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This is a completely new chapter that deals with Reliability and Risk Assessment, two closely related topics that are built on the use of probability considerations and analysis. The maritime field is in a period of rapid technological change where concepts and projects are often moving in advance of the development of technical standards. In these cases, proof of concept and implementation must be accepted on the basis of showing equivalent risk to current projects. Its authors, Dr. John Kokarakis of Bureau Veritas and Profs. Dimitios Lyridis and Konstantinos Anyfantis of the National Technical University of Athens (NTUA), are members of the Greek Section of the Society. The Society is pleased to be able to include their contribution in this 4th Edition of Marine Engineering.