![]() ![]() I often hear from prospective clients, “Just to give you a heads up, my current broker has been with me for a several years and we’ve had no issues, so you’ll have to show me some serious savings for me to switch.” When you offer an “insurance broker” an opportunity to compete for your renewal, price always seems to be the top priority. Insurance has become very transactional and commoditized over the years. I find this quite surprising, especially considering the fact that risk management is the foundation of insurance. A business professional that you met with one time who did a great job saving you 7.6% on your last renewalĪs you ponder over which of these best fits your description, I’m sure that the term “risk manager” was not the first thing that came to mind.A longtime friend in the insurance industry.The person who “takes care” of your insurance.Contractors All Risks.When you hear the term “insurance broker,” what do you think of? Perhaps it might be: Contractor's All Risks Estate Insurance Group Ltd Ģ016. IRMI Online > Glossary of Insurance & Risk Management Terms. SMALL BUSINESS ENCYCLOPEDIA, Key Person Insurance, Ģ000-2016 International Risk Management Institute, Inc. Latest edition Project ManagementĢ016 Entrepreneur Media, Inc. (2007) Project Management by Dennis Lock 9 Rev edition (2007).ĩth ed. Insure can't spread their risk over other similar risks. ![]() Some risk can't be insured - an insuror would refuse to insure the risk or the cost of the insurance would be extremely high. This insurance is purely designed to cover financial losses from a wide variety of causes. In a small business, this is usually the owner, the founders or perhaps a key employee or two ( ). Key person insurance Key person insurance is simply life insurance on the key person in a business. Travel and medical insurance may be provided as an employee benefit or may be an expectation. As with Contractors' all risk insurance this insurance is often used on construction projects.Įmployers and projects can insure employees for travel, medical and personal accidents. Decennial Liability insurance may be required by law for business or individuals subject to decennial liablity. This insurance is known as 'decennial' because it can cover a period of up to ten (10) years. This insurance is designed to offset the financial cost of a defect in the design, materials or construction of a project. X months cover for contractual obligations after completion.Cover for owned and hired machinery and plant.Key features of Contractor All risks policies include: Risks that can be insured against Contractors' all risks insurance All risks insurance provides protection during the works, until the project is complete and handed over the the customer ( Lock, 2011, p. Typical liablity insurances that may be contractually required: Contractual Liability insurance can be used to cover liability imposed on an entity by the terms of a contract. This will often be a contractual requirement to have particular liability insurances, like Employers' Liability Insurance or infingement of property rights. Work Breakdown Structure (WBS) ChecklistĬontract agreements will place obligations on the contracting parties to insure against risks.Highlighting tasks in Microsoft Project. ![]()
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