Page 11 - Ebook IC S01

Survey And Loss Assessment IC-S01

Costs of Handling Risk

Time spent on identification, analysis and negotiation of insurance covers. The

additional monetary costs of loss prevention and reduction together with the

costs of consultancy fees .

Costs imposed by Risk

Because we live in an uncertain world, individuals are willing to pay amounts

in excess of the sums which they stand to lose, on average, in the long term

i.e. over their lifetime. This is known as the expected value of loss.

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