https://completemarkets.com/company/CompleteMarkets/Articles/content-package/IMMS-Library/TabCategory/article-post/1635/MANAGING-RISK-A-GUIDE-FOR-YOUR-BUSINESS-CLIENT-PART-4-OF-4/
... . The latter covers such perils as fire, windstorm, and explosion, and can create a false sense of security because it covers most recognized perils. However, insurance is meant to protect against catastrophes however they may arise, and old-timers in the business can recall any number of strange events that caused large losses. 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 ... 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 measures are important, ask your insurance agent for a breakdown of your rating factors. Larger Workers Compensation programs will also have ...
https://completemarkets.com/Article/article-post/1616/DOLLARS-AND-SENSE-FINANCIAL-RESPONSIBILITY-REQUIREMENTS-FOR-UNDERGROUND-STORAGE-TANKS/
...quirements For Underground Storage Tanks
DOLLARS AND SENSE: FINANCIAL RES...e and/or for each underground storage tank or location], exdusive of legal def...
https://completemarkets.com/Article/article-post/1635/MANAGING-RISK-A-GUIDE-FOR-YOUR-BUSINESS-CLIENT-PART-4-OF-4/
...wing molasses after a huge storage tank ruptures? This type of loss has occurr... broad coverage for the blockbuster liability claim. Be sure it's the broadest...
https://completemarkets.com/company/CompleteMarkets/Articles/content-package/IMMS-Library/TabCategory/article-post/2352/Crisis-Management-Plan-Crisis-Impact-Considerations/
... brokerage firms and assigned account service and executive teams. The process of establishing adequate insurance limits and values should involve planning and analyzing for the maximum foreseeable crises events. Consideration must be given to the accumulation of deductibles, self-insurance financial loss exposure and ultimate modification of experience rated insurance policies. An effective vehicle for determining adequate limits of coverage and realistic recovery time is the utilization of a risk management Think Tank' analysis session involving concerned senior management. For example, in determining the limits for a manufacturing facility, including recovery time and possible contingent business interruption exposures, the formal meeting would involve the Chief Financial Officer, Director of Operations, Director of Taxation and other warranted financial and operating management. The Think Tank' mission would pursue a hypothetical worst case loss scenario and develop vital information such as ... and categorized as to severity as follows: Magnitude I (Minimum Severity) Magnitude I loss is one that is easily manageable within the risk-bearing capacity of the organization. For example: fire at a production location that does not result in significant asset loss or business interruption. Other examples include an accident involving a company vehicle resulting in injuries and establishment of disability reserves or adverse legal judgement in a product liability case. Magnitude II A Magnitude II loss can be defined as one with a significant impact of life safety, revenue and existing assets, but without the major threat to the financial stability Of the organization. For example: a major fire resulting in significant damage to the contents and structure of a manufacturing facility. A Magnitude II loss would affect no more than 50% of the revenues. ...
https://completemarkets.com/Article/article-post/2352/Crisis-Management-Plan-Crisis-Impact-Considerations/
...zation of a risk management 'Think Tank' analysis session involving concerned ...ns
Directors and Officers legal liability
Property and All Risk Coverage ...
https://completemarkets.com/Article/article-post/2351/Crisis-Management-Plan-Introduction/
...etroleum oil and any facility with tanks of 42,000 must have a spill plan on t...