Albert Sica

Recent Posts

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: ERM/TCoR

The ALS Group's Initiative for the Prevention of Suicide in the Construction Industry

Posted by Albert Sica on Apr 17, 2020 2:53:13 PM

Yesterday, the Governor of New York announced that he was going to extend the Coronavirus shutdown order until May 15th, which, although necessary from a health standpoint, adds additional pressure to many people who need to get back to work. One of the areas that is hit very hard by this shutdown is the construction industry. According to the Centers for Disease Control and Prevention, construction occupations are at the second highest number of suicides across all occupational groups, an alarming statistic to say the least.

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Topics: Firm News

Faulty Work & Claims Reporting

Posted by Albert Sica on Mar 6, 2019 10:22:10 AM

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.

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Claims Handling: How to Turn Lemons into Lemonade

Posted by Albert Sica on Jun 4, 2014 2:36:04 PM

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:

1. Do you have an excellent working relationship with your carrier and intermediary [broker or third party administrator (TPA)], including a written agreement on roles, responsibilities (key performance indicators – KPI’s) and communication?

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Topics: Insurance

ATV, Snowmobile, RV and Jet Ski Insurance: A Stand Alone Policy Is Best For Toys

Posted by Albert Sica on Apr 22, 2014 4:32:52 PM

Are you an owner of an ATV, snowmobile, jet ski or RV? Then you know the value of a good time. What is not so easily known is where to find the best insurance protection for your toys. Homeowners and Auto policies rarely cover both property and liability adequately for these types of vehicles. Therefore, in most cases, it is a best practice to procure a stand alone policy. A stand alone policy has the best safeguards in place to ensure proper coverage is in full effect. At a minimum, liability insurance is required in most states and relying on a Homeowners or Auto policy to provide the necessary coverage is a risky assumption that can lead to gaps in coverage. ATVs, RVs, jet skis and others are generally seen as a carveback on most policies. However, when specifically scheduled on an auto policy, ATVs are only covered for liability, not medical payments or physical damage and restrictions exist on who and what is covered. Another downfall is the increase in overall deductibles and elimination of liability coverage for other people.

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Topics: Risk Management

How to Do Business Abroad in a Decade of Increasing Risk: Part 2

Posted by Albert Sica on Apr 2, 2014 11:36:40 AM

How to Design Directors & Officers Program That Protects Company’s Assets both in the United States and Abroad

As we highlighted in Part 1 of doing business abroad, understanding the personal exposures of Directors and Officers is a challenge for today’s multinational companies. This is particularly important when you begin to contemplate company employees’ individual duties, the probability of potential lawsuits and the regulatory landscapes that can vary widely from country to country.

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Topics: Risk Management

How to Do Business Abroad in a Decade of Increasing Risk

Posted by Albert Sica on Mar 20, 2014 2:35:14 PM

“US Executive Working Abroad Faces Charges Related to Protection Scam and Bribery”

This headline means much more than embarrassment for the American company in its overseas operations. It means exposure to enormous financial liability if the foreign court finds the executive culpable, along with associated defense costs, even if the court finds the executive innocent of the charges.

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Topics: Risk Management

A Contract Compliance Framework Can Reduce Risk

Posted by Albert Sica on Feb 12, 2014 9:43:00 AM

Monitoring insurance compliance in contracts is an important, albeit challenging, risk mitigation strategy. Read Al Sica’s recent article on the subject posted on Construction Executive Magazine website.

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Topics: Compliance

Premises Liability

Posted by Albert Sica on Sep 27, 2013 1:17:37 PM


Jury verdicts for premises liability against those who own or manage land, stores, taverns, shopping malls and apartment complexes just keep climbing. A few California verdicts include a $7.5 million judgment after a chiropractor slipped and fell in a Starbucks and a $55 million verdict for a gang-related shooting against a security company that oversaw on-site safety at an apartment complex.

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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: Insurance

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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