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Safety Act Coverage

boston marathonIn today’s world, terrorist acts and the threat of violent attacks and political intimidation by domestic and international criminals is a sad reality of life in any country. With these threats comes the increased need for innovative products, equipment, devices and technology that are used to thwart and defend against these acts.

That’s why the federal government, as a means to incentivize companies that develop technology used to combat these acts, established the Support Anti-Terrorism by Fostering Effective Technologies Act of 2002 – also known as the SAFETY Act – as part of the Homeland Security Act. The SAFETY Act is intended to help encourage innovation that can save lives by mitigating the liability that could result from this innovation. SAFETY Act coverage shields qualified parties from claims that arise as a result of the technology’s use in the prevention, response to, or recovery from a terrorist act.Read More »Safety Act Coverage

Attic Storage Hazards for Homeowners

Picture by Roger Mommaerts (flickr.com)
Picture by Roger Mommaerts (flickr)

Homeowners who don’t pay attention to what’s going on in their attics can face costly damage that can spread throughout their entire home. Internet is full of videos made with wireless ip video surveillance cameras which capture critters such as mice, squirrels, bats and bees living in people’s attics; meanwhile, one in 10 homeowners have never even seen their attics.

Rodents in the attic can be a nuisance at best, and if they are not eradicated quickly, they can become home wreckers, as squirrels and rats have been known to chew through electrical wires in attics. While this almost always ends badly for the animals, sparks from their gnawing can set the house on fire.

Many attics also house mechanical equipment, such as central air conditioning systems, exhaust fans, electrical junction boxes and plumbing. Homeowners should regularly make sure that any system that is connected to an electrical or water source in their attic is in good working condition, as a burst pipe or a clogged drain in the attic could lead to widespread water damage on the floors below.
Read More »Attic Storage Hazards for Homeowners

Anatomy Of Effective Craigslist Advertising

Your_ad_on_CraigslistWhen it comes to affordable advertising, your local Craigslist site has the potential to give you plenty of bang for your buck. In fact, many service oriented businesses depend almost entirely on the classified site for business. It’s free, it’s easy to update, and, for many businesses, it works for generating leads.
Like all aspects of your overall advertising plan, Craigslist marketing requires some forethought and strategy. That said, it shouldn’t be very time-consuming if done correctly: you can spend as low as 15 minutes a week on your Craigslist campaign.

Anatomy Of Effective Craigslist Advertising

Your Craigslist advertisement should include the following:Read More »Anatomy Of Effective Craigslist Advertising

Report: New Emerging Risks

Report New Emerging RisksSwiss Re has released a report – ”New emerging risk insights,” which is based on the reinsurer’s SONAR process, described as a “unique tool which uses Swiss Re’s internal risk management expertise to observe and evaluate new and emerging risks.”

Some of the other emerging risks examined in the SONAR report includes the following:

  • Cloud computing security
  • Contagious emerging market crisis
  • Eurozone crisis leading to deflation
  • Short-termism of macro-policy measures
  • Air pollution as mortality driver
  • Concussion crisis in sports
  • Democratisation of genetic testing
  • Digital slander
  • E-cigarettes
  • Financial consumer protection regulation
  • From closed to open business models
  • Food and water safety: trade-offs with growthRead More »Report: New Emerging Risks

April is National Safe Digging Month

Safe DiggingCall 811 before you dig. Whether you’re planting a garden, building a fence or remodeling your home, no project is too small to call 811. Damage from digging is a common cause of pipeline accidents. One easy, free call to 811 Underground Service Alert (USA) at least two working days before you dig gets your utility lines marked so you can dig safely. This free service will notify underground utility operators in the area of your planned work.

Safe digging tips:Read More »April is National Safe Digging Month

Product Recall Insurance Explained

Product Recall Insurance Explained

Product Recall Insurance

Product Recall History and Overview

The coverage has been around since the 80’s  of  XX’s Century. The first type of product recall insurance was called malicious product tampering, which only responded to malicious incidents. The limits were $3 million, with six-figure premiums. That’s the way it was for a couple of years. Slowly the book of business grew which allowed larger capacity and to sell higher limits of insurance as well as to expand the coverage. Because it’s catastrophic insurance in nature, when losses occurred, they are generally major. Businesses are not concerned with the smaller losses they can handle financially in-house. What they are looking for is protection from the large losses. So today, it’s financially plausible for small companies as well. When coverage first came out, because of the price tags and the minimum deductibles required, it was accessible only to large, multinational food companies. But now almost every insurer has a strategy to go after smaller businesses. Products Recall is designed to help the insurance manage the crisis of such an occurrence and help protect against product degradation and third party lawsuits.

