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 

Read More

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

Insurance Risk & Rising Premium Rates – Why, & What Can be Done to Change Them

Posted by The ALS Group on Feb 19, 2020 12:53:36 PM

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.

Read More

Topics: business, Insurance, Risk Mitigation, The ALS Group, Total Cost of Risk (TCoR), catastrophic loss,, what is total cost of risk, total cost of risk definition, total cost of risk analysis, total cost of risk insurance

Don’t Get Buried with Snow Removal – Effective Risk Transfer is Key

Posted by The ALS Group on Dec 4, 2019 4:52:27 PM

This week’s unexpected snowstorm should be a reminder to be diligent in making sure your snow removal provider has the proper insurance coverage.

With winter almost here, many companies are putting the final touches on snow removal contractor agreements. Liability claims, like slip and falls, relating to the “improper removal of snow and ice”, are frequent, and in many cases, severe. Here are the facts:

Read More

Topics: Bodily Injury, Compliance, Contracts, Enterprise Risk Management, Indemnity, Insurance, Property Risk, Safety and Compliance, Strategic Risk Management

Hospitality Industry Challenges & Risks

Posted by Nick Sica on Mar 25, 2019 3:34:40 PM

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.

Read More

Topics: Claim Reporting, Human Capital Risk, Insurance, The ALS Group, Total Cost of Risk, COVID-19, total cost of risk analysis, hospitality risks, what is risk management, hospitality industry

Certificate of Insurance Compliance: Eliminating the Blind Spots

Posted by The ALS Group on Mar 16, 2017 10:25:09 AM

Errors and even outright fraud in certificates of insurance is a growing problem. We encounter a 70% noncompliance rate on initial documents.

The certificate of insurance compliance function protects a company by ensuring that its contractors have appropriate types and amounts of insurance coverage. The burden of this compliance process is often underestimated.

Read More

Topics: Enterprise Risk Management (ERM), Insurance, Strategic Risk Management, COI Compliance, what is total cost of risk, what is compliance, vendor insurance

Choosing the Right Broker – Have You Considered A Broker RFP?

Posted by The ALS Group on Sep 22, 2016 2:35:12 PM

There may be a number of times that you’ve considered evaluating your company’s insurance broker for various reasons, including:

  • Ensuring a sense of confidence and peace of mind that the broker who is working with you is, in fact, working in your best interests and delivering the best solutions for your firm’s coverage;
  • Conducting your standard vendor evaluation, or;
  • You are frankly not satisfied with your current insurance broker’s services and looking to identify alternatives.
Read More

Topics: Broker RFP, Insurance, Insurance Broker Purchase Strategies, Insurance Broker Selection, Insurance Coverage Purchase Strategies, Insurance Coverage Selection, Request for Proposal, RFP, Risk management, Risk Management Blog

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?

Read More

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 The ALS Group 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.

Read More

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

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)

Subscribe to Email Updates

Recent Posts

Posts by Topic

see all