I came across an interesting case that illustrates how critical it is to properly notice a “downstream party” of a claim (or potential claim) and require proof that notice was filed with their insurer.
Obtaining the clarity with both a contract and the related insurance compliance has turned into one of the more daunting tasks for "upstream" counter-parties such as Landlords, Owners, etc. When reviewing vendor contracts there are several issues that Landlords, Owners, etc. should be mindful of, such as:
Identity theft is the fastest growing crime in the United States. Each year, more than 15 million Americans fall victim. It’s also the number one consumer complaint received by the Federal Trade Commission.
Liability claims related to improper removal of snow and ice are frequent, and in many cases, severe. Many of the claims originate from elderly people sustaining injuries from slips and falls from which they never fully recover. In other words … BIG CLAIMS!
With the deadline for filing form 5500 literally around the corner (July 31), fees and expenses associated with 401(k) are critical issues for plan sponsors. One of the most important things a plan sponsor can do is to benchmark their plan fees against the ones in comparable plans, to mitigate their risk for lawsuits or sanctions. According to the July 20, 2016 article in Bloomberg BNA "New York Accused of Profiting Off Workers' 401(k)", New York Life has been sued by employees who claim that one of the company’s in-house mutual funds carried needlessly high fees that eroded their retirement savings.
The recent changes to the OSHA record keeping rules that were issued a couple of weeks ago have been drawing quite a few negative comments from business and industry.
It was not a very happy new year for Chipotle having been slapped with a shareholder class action lawsuit for “having known the fast food chain had inadequate safety practices but lied and omitted material facts in reports to stockholders".
As organizations increase their operations abroad, their supply chain risk also increases. A risk in doing business abroad is the reality that overseas supply chains are increasingly vulnerable to political uncertainties. According to a study reviewed by Zurich® Insurance, supply chain disruptions can cause an average 25 percent reduction in share price over two years. Can your company afford that risk? Other studies show that the stronger a company’s risk management practices, the more robust its growth. Those companies with “emerging risk practices” were less profitable, according to Zurich®. According to the American Quality and Productivity Center in a recent survey of 196 companies, 77 percent of the respondents experienced at least one supply chain glitch in the previous two years. And given companies’ tendency toward lean manufacturing, a chink in the supply chain can drastically hurt production and profits almost immediately.
The recent Enterprise Risk Management (ERM) Workshop held by North Carolina State University was chock full of valuable information. It was attended by seasoned risk and audit professionals all looking for ways to improve the effectiveness of their own ERM programs.