Contracts and Additional Insureds – Do You Really Have Protection?

Posted by The ALS Group on Jun 23, 2020 12:19:46 PM

Recently, I came upon an interesting (albeit disturbing) example of how generic insurance obligation language in a contract left the Landlord without Additional Insured protection from their contractor.

In the case of Seven Up Realty vs AJ Greenwich Contracting, the contract that Seven Up had with Greenwich did not REQUIRE Greenwich to name Seven Up as an Additional Insured on their General Liability or Umbrella. Not only is this a requirement of coverage, but we suggest, that the actual form of Additional Insured endorsement be specified, especially if the Landlord is expecting Additional Insured coverage for ongoing AND completed operations. Nevertheless, whoever drafted and reviewed Seven Up’s contract did not incorporate this language. 

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Topics: Claims Management, Claims Management Process, Contracts, Coverage Review, Insurance, Risk Management Blog, COI Compliance, risk transfer

COVID Claims – Notify, Notify, Notify…

Posted by Albert Sica on May 13, 2020 11:54:13 AM

As the effects of COVID-19 continue to impact businesses, it will, surely be an uphill battle to have insurers confirm coverage under most standard insurance policies. Ultimately, a flurry of litigation and government intervention will determine how insurers deal with the losses that their insureds are suffering and will continue to experience stemming from this disaster.

Over the next few weeks and months (maybe years), as these claims unfold, insurers will be faced with the task of interpreting policies and informing their insureds how coverage will or won’t respond. In the meantime, there are some things a business can do to preserve their position with potential COVID-19 claims.

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Topics: Claims Management, Claims Management Process, Strategic Risk Management, pandemics, COVID-19, risk management consultant

Total Cost of Risk (TCoR) – Strategies for Cost Savings

Posted by Albert Sica on Apr 21, 2020 5:03:06 PM


As part of any effective risk management program, the quantification of the Total Cost of Risk (“TCoR”) is an important number to focus on.

This article focuses on how Workers Compensation (“WC”) costs contribute to a company’s TCoR and, specifically, how the Experience Modification (“X-MOD”) factor works and can be managed.

We take TCoR seriously in our risk advisory practice as having a TCoR that is lower than a company’s peers gives that company a competitive advantage in, both, how it conducts its business and the opportunities it can pursue.

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Topics: Claims Management, Enterprise Risk Management, Insurance, Risk management, Risk Mitigation, Total Cost of Risk, Total Cost of Risk (TCoR)

Webinar: COVID-19 Has Shut Down Your Construction Project. Is There Insurance for That?

Posted by Kristen Poisler on Apr 10, 2020 2:51:24 PM

 

Most businesses in the United States have been impacted by the COVID-19 pandemic. As the illness spreads far and wide, many businesses have had to comply with local and federal "stay at home" orders, as well as orders to cease all non-essential construction work, causing delays, and disruption across the construction industry.

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Topics: Claims Management, Construction, Enterprise Risk Management, pandemics, COVID-19, business continuity plan

OSHA Raises Penalties Once Again

Posted by The ALS Group on Jan 29, 2020 3:43:44 PM

 

According to a memo from the Occupational Safety and Health Administration (OSHA), the official maximum penalty amounts for citations in 2020 will increase slightly.

The Federal Civil Penalties Inflation Adjustment Act of 1990 was just recently evoked once again as the Occupational Safety and Health Administration raises its penalty rates.

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Topics: Bodily Injury, Claims Management, Construction Accidents, Strategic Risk Management, Workplace Safety

Is Faulty Workmanship an Insurable Event? The New Jersey Supreme Court Says “Yes.”

Posted by John Mooney on Sep 8, 2016 4:23:41 PM

The New Jersey Supreme Court recently reversed its position on coverage for construction defects, affirming the Appellate Division’s decision that consequential damages caused by a subcontractor’s faulty workmanship constituted “property damage” caused by an “occurrence” under the plain language of the developer’s Commercial General Liability (CGL) policy.

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Topics: Claims Management, Commercial General Liability Coverage, Commercial General Liability Insurance Risk, Construction Project Risk, NJ Supreme Court Cypress Pointe v Adria Towers, Real Estate, Real Estate & Development General Liability, Real Estate & Development Risk Management, Risk management, Risk Management Blog

OSHA Recordkeeping – Nowhere to Hide

Posted by Albert Sica on Jun 2, 2016 2:22:52 PM

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.

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Topics: Claims Management, OSHA, Risk Management Blog, Safety and Compliance

Supply Chain Risk- How “Wood” You Prevent Your Companies From Being Exposed to a Financial Loss?

Posted by The ALS Group on May 19, 2015 6:03:17 PM

A recent article in the Wall Street Journal highlighted the plight of Lumber Liquidators who has been struggling to deal with the fallout from a scandal that was caused due to the use of formaldehyde in its wood.  You may have seen this on a “60 Minutes” program in early March. If you are a retailer after reading this article and watching the 60 Minutes TV spot you must be asking the question. How well do I know my 3rd party vendors and what  process, if any, does my organization have to contain a similar event?

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Topics: Claims Management, Insurance, Lumber Liquidators, Manufacturing and Distribution, Reputational Risk, Risk management, Risk Management Blog, strategic, Strategic Risk Management, supply chain, Supply Chain Risk, The ALS Group, Total Cost of Risk (TCoR)

Understanding Insurance Terms - Actual Cash Value vs. Replacement Cost

Posted by The ALS Group on Jan 28, 2015 11:15:16 AM

It is vital to understand specific terms found in insurance policies. The inability to do so may result in an unwanted surprise such as a lower than anticipated claim payment following a loss.  For example, Actual Cash Value (ACV) and Replacement Cost (RC) are two different methods of valuation that will determine how the insured is indemnified.

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Topics: Claims Management, Personal Lines, Property Risk, Risk management, Risk Management Blog

Puck Luck: Please be Advised that Pucks, Sticks and Other Equipment May Leave the Playing Surface

Posted by The ALS Group on Oct 29, 2014 1:35:07 PM

With the National Hockey League (NHL) back in full swing, thousands upon thousands of fans will enter the 30 NHL arenas and hear the above phrase. After hearing this several times it will likely become white noise, but this warning is in place for a very specific purpose and failure to warn the attendees could have grave (and expensive!) ramifications.

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Topics: Claims Management, Risk Management Blog

The ALS Group

Risk Management Blog

We manage more than a quarter billion dollars of premiums for a diverse range of clients around the globe. 

Our areas of expertise include:

  • Enterprise Risk Management (ERM)
  • Cyber Security & Cyber Liability Insurance
  • Construction Management
  • Customized Risk Management Assessments (RMAs)

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