We manage more than a quarter billion dollars of premiums for a diverse range of clients around the globe.
Trying to insulate yourself from downstream risk is always a suggested (if not arduous) Risk Management Best Practice. In the attached Rough Notes article regarding Vassar College, there are a few twists and turns to take note of.
In a disturbing ruling by the Georgia Court of Appeals on October 5th 2011, the interpretation of language in an OCIP Program sponsored by the Atlanta Hartsfield Jackson International Airport was held to create a third-party beneficiary relationship for the estate of the injured worker. The contract stated the city’s OCIP was “to provide one master insurance program that provides broad coverages with high limits that will benefit all participants involved in project”.
In Monday’s (October 31, 2011) Wall Street Journal there was a curious article explaining many security breaches resulting from unsuspecting employees. It also touches on another huge problem: The trend to share more and more personal data on social networking sites.
On October 11, 2011, The ALS Group attended the ACG M&A East Conference in Philadelphia. This having been our first time participating in the conference, we were curious to see what the attendance would be like, in light of the economy and the challenges it presents to the M&A industry. We were inspired to see that 1,300 professionals were in attendance – the largest to date.
One of the most misunderstood areas of the insurance business is claims handling. Often mishandled, this function is the reason companies buy insurance. To be certain the following four key elements are being managed effectively, there are several points to remember when evaluating your claims management program:
The ALS Group hired to provide insurance and risk management consulting for the new $275 million state of the art facility The ALS Group announces its selection as the project risk management consultant for the Miami Science Museum. Expected to be completed by 2014, the $275 million museum will break ground later this year. The ALS Group will work directly with the Museum Executives throughout the construction process to identify and manage the material project risks and craft appropriate insurance and risk management solutions. “Our goal is to prevent any unexpected and unnecessary financial impact to the Museum. A great deal of planning went into this project and every dollar
A recent article in the Wall Street Journal on May 26, 2011, discusses how the federal government and a New York real-estate company are negotiating to settle suspected federal housing discrimination violations that impacted the disabled.
An article published in the Wall Street Journal on May 24, 2011, illustrates the economic losses Sony Corporation faces due to the impact on its supply chain from the disaster in Japan and the hacking of its PlayStation Network. Both the tsunami and earthquake hurt Sony’s financial performance, which led it to announce an expected annual loss of $3.2 billion this year. In addition, its PlayStation Network also suffered a massive cyber attack. Hackers breached over 100 million user accounts worldwide, stealing private customer information. Sony consumers were unable to utilize their PlayStation gaming systems and Sony must manage the ensuing risks associated with the intrusion. It is expected that
Having reviewed various contracts for the NYACP Promotion Fund, we wanted to highlight a contracting practice that has become somewhat commonplace. Prime Contractors (GC/CM) are using language in their subcontracts that “incorporate by reference” the terms they have agreed to with the Owner in their contract (the “Prime” contract). The problem is that, in most cases, these Prime contracts are not available for review and the subcontractor overlooks implications that may arise from this reference and just blindly signs off on the contract. The following is language from a specific clause that we reviewed and commented on:
The most effective claims management programs have four elements in common:
