Three people discussing crucial details about the project and ensuring all construction insurance verification services are thoroughly handled.

While Constructing a Builder’s Risk Policy, Consider Soft Costs & Hard Costs

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.

The ALS Group February 24, 2020

A man in a light pink button-up shirt exuding the confidence of an enterprise risk management consultant.

Insurance Risk & Rising Premium Rates – Why, & What Can be Done to Change Them

Three Questions for Managing Principal, Albert Sica, of The ALS Group For the last 12-18 months commercial insurance rates have been rising and many business leaders are ill-equipped to either understand why or what they can do about it. Recently, this was captured in a good article in The Wall Street Journal and we thought we would explore this a bit more. Business leaders often rely on a broker, whose primary role is to “sell” insurance to guide them through a complex mix of their company’s exposures, insurance policy language (including exclusions) and what can be done to, both, mitigate risk and the cost of coverage. Understanding the financial impact

The ALS Group February 19, 2020

Threats to Consider When Crafting a Social Media Risk Mitigation Plan

Over the last decade, social media has quickly become a prominent way for businesses to advertise, communicate, and educate. On the flip side, it can be a huge risk for those businesses that cannot keep up with the ever changing tools and trends in privacy, security, and marketing. We often see businesses and even public figures falling prey to social engineering scams, ransomware, hacking, and a multitude of other cyber risks. Luckily, with some planning and diligence, mitigating these risks can be quite simple. Below are examples of some threats as well as solutions you can implement now that will help protect your business from some of the most

The ALS Group February 10, 2020

A yellow road sign with the text "ARE YOU COVERED?" is shown against a blue sky

Can Novel Coronavirus be a Risk to Your Business?

Last month, the World Health Organization (WHO) issued a warning about the potentially dangerous, rapidly spreading coronavirus that originated in Wuhan City, Hubei Province of China. According to the WHO the public must be “alert but not anxious”. Information is changing by the hour as doctors and officials evaluate how dangerous this outbreak is, and race against the clock to stop it. For those of you who would like the latest information from the WHO, you can visit their website and view the daily Situation Reports.

The ALS Group February 4, 2020

NY Employer Alert: NEW Sexual Harassment Training Requirements Going Into Effect

On October 9, 2018, NYS and NYC Governments enacted an anti-sexual-harassment law that carries pretty stringent requirements relating to employers’ anti-harassment policies and training. These labor laws have been revised and training requirements have been put in place by the Department of Labor in consultation with the Division of Human Rights. Originally, training was required by January 1, 2019 but, after some push back, the deadline was extended until October 9, 2019.

The ALS Group August 1, 2019

Cyber Risk Preparedness

Given the widespread awareness of Cyber Risk and the increasing trend for companies to consider insurance around this exposure, a company’s preparedness for a Cyber risk related event should be a part of their risk management plan. Unfortunately, for most organizations, this part of the plan has not been matured. That’s a mistake…

The ALS Group July 16, 2019

A hand is pushing the first of several wooden dominoes, causing them to fall in sequence on a wooden surface.

Allianz Risk Barometer – A “gut check” on how top 10 risks can impact you….

For the last several years Allianz has published a concise and informative report on the top risks that businesses face globally. It is a great opportunity to think about how these risks could affect your business operations and what the impact would be. When thinking about risk, it is important to think about “materiality” and what “financial impact” would be material for your company to cause a disruption. Even through many of the risks on this year’s report are readily insurable, the “disruption factor” of having to manage through a loss is worth considering.

The ALS Group June 4, 2019

Silhouetted construction workers on a building framework, diligently practicing construction risk management, with cranes in the background during sunset.

How Site Safety Management and Site Security Reduce Construction Risk

Site Security Protecting a Project’s assets is at the top of the list for most Developers and Lenders these days. Whether it be finances, property, or business, setting up some type of a security blanket for your project assets always adds additional comfort to the certainty of the project and desired outcomes. Most of the time these everyday risks can be covered through insurance; but what do you do when you are faced with protecting a growing (maturing) asset?

The ALS Group May 29, 2019

Are Your Construction Projects at Risk Because of Cyber Exposures?

The construction industry is changing rapidly and more and more projects are relying on emerging technologies for management and completion. There are now major cyber related concerns regarding “smart” equipment such as cranes and drones and SAAS/IAAS systems used for project planning and management. ‘Connected’ systems utilized by third-parties (general contractors and subcontractors) to share and centralize sensitive data may also expose a project to cyber risks.

The ALS Group April 30, 2019

Hospitality Industry Challenges & Risks

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.

The ALS Group March 25, 2019

Our areas of expertise include:

Enterprise Risk Management (ERM)
Cyber Security & Cyber Liability Insurance
Construction Management
Customized Risk Management Assessments (RMAs)

The ALS Group Risk Management Articles

While Constructing a Builder’s Risk Policy, Consider Soft Costs & Hard Costs

Insurance Risk & Rising Premium Rates – Why, & What Can be Done to Change Them

Can Novel Coronavirus be a Risk to Your Business?

NY Employer Alert: NEW Sexual Harassment Training Requirements Going Into Effect

Cyber Risk Preparedness

Allianz Risk Barometer – A “gut check” on how top 10 risks can impact you….

How Site Safety Management and Site Security Reduce Construction Risk

Are Your Construction Projects at Risk Because of Cyber Exposures?

Hospitality Industry Challenges & Risks

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