Notarize at Your Own Risk

Posted by The ALS Group on Jul 20, 2020 2:02:43 PM

Notaries are essential. You may know one or may be one yourself, and chances are, you will need one in the course of your life. There has been some form of a Notary Public in Ancient Egypt, proving that this job has been universally agreed upon as a noble public service undertaking for thousands of years. 

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Topics: Enterprise Risk Management (ERM), Risk Mitigation, Strategic Risk Management, notary public, Notary Risks

The Unknowns of IT

Posted by Jon Edwards on Jul 17, 2020 12:31:00 PM

 

Most CEOs or CFOs are probably not Cyber Security experts, but are entrusted to ensure the company runs efficiently and profitably. In today’s business IOT world, having a safe and secure network is a large part of keeping the business operational. This includes ensuring that all cyber related risks are minimized as much as the budget will allow. Cyber related issues that threaten the company’s income are scary for sure, but perhaps the most frightening aspect of keeping your network and data secure are the “unknowns” of IT.

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Topics: Cyber Insurance, Cyber Security, Enterprise Risk Management, Total Cost of Risk (TCoR), risk management consultant

Celebrating the Fourth of July at Home

Posted by The ALS Group on Jul 2, 2020 10:05:42 AM

Fireworks are a staple of Fourth of July celebrations in the United States, and many towns put on their own professional fireworks displays which are monitored for safety by local fire departments.  This year, many of these have been cancelled due to the pandemic, but people still want to celebrate, and many take it upon themselves to set off the fireworks at home. 

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Topics: Risk Management Blog, Risk Mitigation, Safety and Compliance, COVID-19, homeowner's insurance, Independence Day

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 

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

The Transition into the “New Normal”

Posted by The ALS Group on Jun 16, 2020 1:40:11 PM

As we are “flattening the curve” and the economy is slowly opening, employees will start to transition back to the office after nearly four (4) months of working from home. The COVID-19 pandemic forced many organizations to close and, those that did not have a disaster recovery/business continuity plan in place had to scramble to come up with a “work from home” solution in order to keep their business running while keeping their employees safe and healthy. Such “on the fly” solutions can cause serious complications as employees return to the office, and company leadership realizes that they must adjust their risk strategies to suit the “new normal”.

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Topics: Enterprise Risk Management, Total Cost of Risk (TCoR), pandemics, COVID-19, business continuity plan

Will Homeowner’s Insurance Cover a Cyber Attack on Your Personal Information?

Posted by The ALS Group on Jun 8, 2020 1:17:32 PM

These days, with most of us stuck at home and doing the majority of shopping and banking online, the risk of cyber criminals hacking into our networks to get to our bank accounts and/or personal information is greater than ever. While we have made considerable advances in cyber-security, so have the cyber criminals which is one of the reasons we are starting to see insurance policies that protect personal information in the event of a breach.

The market for this type of insurance is still new, but it can be quite inexpensive to add cyber protection to homeowner’s policy if the insurer who wrote the policy provides it. 

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Topics: Cyber Insurance, Cyber Risk Mitigation, fraud, homeowner's insurance

Prepare Your Business for the 2020 Atlantic Hurricane Season

Posted by The ALS Group on Jun 3, 2020 2:07:09 PM

The 2020 Atlantic hurricane season is expected to run from June 1st to November 30th. Department of Atmospheric Science at Colorado State University predicted that the East Coast of the United States is likely to see a major hurricane, ranking at a category 3, 4, or 5, during the 2020 Atlantic hurricane season. High category named storms bring on damages like, floods, wind damage, and power failure which may take several weeks to recover from. Though these predictions are not precise, we believe, that informed preparation is the best way to avoid costly claims, not unlike those caused by Hurricane Sandy in 2012.  

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Topics: Enterprise Risk Management, named storm/named windstorm, Total Cost of Risk (TCoR), hurricane season

COVID & Supply Chain Risks – Are You Prepared?

Posted by Nick Sica on May 28, 2020 1:49:42 PM

COVID-19 forced many companies to close their operations, which caused a great deal of disruption for numerous businesses on both direct losses and their revenue stream.

With America trying to “re-open” there is a host of issues that need to be wrestled with. One of the areas that, we think, might be low on the list for many companies is how their supply chain has been affected and will continue to be impacted by COVID related issues. Having latent supply chain disruption can wreak havoc on a business already challenged by the shutdown. This type of risk needs to be understood, so the company can plan for alternatives.

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Topics: Enterprise Risk Management, Supply Chain Risk, Total Cost of Risk (TCoR), COVID-19

For Mental Health Awareness Month – Review your Wellness Plan

Posted by The ALS Group on May 18, 2020 12:06:12 PM

As May is Mental Health Awareness Month, we wanted to raise awareness of a cause that while is a very significant issue, has not been brought to the forefront when speaking about either mental health or human capital risks. 

According to the Centers for Disease Control and Prevention construction occupation has the highest rate of suicide across all careers.

Senior leadership of an organization, which incorporates strategic risk management into their business plan, knows that having a wellness plan in place for their employees is essential. Implementing a robust wellness plan in the workplace encourages healthy activities among employees and puts the emphasis on safety which, in turn, will lead to healthier, happier and more productive employees.

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Topics: Construction, Total Cost of Risk (TCoR), risk management consultant, wellness plan

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

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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