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Prediction of Power Plant Exposure to Economic Losses Through a Property Risk Assessment Methodology

[+] Author Affiliations
G. J. Orme

AEGIS Insurance Services, Inc., East Rutherford, NJ

M. Venturini

University of Ferrara, Ferrara, Italy

Paper No. GT2009-59018, pp. 551-561; 11 pages
doi:10.1115/GT2009-59018
From:
  • ASME Turbo Expo 2009: Power for Land, Sea, and Air
  • Volume 4: Cycle Innovations; Industrial and Cogeneration; Manufacturing Materials and Metallurgy; Marine
  • Orlando, Florida, USA, June 8–12, 2009
  • Conference Sponsors: International Gas Turbine Institute
  • ISBN: 978-0-7918-4885-2 | eISBN: 978-0-7918-3849-5
  • Copyright © 2009 by ASME

abstract

In this paper, a procedure for Risk Assessment, which makes use of two risk indices (PML - Probable Maximum Loss and MFL - Maximum Foreseeable Loss) is applied to power plants to evaluate potential economic losses due to risk exposure for two different loss scenarios (probable and worst-case). The paper is mainly focused on Property Insurance aspects, though Boiler and Machinery Insurance and business interruption are also addressed. First, the procedure is applied to provide a prediction of probable and maximum loss as a function of power output. The results allow an estimate of whether the adoption of risk assessment procedures and devices allows an actual payback for plant owners. Second, the economic loss predicted through the risk assessment procedure is compared against real power plant loss values, taken from published data.

Copyright © 2009 by ASME

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