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... Identification It almost goes without saying that risks must be identified before they can be treated. This is one of the measures of a good risk manager. Here are just some risks that occasionally elude the public agency risk manager: Loss of revenue from shutdown of an income-producing activity: utility, toll road or bridge, auditorium, and so forth Loss of taxes because of destruction of a principal taxpayer's property Extra expenses from administrative dislocations following any catastrophe Extra expenses from hand processing data after loss of data-processing facilities Unusual types of liability, such as liquor liability, that are not perceived as important until an unforeseen situation Loss Prevention Safety programs affect insurance costs indirectly by reducing losses (which in turn indirectly affect premiums), but few safety measures are recognized in liability rating. To find out exactly what ... For instance, are you protected against damage from flowing molasses after a huge storage tank ruptures? This type of loss has occurred, causing tremendous damage. The point is simple: Even with a vivid imagination, you can't conceive of all the things that can go wrong. All-Risks protection is therefore essential to proper insurance coverage. With respect to property, this is usually written in a Difference-in-Conditions (DIC) policy. The liability equivalent of the DIC is the Umbrella-probably the most important single policy of all. It supplies the needed high limits and broad coverage for the blockbuster liability claim. Be sure it's the broadest possible. Pay a little more if necessary, but don't settle for an inferior Umbrella. Insurance Companies and Their Environment The insurance world is fragmented into many compartments, some of interest ...

...uction of a principal taxpayer's property Extra expenses from administrat...insurance coverage. With respect to property, this is usually written in a Difference-in-Conditions (DIC) policy. The liability equivalent of the DIC is the Umbrella-probably the most i...