INSURICA Risk Insights
Keeping you ahead of the risks and challenges unique to your industry.
Winter 2023
IN THIS ISSUE
Action Over Litigation
What is Replacement Cost and How is it Derived?
ESG Trends to Watch
“Often the contractual liability section within the General Liability (GL) policy form leaves the employer exposed to suits against their GL policy via the Employers Liability (EL) exclusion.
Ed Holomon, Jr. | Action Over Litigation
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 or reconstruction cost is a type of insurance that covers the cost to replace or repair a building with materials of the same or comparable quality. For the purposes of coverage—and unlike market value—replacement cost policies do not include the value of any land and is determined based on the amount needed to hire contractors and purchase materials to repair a building or construct a replacement.
FEATURED ARTICLE
ESG Trends to Watch
Environmental, social and governance (ESG) factors are often considered by socially conscious investors when evaluating companies on sustainability and social conscientiousness. While ESG metrics can be hard to measure, the risks surrounding them are increasing. As consumer, investor and shareholder action is increasingly focused on ESG, companies and their directors and officers (D&Os) must proactively address climate change, working conditions, cybersecurity and diversity. Failure to do so poses a significant D&O risk for companies and their insurers.
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.