We manage more than a quarter billion dollars of premiums for a diverse range of clients around the globe.
As part of Title V of the Dodd-Frank Wall Street Reform and Consumer Protection Act signed into law on July 21, 2010 the Federal Insurance Office (FIO) is a new agency within the Department of Treasury. This office was designed to provide expertise at the Federal Level since, currently, all insurance regulation and enforcement is governed state by state.
The recent article in CFO magazine highlights a potential mine field for employers. In mid 2011, I wrote about the subject, the reasonableness of plan fees and the fiduciary responsibility sponsors have for their prudent management. Shortly, the Department of Labor will require specific fee disclosures which may send shock waves to participants already depressed at lackluster returns.
2011 was one of the most challenging years for many business owners and will be one of the most costly for insurers. Losses from insured natural have exceeded $100 billion for 2011 undoubtedly triggering an opportunistic response from insurers. This on top of the increased scrutiny from stakeholders has put company senior leadership in the “hot seat” to be vigilant to mange risk appropriately. Company’s are still struggling under difficult economic times and need to be aware of and strive to manage their Total Cost of Risk (TCoR).
Yesterday’s Wall Street Journal article outlines a tragic elevator incident resulting in one fatality and several injuries. This event should spark the interest of all building owners to examine how their own “contractual risk management program” will be effective in insulating the Building Owner against such events. Many organizations have programs in place that purport to obtain indemnity and insurance from vendors but in practicality, it is often overlooked and almost never audited for compliance. When it comes to Elevator Maintenance Companies many attempts to provide a separate “Owners & Contractors Protective” policy (OCP) in lieu of extending their own coverage and affording the more traditional “additional insured” status.
As the holiday shopping season began last week, Cyber Monday became the heaviest day of online shopping ever. Cyber Monday is just one example of the increased online presence of businesses and individuals alike, and with so much information being transmitted and stored online comes the increased risk of a privacy breach. A recent article in Risk and Insurance gives a good illustration on how a company can be affected by a cyber breach and outlines where liability falls if and when a breach occurs. In general, any information stored electronically is at risk, regardless of the industry a company operates in and cyber attacks can seriously impact its day-to-day
Last year we released an article that outlined the dangers Property Owners face from slip and falls on their property resulting from improper removal of ice and snow. This is one of the unfortunate aspects of winter in the Northeast.
Trying to insulate yourself from downstream risk is always a suggested (if not arduous) Risk Management Best Practice. In the attached Rough Notes article regarding Vassar College, there are a few twists and turns to take note of.
As a result of several natural disasters occurring in significant industrial areas, the crucial importance of supply chain risk management has been brought to the forefront over the past year. Ongoing floods in Thailand (the worst they have experienced in almost seven decades) have exacted a harsh economic toll on two of Japan’s largest auto companies, Toyota and Honda, causing production disruptions that could last for up to three months.
In a disturbing ruling by the Georgia Court of Appeals on October 5th 2011, the interpretation of language in an OCIP Program sponsored by the Atlanta Hartsfield Jackson International Airport was held to create a third-party beneficiary relationship for the estate of the injured worker. The contract stated the city’s OCIP was “to provide one master insurance program that provides broad coverages with high limits that will benefit all participants involved in project”.
In Monday’s (October 31, 2011) Wall Street Journal there was a curious article explaining many security breaches resulting from unsuspecting employees. It also touches on another huge problem: The trend to share more and more personal data on social networking sites.
Our areas of expertise include:
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
