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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. 

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Builders’ Risk Insurance An Often Misunderstood Coverage

When a company starts a construction or renovation project the subject of Builders’ Risk inevitably comes up. It could be when the Construction Management Agreement (CMA) is being drafted or when reviewing lender insurance requirements, but it is bound to happen. Builders’ Risk is a “quirky” coverage in that it is written on non-standard form, covers a variety of exposures, and the terms of coverage generally not well understood by insurance professionals that do not specialize in construction insurance. So, as an Owner, what to do? Well, first thing is to understand what you want to cover. Builders’ Risk has three major coverage areas that can be included: Each area

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Broker Selection - Have You Considered a Broker RFP?

Hired and Non-Owned Automobile Coverage – “but I have no autos”

An often misunderstood insurance coverage that is very important for a business, is Hired and Non-Owned Automobile (“HNOA”) coverage. Most of the time, the company that is considering such coverage doesn’t think it has exposure to this particular risk since they do not own any automobiles. This could not be further from the truth… Recently, there was a tragic accident in NYC Times Square, where a delivery vehicle on its way to a jobsite fatally injured a pedestrian. 

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OFAC Advisory Makes Paying Cyber Extortion Ransom Illegal

Ransomware continues to be a major issue for companies regardless of the size. It may be hard to believe, but the reason for this lies with the victims, because the quickest and most often used resolution to the attack is to pay the ransom. While paying the ransom, may resolve a problem for an organization, it encourages cyber criminals to continue the attacks.

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How Long Should you Keep your Insurance Policies?

As, risk managers, we often get asked by clients, “what is the appropriate period to retain insurance policies” – the easy answer is “forever”… You are probably thinking that guidance seems a bit excessive, however quite a few types of policies, such as commercial general liability, may be triggered long after the policy has expired and thus should not be discarded but rather meticulously tracked.

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Happy International Women's Day!

Happy International Women’s Day!

The ALS Group whole-heatedly believes in being an equal opportunity employer. The diverse group of women who work in our office are critical thinkers who do exceptional quality work, and maintain technical competence through a commitment to training, professional education, and active mentoring. We proudly empower them to use their abilities responsibly.  For International Woman’s Day, we asked the women of the ALS Team to answer one question: How has your role at The ALS Group empowered you? Here are their answers: 

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A young woman with long dark hair carrying books and wearing a blue backpack reminiscent of the collaborative spirit found at risk advisory firms in Florida

Back to School: Are you InSUREd?

As September approaches, college students are collecting textbooks, polishing up their class schedules, and shopping for that perfect dorm room setup. Insurance is probably not the first thing on their minds. Unless – you are a Risk Management undergrad at Temple University. ALS Intern, Jason Glickstein, outlines why insurance should be on every college students’ back to school checklist.

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Will Homeowner’s Insurance Cover a Cyber Attack on Your Personal Information?

These days, with most of us stuck at home and doing the majority of shopping and banking online, the risk of cyber criminals hacking into our networks to get to our bank accounts and/or personal information is greater than ever. While we have made considerable advances in cyber-security, so have the cyber criminals which is one of the reasons we are starting to see insurance policies that protect personal information in the event of a breach. The market for this type of insurance is still new, but it can be quite inexpensive to add cyber protection to homeowner’s policy if the insurer who wrote the policy provides it. 

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Prepare Your Business for the 2020 Atlantic Hurricane Season

The 2020 Atlantic hurricane season is expected to run from June 1st to November 30th. Department of Atmospheric Science at Colorado State University predicted that the East Coast of the United States is likely to see a major hurricane, ranking at a category 3, 4, or 5, during the 2020 Atlantic hurricane season. High category named storms bring on damages like, floods, wind damage, and power failure which may take several weeks to recover from. Though these predictions are not precise, we believe, that informed preparation is the best way to avoid costly claims, not unlike those caused by Hurricane Sandy in 2012.  

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COVID Claims – Notify, Notify, Notify…

As the effects of COVID-19 continue to impact businesses, it will, surely be an uphill battle to have insurers confirm coverage under most standard insurance policies. Ultimately, a flurry of litigation and government intervention will determine how insurers deal with the losses that their insureds are suffering and will continue to experience stemming from this disaster. Over the next few weeks and months (maybe years), as these claims unfold, insurers will be faced with the task of interpreting policies and informing their insureds how coverage will or won’t respond. In the meantime, there are some things a business can do to preserve their position with potential COVID-19 claims.

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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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