Monthly Archives: November 2018

What’s Does Good Corporate Governance Mean for BPC?

By Brandon Loveridge, CFO

BPC just concluded its 17th board of directors meeting at the home office last week. Good corporate governance is very important to both us and our partner AXA XL and we take this responsibility very seriously. Some of our newer employees may not be as familiar with this part of the business, so I will outline a few of our management practices and why they are important.

BPC was incorporated as a limited liability corporation in the state of Delaware in August 2010. Shortly thereafter the company formed a partnership with Global Asset Protection Services to provide them with jurisdictional and other risk evaluation services. Since then, BPC’s board of directors has met twice a year to provide the strategic direction for the company. The board is comprised of three members – one representative from AXA XL and two BPC executives. Together as a group they make major decisions for the company based on input from our employees, management team, tax and insurance advisors, and our legal counsel. Each of the board members has a fiduciary duty to make sound decisions that will keep the company on the right track. In addition to regular board meetings, we also have an annual year-end meeting with our tax advisors to review our financials in detail and talk about how to best manage our revenue and expense growth for the following year. Their input is very helpful since they are able to advise us on financial best practices as well as how we compare to other companies our size and in similar industries. These annual meeting are important because they provide transparency to our partner AXA XL, which has full access to our books and records. The meetings are also an opportunity to discuss face to face what the opportunities and challenges are for each partner, and how we can each help the other address them effectively.

The result is that the company is moving in the right direction and is on very sound financial footing. Since 2010, BPC has grown at an annual rate of 15% per year. We are poised next year for record revenue and field staff headcount as we push aggressively into the government market and into new states for CO2 work. We appreciate each of you being a part of our team, since we simply cannot achieve great results without great effort from great people. Keep up your hard work, and rest assured that we are working hard to ensure BPC will be around for a long time and will continue toward the goal of being the employer of choice for inspection professionals.

From the President

By Venus Newton, President

We’ve had a strong year to date, despite experiencing a higher level of competition than before on every account we write. The increased competition has pushed us to substantially increase our production efficiency in order to remain competitive with our pricing. Thanks to your team efforts we have managed to meet this competition head on by increasing our operational efficiencies while still maintaining the highest level of service available in the market.  The final numbers are not in yet, but it looks like we are going to hold onto our first-place position of being the best at managing our overdues as ranked by JO for an entire year.  It’s always a challenge to ensure we deliver the highest level of customer service, while being aware of the cost associated with delivering this service, but you, our team, are doing a very good job meeting this challenge.

While we’ve done a good job so far, we still need to continue to look for ways to improve our personal efficiencies, which roll up into overall company efficiencies.  Then with increased efficiencies we can ensure that our pricing is competitive so that we can continue to grow our business in a profitable manner.  In an organization the size of ours, each member of our staff has a significant impact on our overall results – both positive and negative.

We have plenty of work to keep us busy through the end of the year with jurisdictional inspections and Boiler and Property Risk Assessments. This time of year can be particularly trying to get work done, between all the holidays, hunting season and winter weather, but we have an experienced staff who all know how to navigate these challenges. I am confident we will finish the year strong and set the stage for another successful year in 2019.

The details are still being worked out concerning AXA’s acquisition of XL Catlin, but we expect business to remain as usual during this transitional phase as they figure out all the legalities and nuances.  Going forward, it just means we’ll have additional opportunities for growth in all areas of our business.  In the meantime, please be patient as the details are finalized.

Keep up the good work and be safe during this busy time of the year!

Operations Update

By Manny Regateiro, Operations Manager

It’s that time of year! Colder weather, holidays, and last-minute calls to inspect boilers before the real cold arrives!

2018 has certainly flown by and in a blink of an eye, we are already looking into 2019. Everything from JOL to hardware provided to field engineers has been enhanced.

We have been able to maintain our #1 position in JOL for 12 consecutive months concerning overdue objects. This accomplishment is a team effort. We encourage you to continually strive to have your territory “a bit ahead” in scheduling. This helps deliver a high-quality customer experience as well as securing our renewal business. The main response and question I receive from customers is “will the inspector call me when the object is coming due, or should I chase them down?” The other question I receive is from brokers asking “why hasn’t this account been kept current, please provide the inspection dates for the overdue objects before end of policy term”. Even at the #1 spot, we are asked these questions.

All AIA’s deliver inspections. How the inspection experience impacts the customer is the differentiator. All of you have done a good job at being proactive scheduling inspections to better manage your territory. However, we can do better. Please continue to look 30 days ahead of current month. Please make your calls for inspections due in the next month, now – in the prior month. This will show the customer we are informed, taking ownership of their inspection needs, and showing the industry we really are the standard. If there are no contacts in JOL or non-responsive sites, please notify me within one week of efforts

The number of inspectors participating in our scheduling tool is growing. However, some of you are still not using it. By the end of 2018, we would like to see all engineers using this tool. The value added to the customer is priceless when we can let the risk management team know when an inspection may take place. If you need help understanding this tool, please call your supervisor. This will be something the supervisors will account for in future performance reviews.

Operationally, our goal for 2019 is to be the difference in the marketplace. Sure, you may have heard that before, but if it was easy, everybody would be accomplishing this goal. This means going the extra mile from the first contact to the resolution of certificates being received. The intangibles are the differentiators separating us from the other AIA’s.

