This year has been filled with a multitude of both challenges and victories. Every year is different but in 2020 we have had to deal with more change than normal. The business world is evolving quickly, and risk management has been changing along with it. In 2021, a resilient and resourceful approach to risk management will be front and center as businesses navigate the “work from home” landscape, deal with the effects of the pandemic, and change the insurance market for years to come.
As most of this year’s holidays, Thanksgiving is completely different for, pretty much, all of us. This year has certainly tested us all. As risk managers, we usually address risks and suggest mitigation strategies in most of our blogs. This year, however, we decided to look at the positives and think about what we are thankful for during this, strange Thanksgiving holiday.
The idea for this blog was conceived by Marshall Ma, who joined The ALS Group as a Risk Management Intern and now provides support on client accounts as Technical Analyst, based on the Chinese ideogram for “crisis”. It just happens that Marshall is fluent in Mandarin and is passionate about risk management. She is an Enterprise Risk Management Graduate and Lecturer at Columbia University. While at Columbia, Marshall spent a lot of time working on campus educating her peers and supporting industry outreach. She also participated in risk assessment and mitigation for the campus’ internal Career Design Lab.
Topics: Enterprise Risk Management (ERM), Human Capital Risk, Risk management, Risk Management Blog, Total Cost of Risk (TCoR), what is total cost of risk, what is erm, what is risk management, risk management internship
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.
Hurricane Isaias hit the East Coast last week, causing damage and destruction in its path to both communities and businesses. Trees have fallen, houses where many are working remotely have been left without internet access, and businesses have been stripped of electrical power and with it the ability to function in the capacity they have been accustomed to in the last few months as their staff adapts to the “new normal.”
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.
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
This pandemic has impacted all of us. Many companies, including ours, implemented a “work from home” policy to ensure the health and safety of, both, their employees and their business. For us, since we always had an open floor environment and advocate a collegial collaborative work place being able to easily collaborate on projects and ask each other questions directly was particularly important.
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.
Take a casual stroll in Manhattan and you can't help but notice that construction is booming. Cranes, scaffolding, and sidewalk sheds are everywhere. And this isn’t just a New York City phenomenon. Ground-up construction and renovation projects are picking up all across the country. Low interest rates and favorable building conditions are resulting in a surge in real estate & development projects.