We manage more than a quarter billion dollars of premiums for a diverse range of clients around the globe.
There are several terms in the insurance industry that frequently are misused or confused. For example, the terms broker and agent are consistently used interchangeably; however, the role of each is very different and important.
Some of you may be thinking that it’s far too early to start thinking about the holidays, but the reality is, many of your organizations will be planning holiday parties in the coming weeks. While taking a break to unwind and celebrate with co-workers should be a happy experience, it is important that those involved in planning the company holiday party are mindful of the underlying risks associated with such an event in order to strive for an incident-free celebration.
The IRMI Construction Risk Conference is in its 34th year, and this year promises to be bigger and better than ever, with more attendees registered than in recent years. We are looking forward to being part of the action! There are some older and new trends in the industry that we want to hear more about – the country’s aging infrastructure, Alternative Project Delivery and what the insurance industry is now saying about New York Labor Law.
One of the most underrepresented and disregarded coverage extensions on a commercial property policy is personal property. That is, Business Personal Property (BPP) – the personal property which is owned by the entity that is the named insured on the policy. BPP covers a variety of items that are typically identified with being owned in relation to the premises identified on the declaration page of your policy. It is not typically intended to insure the personal property of a firm’s employees or guests. Over the course of the last fifteen years there have been several changes to significantly expand the definition of BPP in several different ways. Keep in mind
Risk, construction and compliance are three concepts that weigh heavily on the minds of owners and contractors globally. This was evident at the recent Risk & Compliance Summit held at Georgia Tech in Atlanta last week.
With the second anniversary of Superstorm Sandy just around the corner, I was thinking back to the whirlwind of media predictions that preceded landfall. Where would it strike? When would it hit? How bad would it be? Forecasters commented over and over that predicting the path of the storm and its ensuing destruction was particularly difficult because nothing like it had happened before. So I was surprised to learn of an even larger storm from 1821: the Norfolk and Long Island hurricane. If the Norfolk and Long Island hurricane were to hit today, its damage would exceed that of Sandy, Rita, Andrew and Katrina.
In 2012, the most recent year for which data is available, the United States Bureau of Labor Statistics reported 849 construction worker fatalities. Crane accidents make up a large number of these deaths and an even greater number of construction-related injuries each year. Not only can a crane accident cause significant injury to workers on a construction site, but it can also cause injury and death to innocent passersby of the site. Given the risk associated with crane operation on a construction site, what should you – owners and contractors – do to mitigate this risk and limit your exposure?
The unthinkable happens: the business that you have put all your passion, hard work, and money into is destroyed, and there was nothing you could do to prevent it. Or was there?
One of the most expensive predicaments a film production (especially the big-budget type) can face is a delay. When you consider the scheduling of a large scale production, and the amount of money that goes into cast, crew, equipment, locations, permits, food, vehicles, etc. for each day of filming, a simple accident, especially, the film’s star getting injured can result in tremendous expense.
The Wall Street Journal recently reported that fewer than 20 percent of executives say their companies are effectively managing risk. Companies often have a process in place to identify and monitor risks, but fall short when it comes to implementing practices to manage those risks as part of the overall strategic plan. There can be a number of reasons for this shortcoming, including not having a dedicated internal risk management department or lack of qualified risk management professionals in the existing talent pool. As a result, companies that fall into the 80 percent need to begin to develop a sound risk management program as the company could be exposed to
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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
