The last decade has seen significant changes in regulatory requirements relating to safety, introducing a revolution in asset management practices. The associated development of monitoring and inspection capabilities and philosophies, frequently relying on software based systems, has enhanced widespread implementation of risk based and integrated systems. More recently, the insurance market has undergone significant hardening after a long period of soft rates. Debates can arise relating to exclusion clauses, for example, frequently relating to whether an incident is sudden and unforeseen. Many deterioration mechanisms are excluded from policies without reference to the root cause even though it might arise for many different reasons. The technical, legislative and insurance worlds have a common interest in risk and safety without always a truly common language. Clarifying some general perceptions of both groups and explaining some of the pitfalls, this paper aims to assist in enhancing common understanding of the relevant issues.