Construction Accidents in NYC Impact Insurance Costs for Building Owners
The recent spate of construction site accidents in New York City in the past several months couldn’t have come at a worse time.
The ALS Group
July 24, 2012
We manage more than a quarter billion dollars of premiums for a diverse range of clients around the globe.
The recent spate of construction site accidents in New York City in the past several months couldn’t have come at a worse time.
It may seem that the words Risk Committee and JP Morgan have been in the news every week over the past few months. The big issue is that no one truly understands the role a Risk Committee is supposed to play. Rather than hearing of the benefits of having a Risk Committee, the only time people hear about it is when they [Risk Committee] fail to do their job. The failure of JP Morgan’s Risk Committee to do their job properly led to their $5.8 BILLION loss.
It’s not your imagination that the cost of doing business in New York keeps climbing. The increasing costs of Workers’ Compensation insurance in New York are a major part of the overall increased cost of doing business in the state.
With the end of the year rapidly approaching, one of the most significant “lessons learned” in 2012 was that Disaster Recovery (DRP) or Business Continuity Planning (BCP) are critical parts of any business’ overall strategic plan.
So you may have received a Certificate of Insurance (COI) from your vendor, and you feel comfortable that its employees now can be allowed on your building’s property. To you this may seem like they have given you a familiar card from Monopoly. With your supposed “get out of jail free” card, you allow vendors access to your building and allow contractors to perform work on your property. However, you may not be as “free” as you think.
Last week on March 26-28, 2012, the U.S. Supreme Court heard arguments on the Patient Protection Affordable Care Act (PPACA), commonly referred to as “Health Care Reform”, to determine if the Act is constitutionally sound. The Supreme Court is expected to render a decision in late June 2012.
The complexity of demonstrating proper compliance with Health related programs is only one more headache employers need to deal with. Proper compliance is essential in order to avoid costly fines (many are $100-$250/employee per day) and penalties from the Department of Labor (DOL). Many smaller companies, with human resources staff already pushing the limit from the normal stresses of HR issues (including regulations, compliance, claims etc), might be at risk for noncompliance issues regarding healthcare. An article from the March 2012 issue of CFO magazine highlights the need for all companies to remain vigilant in order to avoid fines & penalties from the DOL.
The ALS Group applauds the Appellate Division of the NY Supreme Court for upholding regulation 194 in a unanimous decision on March 8, 2012.
One of the most talked about risks today is a data breach which can and will cause havoc in any organization. Most mid-size companies have not taken this risk seriously despite almost daily news about the effects of cyber risk. The recent article in the February 2012 issue of CFO magazine notes it is happening more frequently especially to mid-size companies, and should serve as a clear warning to a company’s senior leadership – Get your “Cyber” House in Order!
The concept of Strategic Risk Management (SRM) has been getting more widespread attention lately but mainly from companies focusing on internal process and how SRM can improve management decision making.
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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