If life were a movie, risk managers would have to plan accordingly. Here are a few movies to challenge the skills, nerves, and patience of even the best property risk managers. Ghostbusters The scene: In 1984, director Ivan Reitman introduced the world to the Ghostbusters, the paranormal investigators and eliminators who work [...]
by Ryan Tate, Regional Director, AssetWorks Risk Management Inc. All property insurance programs are different: that, we know. But whether we’re talking about States, Risk Pools, or smaller public entities like counties, municipalities or school districts, it’s fair to say that they all have common problems when it comes to managing and perpetuating their [...]
An effective Property Risk Management System is about more than the property appraisal data that you pour into it. (Though collecting property data is still a critical part of the process.) It’s also about the robust level of information you can get out of your system. The ideal property risk management system should help [...]
You’re likely already familiar with catastrophe (CAT) modeling, a method of determining risk exposure in hurricane- or earthquake-prone regions. But look out your window right now. Do you spy dark gray rainclouds on the horizon? If so, you might just be looking at a convective storm, and this common weather pattern is changing the [...]
Addressing 100% of the buildings and structures listed on a statement of values (SOV) with property insurance valuations can seem like a daunting task. One rule of thumb, sometimes used to make the task more manageable, is to set a threshold. Then, everything currently valued above the threshold will be appraised while everything below [...]
Last year was the most expensive year recorded for natural disasters in the United States. Damage costs exceeded $305 billion, and unfortunately, experts forecast that 2018 will be even worse. Exposure to environmental risks like fires, floods, and earthquakes are inevitable, but there are ways to prepare your organization for risks like natural disasters. [...]
A statement of values (SOV) is a declaration to insurance providers of which properties your entity intends to insure. At a minimum, an SOV generally includes a name, address, square footage, occupancy, and replacement cost for each property listed. For risk management professionals concerned about property risk exposures, an up-to-date, accurate SOV is critical. [...]
No one ever said navigating the world of property risk management was easy, so why not make it a priority in 2018 to acquire a better understanding of topics like catastrophe modeling, ISO Classifications and disaster recovery planning. To get you started, here is a list of educational tools including industry conferences, websites, and [...]
Talk of the protection gap tends to focus on developing nations, but a recent report from global reinsurance intermediary Aon Benfield found that almost 50 percent of the losses sustained from natural disasters in the United States remained unprotected. It’s noteworthy considering the U.S. is one of the most insured countries in the world. [...]
Maintaining an accurate, up-to-date Statement of Values (SOV) is important for public entities trying to secure the right property insurance coverage at the best rates for their organization. An SOV is a declaration to insurance providers of which property your entity intends to insure. In most cases, the document is a spreadsheet with a [...]
