Comment by HPsquared
1 day ago
A lot of the "big boy" insurance on ships etc actually have inspectors - they'll come and inspect your ship (or industrial plant etc) periodically to confirm it meets the agreed safety standards. And if it doesn't, no insurance! That really aligns incentives.
This is a good point.
You also have insurance companies that will incentivize risk reduction by subsidizing alterations - if you clear any trees within X ft of home, they will give you $1000 towards it.
But yes on the inspections. I’ve had home insurance inspections around electrical and plumbing. They wanted to make sure it was at code as it was an older home.