Risk Management for Operational Improvement and Greater Profit
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Sign Association of Canada Dec 9. Understand how insurance for manufacturers drives process improvements. Safety can lead to efficiency and more profits. Lou Polur shared how use the insurance renewal process to drive changes that boost the bottom line.
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Risk Management for Operational Improvement and Greater Profit
- 1. Risk Management for Operational Improvement and Greater Profit December 9, 2015
- 2. Lou Polur John Galt Insurance Agency 727-449-2245
- 3. LasVegas April 2015 Lou Polur 727-449-2245
- 5. Take-away: Knowledge • Understanding Coverages of Insurance • Property • Business Interruption and Extra Expense • Workers Compensation • Commercial Auto • Error and Omission for Manufacturers • Warranty 727-449-2245
- 6. Take-away: Action • Explore How CarriersViewThese Risks • Create New Processes to Improve Profits 727-449-2245
- 7. 727-449-2245
- 8. Greater Profits • Improved pricing • Higher perceived value • Delivery time • Quality • Reduced costs • Greater efficiency • Less waste 727-449-2245
- 9. Address Costs • Exposure unit • Homogeneous • Task or action • Asset that is utilized • Measured, monitored, modified 727-449-2245
- 10. 727-449-2245
- 11. Property • Physical, of value, scheduled • How do you account for its use in your pricing • Component of product that is sold • As process of manufacturing 727-449-2245
- 12. Maintenance &Tracking • Temperature or movement of air • Mold, discoloration or peeling paint • Pools of liquids • Odors, burning smells, electrical arcing • Noises 727-449-2245
- 13. 727-449-2245
- 14. Ice Dam Did this area go unnoticed? 727-449-2245
- 15. Boiler & Machinery • Unique to your equipment • Maintenance records 727-449-2245
- 16. Business Income-Extra Expense • Design and Permit • Timeframes including governmental approvals • Acquisition of property and equipment • Management accounting- your analysis with input from on-the-ground personnel, not insurance buyer alone. 727-449-2245
- 19. Workers Compensation since 1917 • Employee • Type of injury • Costs of treatment • Replacement wages • Date of injury 727-449-2245
- 20. Workers Comp ClaimsTracking • Equipment • Sign type • Supervisor • Location/time of day or shift • Who reported incident 727-449-2245
- 21. Workers Compensation • Hidden costs • Overtime • Specialized knowledge & skills • Accommodations • Quality control 727-449-2245
- 22. Processes in place vs Actually used 727-449-2245
- 23. Manufacturer's E&O • Product Liability Gap to pay financial damages to a third party arising out of your negligence in designing or manufacturing components or products or negligent acts. • Non-standard coverage to protect you if you damage or cause impairment 727-449-2245
- 25. Commercial Auto • Detailed map of location • Surroundings • All entry ways and paths to installation • Parking • Trailers • Daily Inspection log 727-449-2245
- 26. Commercial Auto: Sign • Where are signs covered • Auto policy • Inland Marine • Floater • Cargo • Property • Mobile Equipment? 727-449-2245
- 27. Additional insured • In Daigle Estate v. Cape Breton Rentals Ltd., [1987] N. B. J No. 17 (C. A.) (QL), plaintiff contracted for two cranes, with the lease requiring ‘Additional Insured’ coverage. • CGL policy was interpreted to afford coverage when the crane owner sought coverage for its own negligence. Claims Canada Oct 2008 Additional Insureds:Wording RevisionsAre Needed By: Judith Kennedy http://www.claimscanada.ca/issues/article.aspx?aid=1000224987&er=NA 727-449-2245
- 28. Alternative • If specific coverage is required for an additional insured, spell out the coverage and request an endorsement to the policy. • General contractors. Equipment lessors. Landlords. Property managers. 727-449-2245
- 29. Warranty • Repair or replace • LinkedIn has presentation. 727-449-2245
- 30. Lou Polur John Galt Insurance Agency 6300 NW 5th Way Ft Lauderdale, FL 33309 727-449-2245 loup@john-galt.com 727-449-2245