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risk management

Don’t Skip This Before Getting Home Insurance: Check Your Electrical Panel

🚨 If you’re a homeowner or landlord planning to apply for home insurance or a landlord/lessor’s risk policy, take a moment to inspect your electrical panel first. This simple step can save you from unexpected delays or even a policy denial. ⚠️ Why This Matters Older electrical panels are considered high‑risk by insurers due to potential issues like overheating, circuit breaker failures, and fire hazards. In many cases, having one of these outdated models can lead to: 🔍 Panels to Watch Out For Here are the most problematic models insurers flag: ✅ Practical Steps to Take 📌 Bottom Line A… Read More »Don’t Skip This Before Getting Home Insurance: Check Your Electrical Panel

The First Day Formula: Setting Up New Hires for Success

When it comes to applying for workers’ compensation insurance, having a formal hiring and training procedure is not just a box to tick; it’s a strategic approach that can enhance your eligibility for preferred rates and additional discounts. A well-structured new employee orientation process not only streamlines your hiring and training but also sets a solid foundation for your team’s future success. Here’s how you can utilize a comprehensive New Employee Orientation Checklist to ensure you can confidently answer “Yes” when asked about formal hiring and training procedures during the insurance application process.

Protecting Against Slips, Trips and Falls During Winter

While slip, trip and fall hazards are present year-round, there is an increased potential for them in the winter months due to snow and ice. As a property owner or manager, you must make a reasonable effort to reduce the potential for injury to your guests, employees and patrons. Any business that has people visiting its facility (e.g., hotels, apartments, manufacturing firms, shopping centers, supermarkets, office complexes) can be susceptible to this hazard and the associated liabilities. The first line of defense against slip, trip and fall incidents includes having a well-planned strategy and implementing a snow and ice removal… Read More »Protecting Against Slips, Trips and Falls During Winter

5 Risks Every School Has

…and how to lower it.

1. Harassment and Bullying Spark More Lawsuits

All school personnel should receive misconduct alertness training so they can spot the signs of abuse and intervene early.
Anonymous reporting tools can also help drive earlier intervention.

2. Title IX Expansion Increases Due Process Liability.
Title IX is a law that was meant to bar discrimination based on sex in educational program activities and athletics that received Federal financial assistance.

Higher ed institutions should have a Title IX adviser on staff who understands the law and can advise schools on the best course of action to take when a complaint is filed.Read More »5 Risks Every School Has

Ordinance or Law Insurance Coverage

Generally, Ordinance or Law insurance coverage provides limited protection for costs associated with repairing, rebuilding, or constructing a structure when physical damage to the structure by a covered cause of loss triggers an ordinance or law.

According to Adjuster’s International Disaster Recovery Consulting, compliance with ordinances and laws after a loss can add 50% or more to the cost of the claim*.

Insureds should take a proactive approach to their insurance program and the coverage provided by the program. Learning about important exclusions and limitations after a catastrophe strike will cause the Insured to experience frustration and anxiety. Insureds should always read their policies, and in some states, may be required by law to do so.

Ordinance or Law Exclusion

Most property insurance policies will have an Ordinance or Law exclusion. The exclusion applies to both physical damage and time element coverage.Read More »Ordinance or Law Insurance Coverage

11 tips for effective workplace housekeeping

11-tips-for-effective-workplace-housekeepingTo some people, the word “housekeeping” calls to mind cleaning floors and surfaces, removing dust, and organizing clutter.

But in a work setting, it means much more. Housekeeping is crucial to safe workplaces. It can help prevent injuries and improve productivity and morale, as well as make a good first impression on visitor. It also can help an employer avoid potential fines for non-compliance.

The practice extends from traditional offices to industrial workplaces, including factories, warehouses and manufacturing plants that present special challenges such as hazardous materials, combustible dust and other flammables. Experts agree that all workplace safety programs should incorporate housekeeping, and every worker should play a part. In addition, housekeeping should have management’s commitment so workers realize its importance. Here are 11 tips for effective workplace housekeeping.Read More »11 tips for effective workplace housekeeping

Be Safe for Halloween

Get your sidewalk neat before they trick-or-treat – Walk the path from the street to your door and clear anything that trick-or-treaters could trip over or slip and injure themselves. This includes gardening equipment, hoses, toys, potted plants, lawn ornaments and even Halloween decorations that block the path to your front door. Make your yard spooky, not dangerous – Be sure to clean up before candy-fueled children charge through your yard. Remove dead branches, sticks and acorns, rake up the leaves, fill in holes and trim your hedges to prevent any injuries. A well-lit driveway can still be scary – There’s nothing scarier for… Read More »Be Safe for Halloween

Insurance for Multi-Family Real Estate

overcoming-the-challenges-of-placing-multi-family-real-estateThe real estate sector consists of many different types of premises-related accounts, including office buildings, shopping centers, malls, industrial warehouses, and apartments. Due to the frequency and severity of losses, habitational properties or apartment schedules are most commonly placed with E&S markets. This also applies to shopping centers and malls that are located in geographic areas where the crime scores are typically higher than the national average, or where the risk has a higher frequency of claims and is suitable for taking a retention and employing an aggressive third party administrator (TPA).

But the majority of real estate accounts placed in the E&S marketplace are multi-location apartment schedules. In recent years, many casualty markets have struggled with being profitable on these risks, and some have stopped underwriting this class entirely. What makes this class so difficult for carriers to be profitable, and why have so many markets either exited the space or tightened their guidelines?

Obviously, profitability is tied to thin rates and/or overly generous claims settling, but there are several other factors when it comes to this class:

1. Unique claims = general liability? Not always.

One factor is that there are so many more unique claims which ultimately get tagged to the general liability (GL) carrier. Just about anything that goes wrong – other than traditional property losses such as fire, wind, flood, etc. – is considered a GL claim. While it used to be that the owner or manager had to be negligent in order for a GL claim to be paid, that’s hardly the case anymore. Carriers have traditionally been the most concerned with “typical” GL claims including slip-and-falls, violent attacks, and sexual assaults; they now have to also deal with unique, obscure claims for which a GL carrier is ultimately held liable. This diminishes any chance of the account being profitable.Read More »Insurance for Multi-Family Real Estate