As September approaches, college students are collecting textbooks, polishing up their class schedules, and shopping for that perfect dorm room setup. Insurance is probably not the first thing on their minds. Unless - you are a Risk Management undergrad at Temple University. ALS Intern, Jason Glickstein, outlines why insurance should be on every college students’ back to school checklist.
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:
For the last several years Allianz has published a concise and informative report on the top risks that businesses face globally. It is a great opportunity to think about how these risks could affect your business operations and what the impact would be. When thinking about risk, it is important to think about "materiality" and what "financial impact" would be material for your company to cause a disruption. Even through many of the risks on this year’s report are readily insurable, the "disruption factor" of having to manage through a loss is worth considering.
Liability claims related to improper removal of snow and ice are frequent, and in many cases, severe. Many of the claims originate from elderly people sustaining injuries from slips and falls from which they never fully recover. In other words … BIG CLAIMS!
Traditionally, a cyber breach occurs and otherwise private information is stolen or made public resulting in costs such as notification expenses, IT forensics, data recovery, public relations/crisis management, legal defense, business interruption, brand/reputation damage and regulatory fines and penalties; just to name a few. However, the breadth of cyber-attacks has proven to be ever expanding. Now, breaches resulting in physical property damage are being reported more regularly which leads to the immediate question, “am I covered for such an event?
As the world is ever changing, so are the way insurers interpret the natural disasters and how they will respond to cover these terrible events. Over the years, the U.S. has seen an increase in earthquakes, tornadoes, hurricanes, blizzards and more. The insurance industry now has created a stricter view of how they will cover these events. In particular, as we have seen with Hurricane Katrina and Hurricane Sandy, the insurance industry has developed a new terminology and deductible related, specifically, to “named storm/named windstorm.”
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.
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
It is vital to understand specific terms found in insurance policies. The inability to do so may result in an unwanted surprise such as a lower than anticipated claim payment following a loss. For example, Actual Cash Value (ACV) and Replacement Cost (RC) are two different methods of valuation that will determine how the insured is indemnified.
It should not be surprising that as technology evolves, so does the way that these innovations are implemented in everyday business. The construction industry tends to exemplify this notion, as new equipment that increases efficiency at the worksite is utilized and embraced. Construction giant, Komatsu, announced this month that it plans to release a series of drones that will be capable of providing the heavy lifting of the foundation work in new construction, deeming the process: “Smart Construction.” This includes equipment such as “aircraft, bulldozers, and excavators” operating unmanned, all of which could, drastically, change the landscape of construction contracting.
Winter will soon be upon us, whether we’re prepared or not. We’ve shared this article about the dangers of improper snow removal for property owners in the past, but as one of the realities of living and doing business in the Northeast, an annual reminder doesn’t hurt.