On October 9, 2018, NYS and NYC Governments enacted an anti-sexual-harassment law that carries pretty stringent requirements relating to employers’ anti-harassment policies and training. These labor laws have been revised and training requirements have been put in place by the Department of Labor in consultation with the Division of Human Rights. Originally, training was required by January 1, 2019 but, after some push back, the deadline was extended until October 9, 2019.
Given the widespread awareness of Cyber Risk and the increasing trend for companies to consider insurance around this exposure, a company’s preparedness for a Cyber risk related event should be a part of their risk management plan. Unfortunately, for most organizations, this part of the plan has not been matured. That’s a mistake…
For the last several years Allianz has published a concise and informative report on the top risks that businesses face globally. It is a great opportunity to think about how these risks could affect your business operations and what the impact would be. When thinking about risk, it is important to think about "materiality" and what "financial impact" would be material for your company to cause a disruption. Even through many of the risks on this year’s report are readily insurable, the "disruption factor" of having to manage through a loss is worth considering.
Protecting a Project’s assets is at the top of the list for most Developers and Lenders these days. Whether it be finances, property, or business, setting up some type of a security blanket for your project assets always adds additional comfort to the certainty of the project and desired outcomes. Most of the time these everyday risks can be covered through insurance; but what do you do when you are faced with protecting a growing (maturing) asset?
Take a casual stroll in Manhattan and you can't help but notice that construction is booming. Cranes, scaffolding, and sidewalk sheds are everywhere. And this isn’t just a New York City phenomenon. Ground-up construction and renovation projects are picking up all across the country. Low interest rates and favorable building conditions are resulting in a surge in real estate & development projects.
More than 80% of companies don’t manage risk effectively. Is yours one of them?
A 2014 survey by a non-profit business research firm found that fewer than 20 percent of executives say their companies effectively manage risk. Companies will often have a process in place to identify and monitor risks. But they fall short when it comes to actually implementing practices to manage those risks as part of the overall strategic plan.
A critical step of any contractual agreement between property owners and managers and their vendors (including contractors) is a careful review of the provisions affecting insurance and legal indemnification. The difference between a thoughtfully negotiated contract and one that is “off the shelf” or, even worse, none at all may be the difference between accepting liability where never intended.
As the world is ever changing, so are the way insurers interpret the natural disasters and how they will respond to cover these terrible events. Over the years, the U.S. has seen an increase in earthquakes, tornadoes, hurricanes, blizzards and more. The insurance industry now has created a stricter view of how they will cover these events. In particular, as we have seen with Hurricane Katrina and Hurricane Sandy, the insurance industry has developed a new terminology and deductible related, specifically, to “named storm/named windstorm.”