Hurricanes, Tropical Storms and Insurance – Oh My

Posted by The ALS Group on Oct 1, 2015 12:00:46 PM

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.”

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Topics: named storm/named windstorm, Personal Lines, Property Risk, Risk Management Assessment, Risk Management Blog, The ALS Group

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)

The Battle Between "Blanket" Additional Insured Endorsement and the Underlying Contract

Posted by Purnima Rangarajan on Apr 7, 2015 2:21:47 PM

The construction and real estate industry continue to grow and so do the risk exposures from a fundamental inconsistency between a contract’s commercial intent and insurance policy language. “Additional Insured” is a very common requirement in a real estate or construction contract and many times there is a distinct lack of specificity with what is, actually, being required and why the provision is appropriate.  Additional Insured status provides vicarious liability coverage to an outside entity, usually, an owner or general contractor, under the subcontractor’s policy. It is often a requirement in construction contracts, and it can be the source of insurance disputes if not handled correctly given the changes in the regulatory framework of today’s insurance policies.

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Topics: Construction, Construction Accidents, Construction Premiums, Construction Project Risk, Insurance, Limit of Liability, Property Risk, Real Estate, Risk management, Risk Management Blog, Strategic Risk Management, The ALS Group, Total Cost of Risk

Determining Soft Costs Coverage Under Builders Risk Policy

Posted by Purnima Rangarajan on Feb 4, 2015 12:41:30 PM

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Soft cost or delay in the project completion coverage has been a hot topic of discussion and concern, recently, due to the unique claims scenarios that occur during a construction phase of a project. At first glance, the term “soft costs” seems easy to explain; however, it is a complex subject.

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Topics: Construction, Construction Premiums, Construction Project Risk, Real Estate, Risk Management Blog, Strategic Risk Management, The ALS Group

How to Prevent Internal Fraud from Crippling Your Organization

Posted by Purnima Rangarajan on Feb 14, 2014 12:18:45 PM

In its 2012 Report to the Nations, the Association of Certified Fraud Examiners (ACFE) found that organizations typically lose five percent of their revenue to fraud each year. Even more frightening is this statistic from that report: the medium loss of survey respondents was $140,000. Over one-fifth of the losses studied exceeded $1 million. Small-to-medium sized businesses are often fraud targets because they lack anti-fraud controls. The smallest organizations in the ACFE study suffered the largest median losses.

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Topics: Employee Dishonesty, Human Capital, Limit of Liability, Reputational Risk, Risk Management Blog, Risk Review, Strategic Risk Management, The ALS Group, Total Cost of Risk (TCoR)

Social Media and Crisis Planning – Are You Keeping Up?

Posted by Nick Sica on Jan 17, 2014 8:47:40 AM

Crisis Management has been, historically, a function of the IT or Risk Management department for many companies and as social media continues to gain traction, savvy risk managers have incorporated social media into their crisis communication plans.

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Topics: 401(k), BYOD, Cyber Risk, Enterprise Risk Management, Human Capital, Risk Management Blog, Social Media Risk, Strategic Risk Management, The ALS Group, Total Cost of Risk (TCoR)

ERM: Where do we start?

Posted by The ALS Group on Jan 16, 2014 9:58:17 AM

With the multitude of information available, it is no surprise that the process of implementing an ERM Program seems daunting. As highlighted in our prior blog, Strategic Risks: More Important Now Than Ever, one of the very first steps in this process is to form an Executive Risk Committee (ERC).

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Topics: Enterprise Risk Management (ERM), Enterprise Risk Management, ERM, Risk Committee, Risk Management Assessment, Risk Management Blog, Strategic Risk Management, TCoR, The ALS Group, Total Cost of Risk, Total Cost of Risk (TCoR)

What Makes an ERM Program a Success?

Posted by The ALS Group on Dec 3, 2013 3:15:18 PM

I recently attended the Enterprise Risk Management Roundtable Summit in North Carolina held by NC State University that included representatives from Harley Davidson and Caterpillar among  the speakers. This summit helped me gain insight into the emerging importance of a comprehensive risk management program and different strategies the companies have implemented.

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Topics: Enterprise Risk Management (ERM), Enterprise Risk Management, ERM, Risk Committee, Risk Management Assessment, Risk Management Blog, Strategic Risk Management, TCoR, The ALS Group, Total Cost of Risk, Total Cost of Risk (TCoR)

Political Risk - It Is More Than Just Insurance Coverage

Posted by The ALS Group on Oct 16, 2013 1:41:19 PM

Civil unrest in nations formerly viewed as politically stable, such as Sweden and Brazil, is forcing global organizations to consider Political Risk insurance coverage. A recent paper by nationally recognized insurer called the need for Political Risk coverage a “top emerging concern” for global companies.  This coverage is meant to help mitigate political exposures that are, normally, excluded from standard property policies to cover the risk to a company’s physical and financial assets. Some of the perils this policy will insure against are Terrorism, Riots, Deprivation or Confiscation of Assets, Strikes, Civil Commotion, Exchange Transfer Risk, Rebellion, and Insurrection. It is very difficult to model, price and determine the appetite for this coverage in the existing insurance marketplace. One thing that is important to note is that coverage is not guaranteed for the reason that rating basis in each country is based entirely on the underwriter’s evaluation of the risks in countries.  Coverage is available in both the public market, through OPIC and Miga, as well as the private insurance market.

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Topics: Cross Border Risk, Enterprise Risk Management, ERM, Political Risk, Risk Management Blog, Strategic Risk Management, TCoR, The ALS Group, Total Cost of Risk, Travel Risk

The Value of the Incident Report

Posted by Albert Sica on Sep 12, 2013 2:17:32 PM

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.

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Topics: Claims Handling, Claims Management, Claims Management Process, Construction Accidents, HCP, Human Capital, Risk Management Blog, The ALS Group, Total Cost of Risk, Worker's Compensation

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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