We manage more than a quarter billion dollars of premiums for a diverse range of clients around the globe.
Safety in the workplace is something that is often thought of relative to construction sites and manufacturing facilities. However, it is just as important to focus on safety at an office as it is at a construction site. business. Even the smallest details should not be overlooked, as the most insignificant accident could result in financial damage for both the owner individually, and the company as a whole.
One of the most effective ways to implement a company-wide Enterprise Risk Management (ERM) Program is to make it interactive and involve participants from all levels of the organization. This will create a sense of teamwork and foster an environment of understanding. Risks are inherent at all levels of an organization, hence the need for interaction and input from various team members throughout the business.
Silica risk, resulting in silicosis, is not new and one familiar to many companies as the cutting, sawing, grinding, drilling and crushing of stone, rock, concrete, brick, block, mortar and industrial sand is part of their everyday business. Recently, the federal government announced they will seek to reduce the exposure-monitoring standards that will affect a significant amount of businesses and cost millions in additional compliance.
What is Total Cost of Risk and why should I care? “What gets measured…gets managed!” This statement is the fundamental principle behind the concept of “Total Cost of Risk” (TCoR), and I’ve been saying this for years. The question that I am asked all the time is, “what is total cost of risk (TCoR) and why do I care about it?”
Many of the cyber risks discussed today revolve around outside intrusions such as data breaches, viruses, or reputational risks brought on by improper social media use. Another significant risk that must be considered is a major data loss event, whether caused by a technical malfunction or a non-technical property loss such as fire or water damage. While you cannot guarantee a data loss will not happen, there are ways to indemnify and protect yourself if you experience such a data loss.
Last week, I attended the Enterprise Risk Management (ERM) Workshop in North Carolina, held by North Carolina State University (NCSU). This was the second such meeting that was hosted by NCSU. While many topics were discussed, the recurring theme resonating through the workshop was how can a company effectively report an ERM program to the board and explain how such program adds value.
Contracts & Insurance – The Devil is in The Detail
Contracts, Insurance and Certificates…..the saga continues…. As a follow-up to my colleague’s recent post in Construction Executive, I wanted to emphasize the need for properly written contracts. In construction projects, the contract documents form the basis of the agreement between the parties involved in the project. Written construction contracts impose many duties, obligations and liabilities on contractors. Although project owners pay great attention to the operational issues addressed in these contracts, many pay too little attention to the risk and insurance implications of various contract provisions.
Earlier this week a fatal incident occurred at a housing development in Ewing New Jersey. According to the news reports, event was, allegedly, caused by contractor error when a 2 inch gas line was ruptured and ignited an explosion that killed one person and injured many others.
Monitoring insurance compliance in contracts is an important, albeit challenging, risk mitigation strategy. Read Al Sica’s recent article on the subject posted on Construction Executive Magazine website.
