As the Hospitality industry continues to experience growing activity amidst a strong economy, there are, inherently, challenges that must be continuously addressed and improved on to ensure customers keep coming back. Identifying challenges and solutions to those challenges is one aspect of avoiding pitfalls, but an often overlooked perspective is the risk(s) to which those challenges could, ultimately, lead.
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.
Topics: Claim Reporting, Claims Handling, Claims Management, Claims Management Process, Risk Management Assessment, Total Cost of Risk, Total Cost of Risk (TCoR), what is total cost of risk, total cost of risk definition
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.
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
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?
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: