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November 20th, 2008
Risk Management & Insurance
Client logo hereRisk Management & Insurance:Helping You To Help Yourselves
Algonquin College Event Management Program
BFL CANADA Risk and Insurance Inc.1565 Carling Avenue, Suite 606, Ottawa, ON K1Z 8R1613-722-7798 / 888-244-6709www.bflcanada.ca [email protected]@bflcanada.com
Presented By:George Giannoukos, BFL CANADA Risk and Insurance Inc.Jeremy O’Quinn, BFL CANADA Risk and Insurance Inc.
Client logo hereTable of Contents
B.F.Who?
Risk Management
Insurance Distribution System
Types of Insurance
Minimizing Claims
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BFL Canada Risk and Insurance Inc.
Commercial Insurance Brokers and Risk Management Consultants.
Established in 1987. Largest privately held insurance and risk
management firm in Canada with offices from Coast to Coast.
Offer a complete range of commercial insurance products, risk management and risk control services to all industry groups, national and international organizations and associations.
B.F.Who?
Client logo hereBFL CANADA Risk and Insurance Inc.
Varied Clientele includes publicly traded manufacturing companies; construction companies with & without bonding requirements; residential home builders; property management companies and developers; municipalities; hi-tech companies; festival, film and entertainment organizations; NGO’s and non-profit organizations; etc.
Official insurance broker – Ottawa Festivals Canadian Red Cross Hockey Canada Navy League of Canada
Client logo hereRisk Management
Risk Management is a professional discipline that protects physical, financial, and human resources
Client logo hereRisk Management
What does that mean?
Includes management and delivery of services with the least possible risk and exposure.
Support to staff by providing advice and processes that help manage that risk.
For example:– reviewing contracts and agreements to ensure the entity
is protected from potential liability issues. – helping staff with reporting processes and procedures
for insurance losses.
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Why risk management?
Everything we do has an element of risk:– driving to work vs. taking a bus– exercising vs. couch potato– chocolate vs. salad– telling the boss what you really think…..
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Risk Management has become a popular term, and has many applications.
For the most part risk management is used by experts to describe their efforts to cope with the uncertainties that organizations are faced with every day.
We talk about risk avoidance, risk tolerance and risk control.
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5 Steps of Risk Management
Identify the Risk Risk Potential Prioritize Risk Determine and Implement Controls Evaluate and Revise
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Identify the Risk
What is the exposure and how might it interfere with your objective?
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Risk Potential
What alternative risk management techniques or processes could minimize the risk potential?
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Prioritize the Risk
Select the best risk management technique or process.
Client logo hereRisk Management
Determine and Implement Controls
Implement the technique or process you have chosen.
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Evaluate and Revise
what were the results and what can be changed/adapted for a more effective result?
Each situation is different, past risk management choices are constantly re-evaluated, what worked in one situation might not always work in the next.
Decisions must be reassessed in order to meet the organizations current policy and goals.
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Good Risk Management Plans:
Proactive Through Continuous and Flexible Minimize Risk
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Golden Rules
Documentation is paramount:– No Documentation, No Defense!
Innocent until proven Guilty.
Client logo hereFestivals and Events
Common Losses & Exposures
Slip & Falls are primary source of injuries and claims Attractive Nuisances Liquor Liability
Client logo hereFestivals and Events
Risk Management Concerns:
Volunteer Training Crowd Control Maintenance (continuous, scheduled, documented) Incident Reporting & Claims Record-Keeping Budget
Client logo hereInsurance Distribution System
Insurance Companies
Insurance Brokerages
Managing General Agents (MGA’s)
Client logo hereTypes of Insurance
Commercial General Liability Directors’ and Officers’ Liability Event Cancellation Property / Transportation / Marine Crime Prize Indemnity
Client logo hereTypes of Insurance
Commercial General Liability
Bodily Injury & Property Damage All Operations and Activities of the Named Insured Employees & Volunteer
Negligence– Duty of Care– Reasonable Person
Client logo hereTypes of Insurance
Directors’ and Officers’ Liability
Entity and Individual Board Members Protects against financial loss Stupidity Insurance
Attract and retain quality board members
Non-Profits: 90% of losses are employment practices
Client logo hereTypes of Insurance
Event Cancellation
Circumstances beyond the control of event promoter Non-Appearance Adverse Weather
– Cancellation– Poor Attendance
Client logo hereTypes of Insurance
Property / Transportation / Marine
Office Contents, Equipment & Space Staging & Equipment
– Property on-site (owned and un-owned)– Erection including electrical hookup
Transportation– Canada & World Wide
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Crime
Employee Fidelity Inside / Outside Loss Depositors Forgery Counterfeit Currency
Client logo hereTypes of Insurance
Prize Indemnity
Element of Chance– Hole in One– Lottery
Fundraising
Client logo hereMinimizing Claims
Certificates of Insurance– Additional Insured
Hold Harmless Agreements Waivers
– Acceptable Risk– Gross Negligence
Joint & Several Liability
Protect Yourself & Your Organization – Document Everything!
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Questions?
