Posts Tagged 'RIsk'

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Cutting Through the Complexity Of Strategic Risk Management

Considering its inherent complexity, enterprise-wide scope and financial significance, strategic risk is an executive-level issue at its core. It’s so vital that five of the world’s leading finance and accounting organizations developed a consortium to build an integrated framework for enterprise risk-related decision-making. 

Capitalize on the Most Valuable Data from Fleet Telematics

Whether operating dump trucks or pickup trucks, most companies with a fleet of more than 25 vehicles have at least entertained the idea of installing telematics devices to help reduce operational costs and improve safety. However, many companies are not realizing the potential risk-reduction benefit because they are not focused on the appropriate measures to improve driver behaviors, especially hard braking.

Trench Fatalities Doubled Last Year

Twenty-three workers were killed in trench collapses in 2016, according to OSHA, compared to 11 in 2015. Trench collapses are rarely survivable, as 1 cubic yard of soil can weigh up to 3,000 pounds.

It’s Time to Talk About Occupational Fraud

Safeguarding assets from fraud is an important objective for every company. It will take an all-hands-on-deck approach to be successful, and it starts at the top.  

Mitigate Risk by Managing Information

Modern building and infrastructure projects generate a lot of data, and it’s only going to keep growing. In 2004, a large project generated roughly 100 gigabytes of data; today, that stat has risen to 6.5 terabytes of data. Because building and infrastructure projects live and die by project information, many risks are associated with properly managing it. 

Don’t Wait Until It’s Too Late to Understand Protective E&O Policies

Protective E&O is an essential insurance policy where perceived concerns about the amount and adequacy of the design firm’s professional liability insurance can be questioned in relationship to the complexity and size of the project. Brokers and insureds need to be aware of several seemingly innocuous clauses contained in many of these policies.

Medical and Benefits Costs Are Top Concerns

Fifty-six percent of construction businesses surveyed for the 2016 Travelers Risk Index report they worry most about medical cost inflation and legal liability, followed by rising employee benefits costs and broad economic uncertainty. Rounding out the top eight construction business concerns are attracting and retaining talent, employee safety and workplace violence, legal and regulatory compliance, and cyber risk and data breaches.

Beyond the Basics: Three Overlooked Bonds to Keep Projects on Task and on Target

There are numerous types of bonds to consider depending on the size and scope of a project. Don't forget about wage and welfare bonds, transactional commercial surety bonds and subdivision/completion bonds.

An Overly Soft Credit Environment Can Adversely Affect Small Contractors

Fast bond products or “quick issue” bonds have sped up the process of obtaining a bond for smaller projects. Quick turnaround and minimal underwriting—sometimes solely based on credit score—allow for speedy answers when time is of the essence. That’s the upside. The downside of this softer credit-based underwriting is that the relationship-building and counseling process can suffer. 

Technology, Insurance and Personnel Drive Safe Auto Programs

In the following Q&A Travelers offers insight on recruiting qualified commercial drivers and integrating them into a company’s safety culture, as well as the impact of telematics on construction fleets and the insurance products needed to limit financial liability.

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