The ALS Group Risk Management Articles

2011 was one of the most challenging years for many business owners and will be one of the most costly for insurers. Losses from insured natural have exceeded $100 billion for 2011 undoubtedly triggering an opportunistic response from insurers. This on top of the increased scrutiny from stakeholders has put company senior leadership in the “hot seat” to be vigilant to mange risk appropriately. Company’s are still struggling under difficult economic times and need to be aware of and strive to manage their Total Cost of Risk (TCoR).

Last year we released an article that outlined the dangers Property Owners face from slip and falls on their property resulting from improper removal of ice and snow. This is one of the unfortunate aspects of winter in the Northeast.

Trying to insulate yourself from downstream risk is always a suggested (if not arduous) Risk Management Best Practice. In the attached Rough Notes article regarding Vassar College, there are a few twists and turns to take note of.

Nothing illustrates the importance of managing risk more than a recent case of Bruckmann, Rosser Sherrill & Co., L.P. v. Marsh USA, Inc. In this case plaintiff BRS (a private equity firm) discovered that due to a provision in their D & O policy they would not have full access to the limits of liability they purchased to pay a settlement. This limitation occurred due to the inclusion of what is commonly called a “tie-in” provision, also referred to as an “anti-stacking” provision on Bruckmann’s D & O policy.

MOTHER & SON TEAM ACCUSED OF STEALING $16 MILLION FROM SMALL FIRM Recently two New York City based textile companies fell victim to the embezzlement of $16 million by their trusted bookkeeper of over two decades. As reported in the New York Times article on June 24th, company checks were used to funnel money into a bank account controlled by the employee’s son.

The ALS Group hired to provide insurance and risk management consulting for the new $275 million state of the art facility The ALS Group announces its selection as the project risk management consultant for the Miami Science Museum. Expected to be completed by 2014, the $275 million museum will break ground later this year. The ALS Group will work directly with the Museum Executives throughout the construction process to identify and manage the material project risks and craft appropriate insurance and risk management solutions. “Our goal is to prevent any unexpected and unnecessary financial impact to the Museum. A great deal of planning went into this project and every dollar