These are the qualities Boiler & Property Consulting was built upon.

Thank you for your continued efforts; we are very grateful for such a professional team.

Understanding the Purpose of Electrical Relays, Their Working and Selection

By Anzar Hasan, Chief Inspector

Electrical relays are simple switches that basically have an electromagnet and set of contacts, which are operated both electrically and mechanically. The main operation of a relay comes in places where only a low-power signal can be used to control a circuit. It is also used in places where only one signal can be used to control a lot of circuits. Relays are safety devices that protect a circuit from advertent operation or an electrical fault in the circuit. Advertent operation could be described as the usage of Relay 25 used in the generator circuit in power stations. To reduce the possibility of catastrophic mechanical failure of the generators from inadvertent attempts by operators to synchronize the generators out of phase, a synchronization check relay, device number 25 is installed. If it is not installed a recommendation is warranted.

The relay primarily has four main components:

• Electromagnet
• Movable Armature
• Switch point contacts
• Spring

IEEE Device Numbers
1 Master Element
2 Time Delay Starting or Closing Relay
3 Checking or Interlocking Relay
4 Master Contactor
5 Stopping
6 Starting Circuit Breaker
7 Rate of Change Relay
8 Control Power Disconnecting Device
9 Reversing Device
10 Unit Sequence Switch
11 Multi-function Device
12 Overspeed Device
13 Synchronous-speed Device
14 Underspeed Device
15 Speed – or Frequency, Matching Device
16 Data Communications Device
17 Shunting or Discharge Switch
18 Accelerating or Decelerating Device
19 Starting to Running Transition Contactor
20 Electrically Operated Valve
21 Distance Relay
22 Equalizer Circuit Breaker
23 Temperature Control Device
24 Volts Per Hertz Relay
25 Synchronizing or Synchronism-Check Device
26 Apparatus Thermal Device
27 Undervoltage Relay
28 Flame detector
29 Isolating Contactor or Switch
30 Annunciator Relay
31 Separate Excitation
32 Directional Power Relay or Reverse Power Relay
33 Position Switch
34 Master Sequence Device
35 Brush-Operating or Slip-Ring Short-Circuiting Device
36 Polarity or Polarizing Voltage Devices
37 Undercurrent or Underpower Relay
38 Bearing Protective Device
39 Mechanical Condition Monitor
40 Field (over/under excitation) Relay
41 Field Circuit Breaker
42 Running Circuit Breaker
43 Manual Transfer or Selector Device
44 Unit Sequence Starting Relay
45 Abnormal Atmospheric Condition Monitor
46 Reverse-phase or Phase-Balance Current Relay
47 Phase-Sequence or Phase-Balance Voltage Relay
48 Incomplete Sequence Relay
49 Machine or Transformer, Thermal Relay
50 Instantaneous Overcurrent Relay
51 AC Inverse Time Overcurrent Relay
52 AC Circuit Breaker
53 Exciter or DC Generator Relay
54 Turning Gear Engaging Device
55 Power Factor Relay
56 Field Application Relay
57 Short-Circuiting or Grounding Device
58 Rectification Failure Relay
59 Overvoltage Relay
60 Voltage or Current Balance Relay
61 Density Switch or Sensor
62 Time-Delay Stopping or Opening Relay
63 Pressure Switch
64 Ground Detector Relay
65 Governor
66 Notching or Jogging Device
67 AC Directional Overcurrent Relay
68 Blocking Relay
69 Permissive Control Device
70 Rheostat
71 Liquid Level Switch
72 DC Circuit Breaker
73 Load-Resistor Contactor
74 Alarm Relay
75 Position Changing Mechanism
76 DC Overcurrent Relay
77 Telemetering Device
78 Phase-Angle Measuring Relay or “Out-of-Step” Relay
79 AC Reclosing Relay
80 Flow Switch
81 Frequency Relay
82 DC Reclosing Relay
83 Automatic Selective Control or Transfer Relay
84 Operating Mechanism
85 Communications, Carrier or Pilot-Wire Relay
86 Lockout Relay
87 Differential Protective Relay
88 Auxiliary Motor or Motor Generator
89 Line Switch
90 Regulating Device
91 Voltage Directional Relay
92 Voltage and Power Directional Relay
93 Field Changing Contactor
94 Tripping or Trip-Free Relay
95 For specific applications where other numbers are not suitable
96 Busbar Trip Lockout relay
97 For specific applications where other numbers are not suitable
98 For specific applications where other numbers are not suitable
99 For specific applications where other numbers are not suitable

Suffixes & Prefixes

Suffix letters or numbers may be used with device numbers. For example, the suffix “ N” is used if the device is connected to a neutral wire, hence 59N is a relay used for protection against neutral displacement & suffixes X, Y, Z are used for auxiliary devices. Similarly, the “G” suffix is used to denote a “ground”, hence “51G” is a time overcurrent ground relay. The “G” suffix can also mean “generator”, hence “87G” is a generator differential relay while “87T” is a transformer differential relay. “F” can denote “field” on a generator or “fuse”, as in the protective fuse for a transformer.

Suffix numbers are used to distinguish multiple “same” devices in the same equipment such as 51-1 & 51–2. Device numbers may be combined if the device provides multiple functions, such as instantaneous & inverse time overcurrent relay denoted as 50/51.