W12 bfl insurance fall 2008


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W12 bfl insurance fall 2008

  1. 2. Risk Management & Insurance: Helping You To Help Yourselves <ul><li>Algonquin College Event Management Program </li></ul><ul><li>BFL CANADA Risk and Insurance Inc. </li></ul><ul><li>1565 Carling Avenue, Suite 606, Ottawa, ON K1Z 8R1 </li></ul><ul><li>613-722-7798 / 888-244-6709 </li></ul><ul><li>www.bflcanada.ca </li></ul><ul><li>[email_address] </li></ul><ul><li>[email_address] </li></ul><ul><li>Presented By: </li></ul><ul><li>George Giannoukos, BFL CANADA Risk and Insurance Inc. </li></ul><ul><li>Jeremy O’Quinn, BFL CANADA Risk and Insurance Inc. </li></ul>
  2. 3. <ul><li>B.F.Who? </li></ul><ul><li>Risk Management </li></ul><ul><li>Insurance Distribution System </li></ul><ul><li>Types of Insurance </li></ul><ul><li>Minimizing Claims </li></ul>Table of Contents
  3. 4. <ul><li>BFL Canada Risk and Insurance Inc. </li></ul><ul><li>Commercial Insurance Brokers and Risk Management Consultants. </li></ul><ul><li>Established in 1987. </li></ul><ul><li>Largest privately held insurance and risk management firm in Canada with offices from Coast to Coast. </li></ul><ul><li>Offer a complete range of commercial insurance products, risk management and risk control services to all industry groups, national and international organizations and associations. </li></ul>B.F.Who?
  4. 5. BFL CANADA Risk and Insurance Inc. <ul><li>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. </li></ul><ul><li>Official insurance broker – Ottawa Festivals </li></ul><ul><li>Canadian Red Cross </li></ul><ul><li>Hockey Canada </li></ul><ul><li>Navy League of Canada </li></ul>
  5. 6. Risk Management <ul><li>Risk Management is a professional discipline that protects physical, financial, and human resources </li></ul>
  6. 7. Risk Management <ul><li>What does that mean? </li></ul><ul><li>Includes management and delivery of services with the least possible risk and exposure. </li></ul><ul><li>Support to staff by providing advice and processes that help manage that risk. </li></ul><ul><li>For example: </li></ul><ul><ul><li>reviewing contracts and agreements to ensure the entity is protected from potential liability issues. </li></ul></ul><ul><ul><li>helping staff with reporting processes and procedures for insurance losses. </li></ul></ul>
  7. 8. Risk Management <ul><li>Why risk management? </li></ul><ul><li>Everything we do has an element of risk: </li></ul><ul><ul><li>driving to work vs. taking a bus </li></ul></ul><ul><ul><li>exercising vs. couch potato </li></ul></ul><ul><ul><li>chocolate vs. salad </li></ul></ul><ul><ul><li>telling the boss what you really think….. </li></ul></ul>
  8. 9. Risk Management <ul><li>Risk Management has become a popular term, and has many applications. </li></ul><ul><li>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. </li></ul><ul><li>We talk about risk avoidance, risk tolerance and risk control. </li></ul>
  9. 10. Risk Management <ul><li>5 Steps of Risk Management </li></ul><ul><li>Identify the Risk </li></ul><ul><li>Risk Potential </li></ul><ul><li>Prioritize Risk </li></ul><ul><li>Determine and Implement Controls </li></ul><ul><li>Evaluate and Revise </li></ul>
  10. 11. Risk Management <ul><li>Identify the Risk </li></ul><ul><li>What is the exposure and how might it interfere with your </li></ul><ul><li>objective? </li></ul>
  11. 12. Risk Management <ul><li>Risk Potential </li></ul><ul><li>What alternative risk management techniques or processes could </li></ul><ul><li>minimize the risk potential? </li></ul>
  12. 13. Risk Management <ul><li>Prioritize the Risk </li></ul><ul><li>Select the best risk management technique or process. </li></ul>
  13. 14. Risk Management <ul><li>Determine and Implement Controls </li></ul><ul><li>Implement the technique or process you have chosen. </li></ul>
