The ALS Group Risk Management Articles

We manage more than a quarter billion dollars of premiums for a diverse range of clients around the globe. 

Claims Handling: How to Turn Lemons into Lemonade

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: 1. Do you have an excellent working relationship with your carrier and intermediary [broker or third party administrator (TPA)], including a written agreement on roles, responsibilities (key performance indicators – KPI’s) and communication?

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Workplace Safety & Loss Prevention NYS Code 59

Is your gross payroll more than $800,000? Do you know what your experience modification, or “mod” is? Is it above a 1.20 rating? If you answered yes to these questions then understanding the Industrial Code Rule 59 (“ICR59”) Program will save you money.

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How to have a successful ERM process

A few weeks ago I attended the Enterprise Risk Management (ERM) Roundtable Summit held by NC State University. Although there were many speakers from a number of different industries, the same theme resonated throughout the day. The theme was, in order for any organization to have a successful ERM process it must foster thoughtful discussions between those who are tasked with ERM. As we have mentioned previously, it is easy for ERM to become just another “compliance check-box.” However, encouraging a challenging dialogue among team members can certainly help your organization move past the “check-box” mentality.

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Risk Management and Safety

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.

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Taking ERM to the Next Level

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.

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Silica Risk – The New Asbestos

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.

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Current State of the Terrorism Risk Insurance Act

The Terrorism Risk Insurance Act (TRIA) is a law that would help insurers cover losses for events that are designated as acts of terrorism and reach levels of insured damage in excess of $27.5 billion. This was in reaction to 9/11 and the impact that this had on the insurance industry. It was signed into law in 2002, renewed several times, and is once again set to expire on December 31, 2014.

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What is Total Cost of Risk?

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?”

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ATV, Snowmobile, RV and Jet Ski Insurance: A Stand Alone Policy Is Best For Toys

Are you an owner of an ATV, snowmobile, jet ski or RV? Then you know the value of a good time. What is not so easily known is where to find the best insurance protection for your toys. Homeowners and Auto policies rarely cover both property and liability adequately for these types of vehicles. Therefore, in most cases, it is a best practice to procure a stand alone policy. A stand alone policy has the best safeguards in place to ensure proper coverage is in full effect. At a minimum, liability insurance is required in most states and relying on a Homeowners or Auto policy to provide the necessary coverage

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Our areas of expertise include:

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

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