Thanks for all the responses so far. It does seem that there is far from a consensus in industry. However the reason I am asking about RAGAGEP is that it is now an OSHA requirement.
OSHA considers consensus codes such as ASME boiler/pressure vessel codes and API recommended practices such as RP-520 and RP-521 to be RAGAGEP. In the past following API recommended practices may have been optional but with OSHA's current stance it is seems like there is now a legal requirement to follow the code and recommended practices.
Heat exchangers are typically designed using the ASME Section VIII pressure vessel code. The name plate on the exchanger has a "U" stamp with both shell side and tube side MAWP's. Therefore the channel, shell, and back bell of a heat exchanger are pressure vessels. To satisfy ASME code and API recommended practices, fire case over-pressure needs to be looked at for pressure vessels.
So to meet OSHA requirements it seems like there are three possibilities for liquid containing heat exchangers.
1) Install PSV's on both the tube side and shell side
2) Guarantee an open path with acceptable pressure drop to another PSV which has a large enough PSV
3) Assume that the studs on the heat exchanger relax in a fire and fluid leaks out at a fast enough rate to keep
the heat exchanger from over-pressuring and rupturing.
Option 1) clearly meets ASME code and ASME RP's. It just costs a bunch of money.
Option 2) is easy in some case e.g. a reboiler connected to a distillation column with a large PSV with block for on-line maintenance. Just car seal or lock the valves open. It is difficult when there is intervening equipment e.g. additional heat exchangers where it is difficult to predict pressure drop or when there are control valves in the system ( can we be sure of the position of a control valve in a fire?)
Option 3) has logic to it. Many times it can be shown that a vapor filled vessel will structurally fail in a fire due to wall overheating prior to reaching it MAWP. Therefore fire does not need to be considered as an overpressure scenario when sizing a PSV. But can we be sure the studs on a heat exchanger relax in a fire to make it self relieving? Are there industry examples of this happening? Are there industry examples of this not happening?