Page 7 - Ebook IC S01
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Survey And Loss Assessment IC-S01
a. Static Risk: Which are connected with losses caused by the irregular action of
the forces of the nature or the mistakes and misdeeds of human beings.
b. Dynamic Risk: Which are associated with changes in human wants and
improvements in Machinery or Technological innovations.
E. Fundamental or Particular Risk
a. Fundamental Risk: Risks associated with groups, impersonal in original and
effect. These fundamental risks are in the form of Political or Economic
changes happening to a group.
b. Particular Risk: Which are associated with individuals.
Categories of Risks
A. Pure and Speculative Risk
Pure risks are events the occurrence of which result in either loss to the individual
or organization concerned.
Examples of pure risks include
Chemical : Fire, Explosion
Natural : Cyclone, Flood, Earthquake
Social : Riot, Strike, Theft, Fraud, Negligence
Technical : Machinery Breakdown
Personal : Death, Disablement, Sickness, theft, fraud
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