How an Accurate Statement of Values can Secure the Proper Insurance Coverage

Posted by Shaun Callahan on November 6, 2019 at 12:38 PM

A statement of values (SOV) is a declaration to insurance providers indicating which properties your entity intends to insure. For risk management professionals concerned about property risk exposures, an up-to-date, accurate SOV is critical.

Maintaining basic information and insurable values alongside detailed property data can help ensure your organization is receiving the proper insurance coverage at the best rates. Here are three ways you can ensure your SOV is working for you.

The Value of Basic Building Information

Is Self-Funding Right for Your Organization

Posted by Belva Hale on September 17, 2019 at 2:24 PM

A New Approach to Controlling Lag Time

Posted by Chuck Goodman on April 17, 2019 at 10:12 AM

There is a real benefit to reporting losses immediately after they happen. This is particularly important in workers’ compensation insurance. The time between the occurrence of the loss and the reporting to the insurance carrier is called lag time, and is usually measured in days.

How Public Insurers & Pools Can Positively Influence Police Operations

Posted by Richard Spiers on March 6, 2019 at 9:47 AM

In the last few years, the Federal Department of Justice (DOJ) has reduced their involvement in case investigations and engaging practice consent decrees against local police departments. With that oversight being reduced, the role of public entity insurers and municipal pools has taken on a larger role.

Pools become experts regarding any litigation trends in their state, but they can also learn about changes taking place all around the country by having discussions with their excess or reinsurance carrier.

Understanding Actuarial Methods

Posted by Cheryl White on January 30, 2019 at 11:35 AM

The purpose of most actuarial methods is to estimate ultimate losses, or total losses, for a particular accident period. Once an estimate of the ultimate losses is determined, outstanding losses or required reserves are easily calculated by subtracting the paid losses from these total losses.

Top Considerations for Hosting Special Events

Posted by Bradley York on October 10, 2018 at 9:50 AM

From farmers markets and festivals to parades and races, special events draw crowds and bring communities together but also bring an increased risk of liability to your public entity.

Addressing Unemployment Claim Exposures: The Risk Management Perspective

Posted by Sheldon Altschuler on September 12, 2018 at 9:31 AM

I’m possibly facing an uphill battle here – how in the world will I convince public entity risk managers that their internally driven unemployment activity is a part and parcel component of the larger risk management function?

Critical Steps to Designing an Effective Project Insurance Program

Posted by Shon DeVries on August 8, 2018 at 9:46 AM

There are five important steps that should be taken prior to the start of a project, which will help determine the “best fit” insurance program. While these steps are most often applied to large complex projects, following the general procedures can be very helpful in designing cost effective insurance for projects of all sizes.

What Risk Managers Should Consider When Employing Tactical Medical Support in SWAT Operations

Posted by Robert Marinelli on May 23, 2018 at 9:33 AM

By all accounts, it appears that the number of medical personnel participating in heavily armed raids is on the rise.

In the mid-1960s, major police departments around the U.S. began employing Special Weapons and Tactics (SWAT) teams: heavily armed, specially trained officers who can act swiftly and decisively in volatile situations. Although the exact figure is unknown, it's safe to say that today a majority of municipalities use SWAT teams.

Water Damage Can Be an Unmitigated Disaster

Posted by Jeff Taxier on April 25, 2018 at 9:24 AM

Water damage to physical property remains the most common type of loss in most parts of the country. There are a few states, like Texas, Oklahoma and Colorado, where hail and wind prevail, but damage by water is far more common for most public entities. It can be caused by, rain, wear and tear to plumbing and other infrastructure or simple negligence. Whatever the cause, the longer the water damage goes untreated, the worse the damage gets and the more expensive the repairs become.

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