As air travel for the upcoming Thanksgiving weekend spiked to pre-pandemic levels and AAA estimates over 53 million people will hit the road this holiday, the Cybersecurit
y & Infrastructure Security Agency (CISA) and FBI issued an advisory yesterday, warning critical infrastructure partners that malicious cyber actors tend to strike during holiday weekends.
“Although neither CISA nor the FBI currently have identified any specific threats, recent 2021 trends show malicious cyber actors launching serious and impactful ransomware attacks during holidays and weekends.”
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Topics:
Cyber Security,
Data Breach,
Holiday Risk,
Risk management,
Total Cost of Risk,
business continuity plan
General Liability insurance covers various parties, and this includes named insureds and additional insureds. As risk managers, many people ask us about the difference between additional insureds and named insureds and how it affects them, which we highlight in this blog.
What is a Named Insured?
In a liability insurance policy, the named insured is the policyholder covered under the policy. The policyholder is covered for their legal liability that results in damages as a result of an occurrence. Many liability policies issued to a businesses will cover one named insured, usually, the corporation itself, but there is an opportunity to cover other related entities the insured would like and extend the coverage.
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Topics:
Real Estate & Development General Liability,
Risk management,
Total Cost of Risk
Email has been a part of our everyday life for quite some time now. These days with some restrictions imposed on face-to-face interaction, email has become an effective way to communicate. As a result of this the number of emails sent and received daily has been steadily increasing each year. According to Campaign Monitor an average person sends and receives 121 business emails per day. While, this is an effective way to communicate, handling such an amount of emails can become a challenge if one does not have a strategy of how to manage them. Managing incoming emails and ensuring that emails you send are effective is important in this digital age.
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Topics:
Human Capital,
Risk management,
Total Cost of Risk
As, risk managers, we often get asked by clients, “what is the appropriate period to retain insurance policies” - the easy answer is “forever”... You are probably thinking that guidance seems a bit excessive, however quite a few types of policies, such as commercial general liability, may be triggered long after the policy has expired and thus should not be discarded but rather meticulously tracked.
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Topics:
Total Cost of Risk,
risk transfer,
Insurance policies,
Schedule of Insurance
With winter just around the corner and many areas already seeing flurries, this would be a good opportunity to remind everyone of the risks surrounding claims from accidents due to snow and ice. As many companies are considering their snow removal contracts and vendor arrangements, there are a few key points in our latest article that might be helpful.
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Topics:
Claims Management,
Risk management,
Snow Removal,
Total Cost of Risk,
Workplace Safety,
what is compliance
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.
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Topics:
Personal Cyber Risk,
Property Risk,
Risk Management Blog,
Total Cost of Risk,
homeowner's insurance
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.”
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Topics:
named storm/named windstorm,
Risk Management Blog,
The ALS Group,
Total Cost of Risk,
business continuity plan,
hurricane season,
preparedness,
hurricane
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!
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Topics:
Holiday Risk,
Liability,
Risk management,
Safety and Compliance,
Strategic Risk Management,
Total Cost of Risk
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.
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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
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.
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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
