Contracts TCoR and ERM – How They Go Together

In the last chapter of our series, we introduced the concept of using a risk register and a materiality table to qualify and quantify risk exposures. Building on that foundation, this chapter focuses on how these tools can influence the Risk & Contract Review process. While, it may seem unconventional, to take a formal risk-based approach to contract reviews, doing so adds tremendous value by systematically identifying and addressing potential risks before contract execution. Before the advent of modern technology, organizations often relied on a “buck slip” process for document circulation and approval. A document would move from one manager to the next, gathering signatures as each reviewed and approved

The ALS Group September 24, 2024

Discussion of young asian businessman or executive discussing numerical data comparing charts and gr

Notice of a Claim

Timeliness of notification is one of the most frequently litigated coverage issues within the claims process. It is often due to people not recognizing an event or occurrence as being a claim per the policy or unintentional delays in reporting. Delayed reporting can cause policyholders to run into significant issues, such as coverage concerns and evidence spoilage, which may lead to complete claim denial. This is illustrated in a recent New York court ruling, which held that a demand letter received met the definition of a claim per the policy. In this case, John Mellesmoen, an employee of Match Group, sent a letter demanding a settlement for compensation and damages

The ALS Group September 10, 2024

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Risk Management When Sending Your Kids to College

Sending your child to college is an exciting milestone, but it also comes with unique risks and challenges. As parents and guardians, it’s crucial to proactively address these potential issues to ensure your child’s safety and well-being. Throughout this article, we’ll explore the essential aspects of risk management you should consider when your child embarks on their college journey, such as understanding coverage, evaluating renter’s insurance, different types of policies to be aware of, as well as different safety measures you and your child should consider. Understanding Coverage: Am I Covered? The question of coverage can be complex, depending on factors like the age of the student, their relationship to

The ALS Group August 20, 2024

Illustration depicting a hand pointing to the words "Insurance Claim" surrounded by icons of a handshake, globe, and courthouse, capturing the essence of the Tradesman Lawsuit.

The Tradesman Lawsuit: Insurance Claims and Risk Management Awareness

Is Your Business Prepared for Legal Disputes? Last month, the employees of The ALS Group gathered for a crucial session with Maggie Ingels, our Senior Consultant of Claims and Risk Services, to discuss one of the most significant lawsuits currently unfolding in the claims world—the “Tradesman Lawsuit,” which was filed on March 1, 2024. This case is a stark reminder of the complexities and risks businesses face today, particularly in industries like construction, where legal disputes can lead to devastating financial consequences. But it raises an important question: Are you adequately protected against similar risks? The Details: A Closer Look at the Tradesman Lawsuit The lawsuit, initiated by Roosevelt Road

The ALS Group August 14, 2024

letters of the alphabet with the word liability. concept of liability.

Identifying General Liability Insurance Gaps: A CEO’s Guide to Risk Management and Liability Protection

The Rising Tide of General Liability Claims: Identifying Gaps in Your Insurance Portfolio As businesses navigate an increasingly litigious environment, particularly in industries like construction, the rising frequency and severity of General Liability (GL) claims are becoming a significant concern. Understanding the driving forces behind this trend and identifying gaps in your current insurance portfolio is critical to ensuring your business is adequately protected. But where should CEOs and risk managers start, and how can expert advice help? Understanding the Scope of General Liability Insurance General liability insurance is designed to protect businesses from financial loss due to claims of bodily injury, property damage, personal injury, or advertising injury. This

The ALS Group July 23, 2024

Contractor Toolbox with Tools, Gloves and Glasses

The Risk Management Plan – Identification & Measurement

This is the second chapter in a series of articles focused on strategies that should be part of any company’s risk management plan to, effectively, manage the Total Cost of Risk (“TCoR”). Our previous chapter on the subject introduced basic concepts in risk management: including risk identification and risk impact, Enterprise Risk Management (“ERM”), and how to, better, forecast and be prepared for “risk events”. This paper will focus on ways in which a company can capture and measure the impact of their major risks using a risk register. By creating a risk register, an organization will have a more structured framework to capture and measure the financial impact of

The ALS Group July 17, 2024

A person touches a shield icon hologram surrounded by binary code, symbolizing Smart Equipment Cybersecurity and data protection.

Construction Cybersecurity: Protecting Your Projects from Emerging Threats

The construction industry continues to evolve rapidly, with an increasing reliance on emerging technologies for equipment control, project management, and completion. As projects become more digitally connected, there are significant concerns regarding construction cybersecurity, particularly the security of “smart” equipment such as cranes and drones, as well as Software as a Service (SaaS) and Infrastructure as a Service (IaaS) systems (BIM software) used for project planning and management. Additionally, the utilization of interconnected systems by third parties, such as general contractors and subcontractors, to share and centralize sensitive data poses further cyber risks to projects, highlighting the need for robust construction cybersecurity measures. While these technological advancements enhance project efficiency,

The ALS Group July 9, 2024

An elderly man wearing a brown coat and gloves has fallen on a snowy path.

Snow Removal Insurance: Do you have proper cover?

The ALS Group July 9, 2024

Landlords Risk and Insurance Buyer Beware

New Jersey’s real estate market offers lucrative opportunities for property investors and landlords, but it also presents a complex web of risks—particularly regarding insurance. Proper insurance coverage is crucial for protecting your investment, but many landlords face pitfalls that can result in significant financial and legal issues. While most landlords rely on insurance brokers to secure their policies, a specialized advisor like The ALS Group can play a pivotal role in identifying and addressing gaps in your coverage. Common Pitfalls in Landlord Insurance Inadequate Coverage for Property Damage One of landlord insurance’s major pitfalls is inadequate property damage coverage. Many standard policies may not include protection for specific risks such

The ALS Group July 9, 2024

Three construction workers in safety gear sit outdoors on chairs, drinking water to ensure worker safety. In the background, an impressive wind turbine stands tall.

Extreme Head and Worker Safety

With extreme temperatures in full swing, the focus on Worker Safety needs to be a priority. There are many industries that require their workforce to work outside in these high temperatures. It is important to implement aggressive measures to raise workers’ awareness of techniques that can reduce their heat-related stress and injuries. Some of these techniques include: The article below, which was published by the Risk Management Society (RIMS) in 2021, is timeless in the guidance it suggests and gives more information about Worker Safety. https://www.rmmagazine.com/articles/article/2021/09/01/protecting-workers-in-extreme-heat The image here is a great example of the measures that can be considered Establishing a safety culture that will recognize these conditions and

The ALS Group July 2, 2024

Our areas of expertise include:

Enterprise Risk Management (ERM)
Cyber Security & Cyber Liability Insurance
Construction Management
Customized Risk Management Assessments (RMAs)

The ALS Group Risk Management Articles

Contracts TCoR and ERM – How They Go Together

Notice of a Claim

Risk Management When Sending Your Kids to College

The Tradesman Lawsuit: Insurance Claims and Risk Management Awareness

Identifying General Liability Insurance Gaps: A CEO’s Guide to Risk Management and Liability Protection

The Risk Management Plan – Identification & Measurement

Construction Cybersecurity: Protecting Your Projects from Emerging Threats

Snow Removal Insurance: Do you have proper cover?

Landlords Risk and Insurance Buyer Beware

Extreme Head and Worker Safety

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Contracts TCoR and ERM – How They Go Together

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Notice of a Claim

Risk Management When Sending Your Kids to College

The Tradesman Lawsuit: Insurance Claims and Risk Management Awareness

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