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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. 

The Staggering Cost of Identity Theft

The Federal Bureau of Investigation (FBI) reports that identity theft is the fastest growing crime in the United States. It is also the number one consumer complaint received by the Federal Trade Commission, accounting for approximately 255,565 complaints in 2008. In addition, more than 30 states have enacted legislation requiring companies to notify consumers if their personal information may have been compromised. Even in states where notification is not required by law, failure to notify an individual of a potential identity breach may result in severe civil, regulatory and legal liability costs, as well as potential damage to a company’s reputation and loss of consumer confidence. Nearly 10 million Americans

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Broker Fee Agreements and Full Disclosure

We recently highlighted the importance of the full disclosure of broker compensation and the New York State Department of Insurance’s effort to expand mandatory disclosure rules. A recent case out of Massachusetts only serves to reiterate the danger to customers of undisclosed fees:

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A Stand Alone Insurance 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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NY Broker Pay Rules

The NYS Department of Insurance took the final step toward promulgating new regulations that would require agents and brokers in the state to disclose all forms of compensation they receive from insurers upon request. The regulation is open for public comment until January 16th at which point the NYSID will have the authority to adopt it. As expected there is widespread opposition from the Independent Agents & Brokers Association calling the measure “unwarranted”. Frankly we applaud the NYSID for their leadership and vision to compel transparency in this important area. The issue of compensation was surfaced in 2005 through a NYAG scandalous investigation into broker placement and compensation practices. This

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Does an Economic Recession equal Compromised Safety?

Background The current economy and the most recent recession have been the worst economic times since the great depression. With companies trying to find ways to survive, there are no sacred cows when it comes to cutting costs. Layoffs, outsourcing, and doing more with less are all strategies that businesses are employing to survive. While the need to cut costs is understandable it is, unfortunate, one of the strategies many companies are using is cutting back on their safety program.

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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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