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.

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 

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.

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.

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.

Yesterday, the Governor of New York announced that he was going to extend the Coronavirus shutdown order until May 15^th, 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.

Most companies have been forced to quickly implement a remote work solution that suited essential employees or even the entire firm’s staff. This has exposed many companies network to new risks as everyone has a different set up at home. Some are using MACs, some using PCs, some have outdated operating systems and software while others are already infected with viruses or malware. 

Who are you and what is your role at The ALS Group?

My name is Jessica Aviles, I am the VP of Talent Management at The ALS Group. I was brought on-board almost two and half years ago to manage the existing talent, drive culture and spearhead the internship program. Those are my main responsibilities at ALS.

How do you recruit for an internship?

The ALS Group is an independent risk management and insurance advisory firm that provides unbiased advice to C-level leadership. Therefore, our recruitment process is really much more of a personal experience than that of most companies, where internship candidates can come from anywhere. I primarily recruit from schools that have Risk Management as a top area of study. One of them being Columbia University in Manhattan. I have developed a really strong relationship with the career services team at Columbia which helps me attract candidates and staff consistently. 

Every significant construction project needs a Builders Risk policy.

Sounds simple enough, but the process of procuring the correct Builders Risk policy starts with an understanding of the project costs, construction timeline, and imagining potential claim scenarios. When an insured purchases an insurance policy, there is an expectation if a loss occurs; the insurance company will make the insured whole again.  This only happens when a Builders Risk policy is designed correctly.  The key to policy design is understanding and identifying the values at risk and how those values align with the actual insurance policy definitions.

Three Questions for Managing Principal, Albert Sica, of The ALS Group

For the last 12-18 months commercial insurance rates have been rising and many business leaders are ill-equipped to either understand why or what they can do about it. Recently, this was captured in a good article in The Wall Street Journal and we thought we would explore this a bit more.

Business leaders often rely on a broker, whose primary role is to “sell” insurance to guide them through a complex mix of their company’s exposures, insurance policy language (including exclusions) and what can be done to, both, mitigate risk and the cost of coverage. Understanding the financial impact of a risk on a company’s balance sheet or earnings statement and what can be done to protect against that uncertainty is key to complex questions it is now essential to explore.