INSURICA Environmental News
Keeping you ahead of the risks and challenges unique to your industry.
Winter 2023
FEATURED ARTICLE
Action Over Litigation
According to the International Risk Management Institute (IRMI), Action Over is a legal action involving an injured employee, when after collecting workers compensation benefits from the employer, decides (most often at the guiding hand of counsel) to pursue a third party for allegedly contributing to the employee’s injury.
FEATURED ARTICLE
What is Replacement Cost and How is it Derived?
Replacement cost is TODAY’S VALUE – Depreciation (based on wear, tear deterioration and age) which equals the Actual Cash Value, aka Market Value (what is the property worth today). The Replacement Cost value is derived from the “local” labor market along with the materials within the market. Let’s not forget that policyholders usually want their property insured at what they can sell it for. This is called Actual Cash Value.
FEATURED ARTICLE
Keeping U in Mind: Managing Your Fleet Risk in 2023
With rising insurance premiums, successfully managing fleet risk should be a top priority as we enter a new year. The Occupational Safety and Health Administration (OSHA) stated that most road related fatalities occur on highways where there are seat belt requirements and traffic laws, between the hours of 7 a.m. and 4 p.m.
Related Articles
Responsible Chemical Storage, MSDS and Spill Preparedness
At INSURICA, we recognize the significant concern that managing chemical-related risks poses for environmental businesses. To ensure a safer work environment, it is crucial to prioritize proper chemical storage, understanding Material Safety Data Sheets (MSDS), and being prepared for potential spills. These elements are essential facets of effective risk management.
Behavior-based Safety Explained
It’s critical for safety to be at the forefront of any organization, regardless of size or industry. By upholding a safe work environment, organizations can minimize the risk of costly on-site accidents and employee injuries—boosting staff morale and maximizing productivity.
Purchasing Environmental Insurance: Underwriter Submissions
Offering your agent and underwriter all the information they need to tell the story of why your company is best-in-class is essential.