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Risk Management Assessment
Company logo for “The ALS Group” featuring a stylized blue and white lightburst graphic
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. 

A cargo ship loaded with multicolored containers lies trapped beneath a collapsed metal structure in the water. This situation calls for an immediate risk assessment to prevent further damage and ensure safety protocols are followed.

Hey – That’s My Cargo

Perhaps the last thing we think about when reflecting on the Francis Scott Key Bridge Collapse is the non-delivery of cargo on the vessel – while that is understandable it might be a bit more of a priority if that cargo were your company’s property. A cargo ship collided with Baltimore’s Francis Scott Key Bridge, resulting in the collapse of the span and the tragic loss of six construction workers. Officials from the National Transportation Safety Board boarded the ship on Wednesday, a day after the early-morning crash. They intended to recover information from its electronics and paperwork, while divers continued their search for the missing workers. It’s indeed unfortunate

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The ALS Group May 14, 2024
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
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
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
Silhouetted cranes and machinery work at a port under a dramatic sky with heavy cloud cover.

Hurricane Preparedness For Businesses: A Comprehensive Guide

Hurricanes are one of the most destructive forces of nature, and businesses located in hurricane-prone areas, particularly along the Atlantic coast, must prepare for the inevitable impact of these storms. While we often think of hurricanes in terms of immediate physical damage, the ripple effects—like prolonged power outages, loss of internet, and disruptions to supply chains—can cripple business operations for extended periods. Preparing your business before hurricane season can mitigate potential risks, reduce financial loss, and ensure faster recovery.

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The ALS Group August 15, 2023
L&L Secures Financing Package for 425 Park Avenue

L&L Secures Financing Package for 425 Park Avenue

The ALS Team congratulates our client, L&L Holding Company, on completing $9111.4 million financing on the iconic 47-story office tower at 425 Park Avenue.  The finance package, obtained through a consortium of lenders led by Blackstone Real Estate Debt Strategies, replaces 425 Park’s original construction loan and will cover the final stages of the project, including full lease-up, prior to being replaced by permanent financing.   We are proud to have had the opportunity to support risk management needs of L&L Holding Company on this project! 

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The ALS Group December 22, 2021
Effective Email Risk Management

Effective Email Risk Management

Email has been a part of our everyday life for quite some time now. These days, with some restrictions imposed on face-to-face interaction, email has become an effective way to communicate. As a result of this, the number of emails sent and received daily steadily increases each year. According to Campaign Monitor, an average person sends and receives 121 business emails per day. While this is an effective way to communicate, handling such an amount of emails can become a challenge if one does not have a strategy for managing them. Managing incoming emails and ensuring that emails you send are effective is important in this digital age. A few

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The ALS Group November 10, 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

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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