  14. 15. Risk Management <ul><li>Evaluate and Revise </li></ul><ul><li>what were the results and what can be changed/adapted for a more effective result? </li></ul><ul><li>Each situation is different, past risk management choices are constantly re-evaluated, what worked in one situation might not always work in the next. </li></ul><ul><li>Decisions must be reassessed in order to meet the organizations current policy and goals. </li></ul>
  15. 16. Risk Management <ul><li>Good Risk Management Plans: </li></ul><ul><li>Proactive </li></ul><ul><li>Through </li></ul><ul><li>Continuous and Flexible </li></ul><ul><li>Minimize Risk </li></ul>
  16. 17. Risk Management <ul><li>Golden Rules </li></ul><ul><li>Documentation is paramount: </li></ul><ul><ul><li>No Documentation, No Defense! </li></ul></ul><ul><li>Innocent until proven Guilty. </li></ul>
  17. 18. Festivals and Events <ul><li>Common Losses & Exposures </li></ul><ul><li>Slip & Falls are primary source of injuries and claims </li></ul><ul><li>Attractive Nuisances </li></ul><ul><li>Liquor Liability </li></ul>
  18. 19. Festivals and Events <ul><li>Risk Management Concerns: </li></ul><ul><li>Volunteer Training </li></ul><ul><li>Crowd Control </li></ul><ul><li>Maintenance (continuous, scheduled, documented) </li></ul><ul><li>Incident Reporting & Claims </li></ul><ul><li>Record-Keeping </li></ul><ul><li>Budget </li></ul>
  19. 20. Insurance Distribution System <ul><li>Insurance Companies </li></ul><ul><li>Insurance Brokerages </li></ul><ul><li>Managing General Agents (MGA’s) </li></ul>
  20. 21. Types of Insurance <ul><li>Commercial General Liability </li></ul><ul><li>Directors’ and Officers’ Liability </li></ul><ul><li>Event Cancellation </li></ul><ul><li>Property / Transportation / Marine </li></ul><ul><li>Crime </li></ul><ul><li>Prize Indemnity </li></ul>
  21. 22. Types of Insurance <ul><li>Commercial General Liability </li></ul><ul><li>Bodily Injury & Property Damage </li></ul><ul><li>All Operations and Activities of the Named Insured </li></ul><ul><li>Employees & Volunteer </li></ul><ul><li>Negligence </li></ul><ul><ul><li>Duty of Care </li></ul></ul><ul><ul><li>Reasonable Person </li></ul></ul>
  22. 23. Types of Insurance <ul><li>Directors’ and Officers’ Liability </li></ul><ul><li>Entity and Individual Board Members </li></ul><ul><li>Protects against financial loss </li></ul><ul><li>Stupidity Insurance </li></ul><ul><li>Attract and retain quality board members </li></ul><ul><li>Non-Profits: 90% of losses are employment practices </li></ul>
  23. 24. Types of Insurance <ul><li>Event Cancellation </li></ul><ul><li>Circumstances beyond the control of event promoter </li></ul><ul><li>Non-Appearance </li></ul><ul><li>Adverse Weather </li></ul><ul><ul><li>Cancellation </li></ul></ul><ul><ul><li>Poor Attendance </li></ul></ul>
  24. 25. Types of Insurance <ul><li>Property / Transportation / Marine </li></ul><ul><li>Office Contents, Equipment & Space </li></ul><ul><li>Staging & Equipment </li></ul><ul><ul><li>Property on-site (owned and un-owned) </li></ul></ul><ul><ul><li>Erection including electrical hookup </li></ul></ul><ul><li>Transportation </li></ul><ul><ul><li>Canada & World Wide </li></ul></ul>
  25. 26. Types of Insurance <ul><li>Crime </li></ul><ul><li>Employee Fidelity </li></ul><ul><li>Inside / Outside Loss </li></ul><ul><li>Depositors Forgery </li></ul><ul><li>Counterfeit Currency </li></ul>
  26. 27. Types of Insurance <ul><li>Prize Indemnity </li></ul><ul><li>Element of Chance </li></ul><ul><ul><li>Hole in One </li></ul></ul><ul><ul><li>Lottery </li></ul></ul><ul><li>Fundraising </li></ul>
  27. 28. Minimizing Claims <ul><li>Certificates of Insurance </li></ul><ul><ul><li>Additional Insured </li></ul></ul><ul><li>Hold Harmless Agreements </li></ul><ul><li>Waivers </li></ul><ul><ul><li>Acceptable Risk </li></ul></ul><ul><ul><li>Gross Negligence </li></ul></ul><ul><li>Joint & Several Liability </li></ul><ul><li>Protect Yourself & Your Organization – Document Everything! </li></ul>
  28. 29. Questions?