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
Baltimore Bridge Collapse Could Lead to Historic Marine Losses
On Tuesday, March 26, 2024, a large container ship traveling through the Port of Baltimore in Maryland collided with a concrete column supporting the Francis Scott Key Bridge, ultimately causing the nearly 50-year-old structure to completely collapse and shutting down one of the largest and busiest harbors in the United States.
Safety Matters: Asbestos Awareness
Even though most uses of asbestos have been banned, it can still be found in a variety of products, such as building materials and vehicle brakes. Employees can be exposed to this hazardous material during the manufacturing process, brake and clutch repairs, and renovations and demolitions.
Be Aware of Amputation Hazards
Amputation injuries frequently occur when workers operate unguarded or inadequately safeguarded machinery, but they can also occur if a worker is simply not paying enough attention or makes a careless mistake. Machine and equipment operators are at risk, but so are other employees in the area if they are not aware of their surroundings.