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Risk Management Assessment
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RMA

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. 

Skyline of New York City

New Tax Incentives and Zoning Policies for Housing Production in NYC

A terrific article by Herrick (https://www.herrick.com/news/nycs-new-housing-production-tax-zoning-incentives/) addresses New York City’s affordable housing program allowing a transformative change with the introduction of legislative amendments to expand housing construction. The modifications of the 421-a program to 421-a(16) has been extended until June 15th, 2031 and allows developers tax benefits while ensuring a percentage of affordable housing. A key component of this program is that foundations must have been completed prior June 15, 2022 One of the challenges in taking advantage of this program is that foundations would have been completed prior to vertical construction starting. This “prior work” is getting a great deal of scrutiny from insurers and we are seeing more and

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Creed Snow April 24, 2024
A hand interacts with a digital screen that displays "Cyber Security" crucial elements often addressed by risk advisory firms in Florida.

How to Defend Against Cyber Attacks

At The ALS Group, we are acutely aware of the evolving threats in the digital landscape, and swatting represents a particularly malicious form of cyber-attack with real-world implications. As a risk advisory firm, our mission is to illuminate the dangers of such activities and provide strategic risk mitigation strategies to safeguard businesses and individuals alike.

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The ALS Group March 28, 2024
Two individuals shake hands, indicating a critical discussion about insurance and risk management.

Builders Risk Insurance An Often Misunderstood Coverage

When a company starts a construction or renovation project the subject of Builders Risk Insurance 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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The ALS Group February 21, 2024
collapsed crane lying across a city street on a rainy day, highlighting the critical importance of risk management in construction.

Crane Collapse Incidents and Lessons for Risk Management in Construction

While there is a bit of a pause in the construction development activity these days, there is some recent news out of New York and Texas regarding crane safety. Tuesday, January 9th, a crane collapsed in Manhattan injuring five people. According to the FDNY, four of the victim’s injuries were described to be minor, and one person was left with serious, but not life-threatening injuries. https://gothamist.com/news/5-injured-in-manhattan-crane-collapse-fdny-says In regards to the Texas Crane Collapse of 2019, a Dallas jury has awarded more than $860 Million to the family of one of the victims of the collapse. This is a solemn reminder of how important proper safety and controls are on any

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The ALS Group January 16, 2024
Person shoveling snow with a red shovel, wearing black pants and boots

What is your Snowstorm Response Plan

US weather patterns continue to be unpredictable and the Northeast is getting its first taste of snow, so I thought it would be good to reinforce how important it is to have a comprehensive storm response plan.Snowstorms can cause a variety of problems such as, power outages, pipe bursts, and inaccessible roadways for many residents and businesses throughout the U.S. Alternatively, businesses that have remote workers must also deal with issues pertaining to widespread residential outages which can serve as a major disruption for employees with home offices. So, what can you do? If you need more information on any of the topics covered in this blog, or need help

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The ALS Group December 13, 2023
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.  So, here’s what will, most likely, happen…the family of the deceased would, surely, look to the driver of the vehicle and the company that owns it for compensation. Unfortunately, that’s not it, they [the

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The ALS Group November 7, 2022

New Commercial Property Endorsement Can Mean Problems for Landlords

The discovery of methamphetamine labs is an ongoing issue across the United States, with National Public Radio reporting that around 300 meth labs are found each week. If you own or manage rental properties like apartments, hotels, or boarding homes, there’s a chance that one of your tenants could turn your property into a meth lab—leading to substantial damage and clean-up costs. And with recent changes in commercial property insurance, you may face even more challenges when trying to mitigate these risks. Meth Labs and Your Commercial Property Insurance: What’s Changed? Since 2013, a new endorsement, Exclusion of Loss Due to By-Products of Production or Processing Operations (Rental Properties) (form

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The ALS Group September 5, 2022
Red padlock with the word "Ransomware" in white over a blue background filled with binary code.

CISA/FBI Holiday Cyber Advisory

As air travel for the upcoming Thanksgiving weekend spiked to pre-pandemic levels and AAA estimates over 53 million people will hit the road this holiday, the Cybersecurity & Infrastructure Security Agency (CISA) and FBI issued an advisory yesterday, warning critical infrastructure partners that malicious cyber actors tend to strike during holiday weekends. “Although neither CISA nor the FBI currently have identified any specific threats, recent 2021 trends show malicious cyber actors launching serious and impactful ransomware attacks during holidays and weekends.” This advisory, once again, emphasizes the importance of organizations being vigilant and taking proactive measures to minimize the risk and impact of a potential cyber-attack, which, based on 2021 trends, seems

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The ALS Group November 23, 2021
A green road sign with the bold text "CYBER CRIME" stands out against a cloudy sky background

OFAC Advisory Makes Paying Cyber Extortion Ransom Illegal

Cyber Extortion Ransom Illegal Ransomware continues to be a major issue for companies regardless of size. It may be hard to believe, but the reason for this lies with the victims. 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. To combat it, OFAC, the U.S. Department of the Treasury’s Office of Foreign Assets Control, issued an Advisory in October 2020 stating that paying the ransom to a malicious actor in a ransomware event could land a company in hot water; and by hot water

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The ALS Group September 29, 2021

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