Most Commercial General Liability policies do not provide coverage for the cost to recall products. Stand alone Product Recall insurance fills this gap because it provides coverage to the cost to recall, withdraw and dispose of the insured’s products and it also can cover loss of income and the extra expenses incurred when a product has to be withdrawn from the marketplace.
Recalls can happen because of mislabeling, malicious tampering, accidental contamination or for a variety of other reasons. Now due to new legislation. the FDA can mandate insured’s conduct recalls in some cases.

Coverage Parameters

Products Recall offers insurance protection in the event of a recall of an insured’s product. This protection includes coverage for the insured’s product recall expenses and liability to third parties kidnapping; bodily injury extortion; property extortion; product contamination extortion; trade secret/computer virus extortion; wrongful detention and hijacking.

Endorsements available to extend coverage include:

Read More »Product Recall Insurance Explained

Introduction to Business Continuity Planning

Each year, businesses and organizations are affected by man-made and natural events and disasters. Market competition and the fast pace of business demands that companies be prepared to respond to these events to help prevent or reduce business interruption and loss. These events run the gamut from fires, explosions, weather-related and other natural disasters to man-made events, including terrorism, data theft, cyber attacks on computer systems and networks, extended power outages and critical equipment breakdown. Major events can cause extensive disruption and damage to business and business operations. In a highly competitive, global economy, the inability of organizations to respond quickly and continuously to an adverse event could mean that consumers, clients and customers go elsewhere. Loss of customers, market share, and extended down times can result in your businesses never reopening. The importance of business continuity planning, that is, a continuous process and plan to identify the impacts of events and potential losses and ensure viable recovery strategies and continuity of services, cannot be overstated.

An organization’s business continuity plan should be an integral part of its operating strategy and part of its overall business planning process. It is not a “one-shot” project or one-time activity. Rather, it is an integral part of an effective business strategy. It requires a pre-defined, thoughtful approach and planning ahead. A well-executed and practiced business continuity plan is not only intended to help organizations recover and return to operations as quickly as possible. It also can be an important defense in reducing the overall impact on its business.
This guide is a high-level introduction to core business continuity planning concepts. Companies should tailor their own plan to their particular situation and needs.

Read More »Introduction to Business Continuity Planning

Tips for Winter Storm Victims

First, damage to the house and its contents caused by weight of snow or ice, creating a collapse, is covered under standard homeowner’s insurance policies. Freezing conditions such as burst pipes or ice dams, when water is unable to drain properly through the gutters and seeps into a house causing damage to ceilings and walls, is also covered.

Most damage resulting from fallen trees is covered by the homeowner’s policy, but consumers should check with their company before calling a tree removal service as removal costs may also be covered.Read More »Tips for Winter Storm Victims

Managing use of Non-Owned Personal Vehicles

Managing use of Non-Owned Personal VehiclesMany small businesses and other organizations furnish company owned vehicles for transportation needs including trucks, vans, buses and automobiles. However, it is not uncommon for staff and volunteers to drive their own personal vehicles for business-related transportation.

It is important to recognize that your business can be held liable for damages by allowing the use of non-owned personal vehicles for business purposes. In an effort to keep everyone safe, and to protect the organization from claims arising from the use of personal vehicles, the following safety precautions should be followed:

  • Restrict who is allowed to drive. Studies show that accident rates are higher for drivers under he age of 25 and over 70; therefore, drivers of personal vehicles should be between 25 and 70 years of age.
  • Require proof of automobile liability insurance. This should be obtained annually and kept on file. The following minimum auto liability limits should be required:
    • Bodily Injury Liability – $100,000 each person / $300,000 per occurrence and;
    • Property Damage Liability – $100,000 per occurrence.
  • Inform drivers that their personal automobile insurance is the primary coverage for any and all accidents and injuries that occur during the transport. They should contact their insurance company and inform them that they will be using their personal vehicle for business purposes.Read More »Managing use of Non-Owned Personal Vehicles

Stair Safety Slip and Fall Prevention

stair safetySlip and fall is the #1 liability claim from a frequency and severity standpoint. Numerous factors can contribute to these types of injuries, including inadequate lighting, missing or damaged handrails, poor maintenance/condition, slippery conditions, loose floor coverings, irregular design of stairs and housekeeping.

The following guidelines will help reduce your chances of slips and falls from stairs.
Read More »Stair Safety Slip and Fall Prevention