Tag: insurance
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Segregation is defined as “…the action or state of setting someone or something apart from other people or things…”. Thanks Google. Another word for it is separation of items at risk or don’t put all your eggs in one basket! A simple example, from a personnel risk perspective, is to limit the number and rank…
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We know to sparingly avoid risk and how to improve our prevention (frequency) effectiveness but what is reduction (severity) all about when not viewed in combination with prevention (frequency). Reduction by its very nature is the lowering of the impact by lowering the severity of the exposure. Reduction is putting systems in place, such…
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In the dark ages (300 years ago), risk management’s primary tool was insurance – buy enough of it until you feel good enough to sleep well at night. Good tool to use before the 1950’s and the expansion of risk management. Today the insurance industry has done a tremendous job in providing more insurance…
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May 12th, 2020 The insurance hard market has hit commercial insurance policy holders very hard over the last year. Condominium policies have sky rocketed by over 100% for some Condo’s while the limit of insurance for a flood loss has reduced from full building limits to 5 or 10% of the total – often $2,500,000…
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The Emergency Operations Centre has been activated, the Business Continuity Plans have been dusted off and the Crisis Communications Plan has been exercised. Social distancing means your staff are working from home, students are trying to study at school (remotely – with various effectiveness), and essential services are adapting to the new business model –…