ART (Alternative Risk Transfer) covers non-traditional risk financing options outside standard insurance, such as captives or self-insurance pools. Subcontractors use ART programmes to manage liability exposure when conventional coverage is unavailable or too costly. Common in high-hazard field operations where standard insurers may decline coverage.
Alternative Risk Transfer
Related Terms
FACE (Fatality Assessment and Control Evaluation Program)
ComplianceA government research programme that investigates workplace fatalities to identify preventable causes. For subcontractors, FACE reports offer free, practical lessons on fatal hazards in field work. Reviewing relevant FACE cases helps crews recognise and control similar risks on site.
STCKY (Stuff That Can Kill You)
ComplianceInformal field term for high-consequence hazards requiring mandatory controls before work begins. For subcontractors, STCKY items typically appear on permit-to-work forms and site safety plans. Failing to identify and mitigate STCKY hazards can void your contract and expose your company to liability.
OFAC (Office of Foreign Assets Control)
ComplianceA U.S. Treasury agency that enforces sanctions against designated countries, companies, and individuals. Subcontractors must screen clients and vendors against OFAC lists before accepting contracts or payments. Working with a sanctioned party can result in severe fines and contract termination.
HAZOP (Hazard and Operability Study)
ComplianceA structured risk review that identifies hazards in a process or worksite before operations begin. Subcontractors are often required to participate or submit supporting documentation. Your crew's task-specific risks may be reviewed and built into site safety plans.
Jones Act
ComplianceA U.S. federal law requiring vessels operating between American ports to be U.S.-built, owned, and crewed. Subcontractors providing marine labour or vessel services must verify crew eligibility and vessel compliance before mobilising. Non-compliance can result in contract termination and significant fines.
Tier 2 Diesel Engine
ComplianceA diesel engine meeting EPA (Environmental Protection Agency) Tier 2 emissions standards, regulating nitrogen oxide and particulate output. Many job sites and municipalities restrict or ban Tier 2 equipment in favour of cleaner Tier 4 units. Subcontractors should verify equipment tier requirements before mobilising to avoid costly compliance issues or equipment swaps.
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