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#5. Loss Control

#5. Loss Control. Accident Costs Iceberg. For every $1 in accident costs paid by insurance There are $6-$9 paid by the company. Direct Costs. Indirect Costs. Examples Of Indirect Costs. Lost production Replacement equipment/facilities Replacement labor Clean up costs.

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#5. Loss Control

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  1. #5. Loss Control

  2. Accident Costs Iceberg • For every $1 in accident costs paid by insurance • There are $6-$9 paid by the company Direct Costs Indirect Costs

  3. Examples Of Indirect Costs • Lost production • Replacement equipment/facilities • Replacement labor • Clean up costs

  4. Examples Of Indirect Costs • Management time • Regulatory fines • Insurance deductibles • Insurance premium increases

  5. Loss And Profitability • Company has $10 million in annual sales • Their profit margin is 5% • Indirect costs of office fire are $100,000 • How much sales to maintain profit margin?

  6. Loss And Profitability $2,000,000

  7. Types of Standard Insurance Coverage • Property • General Liability • Fleet • Worker’s Compensation • Marine • Umbrella

  8. Property Coverage • Coverage for structure and appurtenances • Business personal property • Inventory, goods in process, finished • Personal property of others on premises

  9. Property Coverage • Loss of income/extra expense • Boiler and Machinery • Earthquake, flood, wind, subsidence • Crime • Special hazard situations

  10. Comprehensive General Liability • Premises Liability • Liquor Liability • Products Liability • Employment Practices Liability • Completed Operations

  11. Specialized General Liability Policies • Professional Liability • Directors and Officers Liability • Aircraft or Watercraft Liability • Personal Injury and Advertising Liability • Environmental Liability • Garage Liability • Bailment Liability

  12. Fleet Coverage Automobile Liability, Physical Damage, Collision, Comprehensive • Type of Operation, products hauled • Radius of operation • Driver election, training, supervision • Maintenance program • DOT Compliance • Past Losses and preventability judgment

  13. Workers Compensation • SIC • Experience Modification • Programs in Place • OSHA Compliance • PREMIUM based on Experience Mod. Factor and State Rates • State Operated [Monopolistic] Operations • OCIP Construction Jobs

  14. UMBRELLA COVERAGE • Excess General Liability • Applies After the First Layer • Catastrophic Losses • Reinsurance

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