Even when no injury occurs, after any workplace incident or accident, a written incident report allows a timely investigation. Some incidents are minor and need only slight fixes to prevent their recurrence. However, in more serious situations where a serious injury or property damage could have or did occur, a subsequent failure analysis allows management to determine how to best prevent similar occurrences.
One of the most commonly found clauses in any construction contract is the requirement of one party to name another party as an additional insured. It is found in The American Institute of Architects (AIA) documents, the Consensus DOCS, and was inserted in almost all manuscript agreements.
Topics: Claim Reporting, Claims Handling, Claims Management, Claims Management Process, Construction, Construction Accidents, Healthcare, Human Capital, Real Estate, Risk Management Blog, Strategic Risk Management, Total Cost of Risk, Total Cost of Risk (TCoR), Worker's Compensation
Certain indicators early in the life of a workers’ injury are red flags — a strong possibility your employee’s healing will be delayed or that the claim may be fraudulent. If you notice any of the following signs, discuss the claim with your adjuster as soon as possible. Once the management of a workers’ compensation injury goes astray, it is usually difficult to bring it back to center.
When business owners shop commercial insurance coverage, the solvency rating of the proposed insurance company is one critical factor they consider. However, savvy commercial insurance buyers should consider another vital factor — how will the proposed insurer handle your claims?
I read an interesting article in this month’s Claims Management magazine about claim letter templates. The article was fairly lengthy and discussed how to improve and organize templates to add to claims efficiency (for the carrier). Makes sense, right? Well, maybe...
Doing business abroad is difficult enough but recently the renewed interest (and enforcement) of the Foreign Corrupt Practices Act (FCPA) has added a new dimension of challenges. The applications of the FCPA or its British "cousin" the UK Bribery Act are beyond the scope of this posting but carries with it substantial fines and broad enforcement possibilities.
Topics: Claims Management, Claims Management Process, Enterprise Risk Management (ERM), Enterprise Risk Management, ERM, Private Equity | Venture Capital, Risk Management Assessment, Risk Management Blog, Strategic Risk Management, The ALS Group
Everyone has heard of the Tough Mudder event, and if you haven't, check out their website here. This Saturday I will be participating in this torturous event. Why am I doing this? I’m not entirely sure, but I know it is probably bad personal risk management to do so.
One of the most misunderstood areas of the insurance business is claims handling. Often mishandled, this function is the reason companies buy insurance. To be certain the following four key elements are being managed effectively, there are several points to remember when evaluating your claims management program: