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4Risk factors4.6. RISK MANAGEMENT4.5.3. Risks related to dependence on customersTo date, the Group carries out its three businesses innine countries with a varied customer base. Indeed,customers of the Cement, Concrete & Aggregatesbusinesses and of the Other Products & Servicesare distinct economic players in each of the marketswhere the Group operates : primarily distributors andconcrete mixers for the Cement business, constructionand public works contractors for the Concrete& Aggregates business, and others depending onthe sectors comprising Other Products & Services.The Group does not have global customers presentacross a number of these markets.Nevertheless, some of the Group’s best customersare also important counterparties, in particular, inthe Cement business, whose loss would be damagingto the Group’s positions in the relevant markets.Although the Group considers that such a risk is limited,it cannot exclude the possibility that such a lossmight occur in one or more of its markets, whichcould have a material adverse effect on its activitiesin the country concerned, its financial condition, itsresults of operations, its prospects or on its capacityto achieve its objectives.4.6. RISK MANAGEMENTThe risk hedging policy is defined by the Group’s CEOand is implemented under the supervision of the deputyCEOs of the Group, with the assistance of the legaldepartment. This policy aims to identify potential risks,and define and implement measures to limit these risksthrough prevention and hedging policies, in order topromote controlled risk management. For each risk,detailed above in Sections 4.1 to 4.5, the measurestaken to hedge the risk are specified where applicable.In addition, the Group’s policy on internal audit isdescribed in Appendix 1 “Report by the President onthe corporate governance and internal audit” of thisRegistration Document.4.6.1. Risk prevention policyThe risk prevention policy is an integral part of theGroup’s industrial policy. It is the responsibility of eachoperational manager, by country or type of business, andis based, in particular, on the choice of first-rank suppliersfor industrial investments, on the constitution of bufferstocks, on the institution of follow-up and risk preventionprocedures and on a training policy.4.6.2. Risk hedging and insurance policyThe Group has subscribed to “Group policies” withleading insurers. These policies are intended tocover foreign subsidiaries, subject to compliancewith local legislation.To improve the protection of its assets, the Grouphas made, with the assistance of insurers andexperts, an analysis of the risks and means of prevention.The Group undertakes an identical policyfor risks related to its civil liability.4.6.2.1. Property damageThe Group’s assets are insured against fire risks,explosion, natural events and machine breakages.A policy covering risks related to operating losseshas been suscribed for the cement and paperbusinesses.The Group’s large industrial sites are inspected regularlyby safety engineers. The implementation of theirrecommendations is covered in a schedule relatingto, for example, the standardisation and storage ofstrategic equipment fire detection and prevention,as well as integrated prevention at the design stagefor the new sites.The subscription of a guarantee of € 150 million perdisaster, including operating losses, results from astudy of possible disasters.The entire Group also benefit from conventional insurancepolicies for its motor vehicle fleets and forprivate or public transport by road, sea or river of itsgoods or other property.4.6.2.2. Civil liabilityExcept in the United States, the cap of the guaranteeunder the civil liability insurance policy was € 75 million.All foreign subsidiaries (except in the United States) areinsured by the “Group policy” after the expiry of thewarranty and caps of the compulsory local policies.In the United States, given the specific nature of the risks,in particular, in terms of accidents at work, automobilecivil liability, general civil liability and product liability, theGroup’s subsidiaries have an insurance cover amountingto US$200 million.The guaranteed payouts under the civil liability andproduct liability insurance policies are subscribed, bothin France and abroad, in amounts consistent with localactivities and economic considerations.The risk of environmental civil liability is taken intoaccount in each country.20 VICAT - 2009 registration document