An intelligently designed portfolio of protection across multiple asset classes and territories
  10. Advice on how best to manage your risks - to keep you safe but also to keep insurance costs down
  11. Expert guidance on valuations, security and risk management, and connecting you with specialist advisers and suppliers
  12. Direct phone, mobile and email access to your adviser for questions and advice. We aim to respond to emails within 60 minutes
  13. Policy documents emailed to you - no logins and passwords to remember
  14. An advocate beside you if you make a claim - thinking laterally to mitigate the impact, making useful connections to get you back up and running; driving through to a swift and fair financial settlement

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*subject to availability with our insurer panel

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Hanna Beaumont FIRM

DIRECTOR, CORPORATE

Direct Dial: +44 (0) 1223 200664

Mobile: +44 (0) 7795 473071

Email: hanna.beaumont@laplayainsurance.com

Twitter: @HannaBLaPlaya