We manage more than a quarter billion dollars of premiums for a diverse range of clients around the globe.
Let’s be honest—obtaining clarity on both a contract and the related insurance compliance has turned into one of the most daunting tasks for “upstream” parties like landlords, owners, and operators. When reviewing vendor contracts, are you confident that your insurance compliance is fact, or are you relying on fiction? Here are five key points to consider when verifying whether your insurance compliance is airtight or just wishful thinking: 1. Contract Clarity: Fiction or Reality? If the contract with your counterparty isn’t clear, you could be setting yourself up for a nightmare down the road. A legitimate, fact-based contract should include commercially reasonable insurance terms and limits that protect your interests.
The Pitfalls of Generic Insurance Language: A Case Study on Additional Insured Protection Recently, an intriguing and concerning case highlighted a significant issue with generic insurance obligation language in contracts. In the dispute between Seven Up Realty and AJ Greenwich Contracting, the lack of specific language in the contract left Seven Up Realty without the crucial Additional Insured protection they expected from their contractor. This example underscores the importance of detailed insurance requirements in contracts and the risks associated with relying solely on Certificates of Insurance. The Case: Seven Up Realty vs. AJ Greenwich Contracting In the case at hand, Seven Up Realty had engaged AJ Greenwich Contracting for certain
New Jersey’s real estate market offers lucrative opportunities for property investors and landlords, but it also presents a complex web of risks—particularly regarding insurance. Proper insurance coverage is crucial for protecting your investment, but many landlords face pitfalls that can result in significant financial and legal issues. While most landlords rely on insurance brokers to secure their policies, a specialized advisor like The ALS Group can play a pivotal role in identifying and addressing gaps in your coverage. Common Pitfalls in Landlord Insurance Inadequate Coverage for Property Damage One of landlord insurance’s major pitfalls is inadequate property damage coverage. Many standard policies may not include protection for specific risks such
Five Tips to Help Prevent Ransomware Attacks As businesses become more aware of the dangers posed by cyber-attacks and ransomware, they are enhancing their IT security tools and practices. However, cybercriminals constantly evolve, devising new tactics to breach systems and steal valuable data. Compounding the issue, the costs associated with cyber breaches are rising. According to Ponemon’s 2019 Cost of a Data Breach study, breaches originating from malicious cyber-attacks were not only the most common but also the most expensive. Here are five updated tips to help protect your organization from ransomware and other cyber threats: 1. Strong Passwords Are Not Enough—Enable Multi-Factor Authentication (MFA) While strong passwords are essential,
Businesses face a wide range of risks that can impact their operations, profitability, and long-term sustainability. Understanding and controlling these risks is crucial for staying competitive and positioning a company for growth. One essential tool for achieving this is by measuring the Total Cost of Risk (TCoR).
The ALS Team partnered with Bridges of Hope, Staten Island to collect and donate gifts for families who are coping with a particularly difficult holiday season. Bridges of Hope was started by Grace Murphy in 1998 as a parish social-action outreach effort to create a “bridge” between the community and families in public housing.
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.
Employees look to managers for leadership and guidance. Front-line supervisors rely on managers to provide safety training, enforce safety rules, and help monitor employee performance.
Most CEOs or CFOs are probably not Cyber Security experts, but are entrusted to ensure the company runs efficiently and profitably. In today’s business IOT world, having a safe and secure network is a large part of keeping the business operational. This includes ensuring that all cyber related risks are minimized as much as the budget will allow. Cyber related issues that threaten the company’s income are scary for sure, but perhaps the most frightening aspect of keeping your network and data secure are the “unknowns” of IT.
