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NOTE: This is an unformatted excerpt from our online fire protection training library.

Authorities, Specifications and Codes & Standards

Authorities

Insurance Companies

Insurance companies have a vested interest in the application of fire safety, because they may insure the people occupying the building, the property itself, or the business activity that takes place in a building. In some instances, the insurance company insures all three. In essence, they have an economic stake in the property.

There are many insurance companies that insure properties and people. Insurance is a financial vehicle in which the insurance company receives a return on an exposure that they are willing to take when they “insure” a risk. An insurance company exposes their assets in “covering” the risk represented by a person or property. Thus, insurance can be viewed as an investment of funds that they collect from a group – a calculated gamble of sorts.

Many smaller insurance companies will not insure large properties, in order to limit their exposure to financial losses. Often, a smaller insurance company will not have the staff or the technical ability to judge the protection criteria applied to a building. Consequently, they may rely on questionnaires filled out by the owner of the property, or they may use a service to collect information for them. One of these organizations is the Insurance Services Office (ISO), often called “the rating bureau.”

NOTE: This is an unformatted excerpt from our online fire protection training library.

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