With a strong economy demanding more work from aging equipment run by operators who are approaching retirement, commercial property insurer FM Global intends to hire more than 60 seasoned engineers this year who will focus full time on helping clients prevent boiler and machinery-related (B&M) losses.
“Equipment breakdown is now rivaling fire losses in frequency and severity, which puts businesses at risk of short-term disruption and long-term financial harm,” says Brion Callori, senior vice president, engineering and research at FM Global.
The new engineering cohort will bring the number of FM Global loss prevention engineers dedicated exclusively to major equipment (such as boilers, turbines, generators, transformers, chemical vessels, compressors and pulp-and-paper processing machines) to more than 250. FM Global’s total headcount of loss prevention engineers and scientists is now approaching 1,900, according to the company, underscoring its focus on research and engineering-driven risk management to help businesses be more resilient to disruption.
“We’ve invested a lot of resources in analyzing equipment risk, improving our predictive capabilities, and assessing risk at client locations,” says Callori.
Equipment breakdown accounts for 28% of losses across all industries (based on FM Global’s gross loss dollar amount). FM Global’s expanded B&M engineering team will focus on several key risk improvement priorities, including expanding service to more industries, adding new risk assessment metrics and expanding industrial control systems service.
For more information, visit: www.fmglobal.com