Tag: risk reduction
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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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We know to not use the risk avoidance technique unless we absolutely have to. What does preventing a risk really mean – frequency reduction. We know, as a non-statistical rule of thumb, that a catastrophic loss risk will occur once, there will be 10 intermediate losses, 100 small losses, 1000 losses under the deductible/threshold (awareness)…
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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…