Notaries are essential. You may know one or may be one yourself, and chances are, you will need one in the course of your life. There has been some form of a Notary Public in Ancient Egypt, proving that this job has been universally agreed upon as a noble public service undertaking for thousands of years.
Topics: Enterprise Risk Management (ERM), Risk Mitigation, Strategic Risk Management, notary public, Notary Risks
As the effects of COVID-19 continue to impact businesses, it will, surely be an uphill battle to have insurers confirm coverage under most standard insurance policies. Ultimately, a flurry of litigation and government intervention will determine how insurers deal with the losses that their insureds are suffering and will continue to experience stemming from this disaster.
Over the next few weeks and months (maybe years), as these claims unfold, insurers will be faced with the task of interpreting policies and informing their insureds how coverage will or won’t respond. In the meantime, there are some things a business can do to preserve their position with potential COVID-19 claims.
Topics: Claims Management, Claims Management Process, Strategic Risk Management, pandemics, COVID-19, risk management consultant
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.
Topics: Risk Management Blog, Strategic Risk Management, risk management consultant, remote work, work from home, tips, productivity
An effective risk management strategy always comes down to preparedness. The recent closings and business disruptions due to COVID-19, the illness caused by the spread of novel coronavirus, once again, demonstrate the importance of companies having a comprehensive Business Continuity Plan (BCP). If your business is one of many that cannot simply close doors and expect to be able to re-open after the pandemic dies down,having such plan in place will insure that you can maintain the essential functions of your business during a major disruption.
Topics: Enterprise Risk Management, Strategic Risk Management, Total Cost of Risk (TCoR), Worker's Compensation, pandemics, business continuity plan
As Coronavirus spreads worldwide, companies are thinking of ways to keep productivity up, as well as, mitigate the risks to both their employees and the organization’s bottom line. One of the ways a company can manage this is to have its employees work from home. This can be a great way to keep your business running, but only if you can identify and manage the risks involved. This article from Insurance Business America does a great job in outlining potential Workers’ Compensation risks for employees who work from home, and what you can be doing to insure your business is prepared to manage those risks.
Topics: Strategic Risk Management, Worker's Compensation, COVID-19, risk management consultant
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.
Topics: Construction, Construction Premiums, Construction Project Risk, Real Estate, Real Estate & Development Risk Management, Risk Management Blog, Strategic Risk Management, The ALS Group
According to a memo from the Occupational Safety and Health Administration (OSHA), the official maximum penalty amounts for citations in 2020 will increase slightly.
The Federal Civil Penalties Inflation Adjustment Act of 1990 was just recently evoked once again as the Occupational Safety and Health Administration raises its penalty rates.
Topics: Bodily Injury, Claims Management, Construction Accidents, Strategic Risk Management, Workplace Safety
We have all heard that phrase before, and now that Thanksgiving has passed it will be a sprint to New Year’s Eve – surely, with a few holiday parties in the middle. This is when companies often are not thinking about the risks that come with partying employees, liquor, music, dancing and potentially driving. Certainly sounds like a volatile mix!
Topics: Holiday Risk, Liability, Risk management, Safety and Compliance, Strategic Risk Management, Total Cost of Risk
Situation
A NY-based organization (acting as tax syndicator) with over 350 properties engaged us to review and modify the lender requirements and to ensure insurance compliance with the requirements from the various parties involved in a deal
Topics: Claims Management, Real Estate, Real Estate & Development General Liability, Real Estate & Development Risk, Real Estate & Development Risk Management, Strategic Risk Management, Client Success, COI Compliance
In our latest posts on Enterprise Risk management (ERM), we addressed the three phases of Risk Assessment: Risk Identification and Risk Analysis and Risk Evaluation. In this post, we turn our attention to Risk Treatment.
Topics: Enterprise Risk Management (ERM), ERM, Risk Register, Strategic Risk Management