Contracts & Insurance – The Devil is in The Detail
Contracts & Insurance – The Devil is in The Detail
We manage more than a quarter billion dollars of premiums for a diverse range of clients around the globe.
Contracts & Insurance – The Devil is in The Detail
How to Design Directors & Officers Program That Protects Company’s Assets both in the United States and Abroad As we highlighted in Part 1 of doing business abroad, understanding the personal exposures of Directors and Officers is a challenge for today’s multinational companies. This is particularly important when you begin to contemplate company employees’ individual duties, the probability of potential lawsuits and the regulatory landscapes that can vary widely from country to country.
“US Executive Working Abroad Faces Charges Related to Protection Scam and Bribery” This headline means much more than embarrassment for the American company in its overseas operations. It means exposure to enormous financial liability if the foreign court finds the executive culpable, along with associated defense costs, even if the court finds the executive innocent of the charges.
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.
In its 2012 Report to the Nations, the Association of Certified Fraud Examiners (ACFE) found that organizations typically lose five percent of their revenue to fraud each year. Even more frightening is this statistic from that report: the medium loss of survey respondents was $140,000. Over one-fifth of the losses studied exceeded $1 million. Small-to-medium sized businesses are often fraud targets because they lack anti-fraud controls. The smallest organizations in the ACFE study suffered the largest median losses.
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.
I’m sure everyone remembers the day the lights went out for 34 minutes during the Ravens/49ers Super Bowl in 2012. Other than Ray Lewis having some choice words about the outage being more than a coincidence, the effects were minimal. What would have happened if they did not go back on?
Crisis Management has been, historically, a function of the IT or Risk Management department for many companies and as social media continues to gain traction, savvy risk managers have incorporated social media into their crisis communication plans.
With the multitude of information available, it is no surprise that the process of implementing an ERM Program seems daunting. As highlighted in our prior blog, Strategic Risks: More Important Now Than Ever, one of the very first steps in this process is to form an Executive Risk Committee (ERC).
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At The ALS Group, we help clients achieve their strategic goals via expert and insightful identification, quantification, and mitigation of the risks that could impact their business, or present opportunities for it.
More Information: [email protected]
Florida
1800 NW Corporate Blvd Ste 202
Boca Raton, FL 33431
Tel: +1-561-437-0024
At The ALS Group, we help clients achieve their strategic goals via expert and insightful identification, quantification, and mitigation of the risks that could impact their business, or present opportunities for it.
More Information : [email protected]
New Jersey
175 Main St
Woodbridge, NJ 07095
Tel: +1-732-395-4250
Florida
1800 NW Corporate Blvd Ste 202
Boca Raton, FL 33431
Tel: +1-561-437-0024