Transcript Insurance 1
Loss Control and Recovery SAFM 550 NOTE: On all parts of the insurance presentation you must click on the SAFM little speaker on each “slide” in order to hear the lecture 550 Insurance RISK, INSURANCE & LOSS CONTROL SAFM 550 Insurance - Main Topics Risk & It’s Treatment The Types of Insurance Roles of Insurance People Working with Insurance People Special Problems SAFM 550 #1. Risk & It’s Treatment SAFM 550 What is Risk? Uncertainty as to an outcome With hazard risk there is only the possibility of loss with no possibility of gain SAFM 550 The Treatment of Risk Risk Avoidance Risk Prevention Risk Reduction Risk Separation Risk Diversification Risk Transfer SAFM 550 Risk Reduction - Blasting Hire an competent blaster Conduct pre-blasting surveys Have adequate blast site security Keep shot sizes within legal limits Seismograph the shots Document shot data #2 The Types of Insurance SAFM 550 What is Insurance? A two party, written contract Obligates carrier to pay covered losses An established policy period Subject to certain exclusions SAFM 550 Policy Holder Obligations Submit accurate data on the application Pay the premium Timely reporting of loss Take steps to minimize loss SAFM 550 What are the Provisions of an Insurance Policy Distinctive Agreements that Form the Contract Declarations Definitions Insuring Agreements Exclusions Conditions Miscellaneous Provisions SAFM 550 General Categories of Insurance 1. Required (by Law) 2. Optional Coverage's Required By Law General Liability Automotive Liability Worker’s Compensation Reclamation Bonds (mining) Pollution Liability * * Only required in some states SAFM 550 Optional Coverage's* Property (fixed buildings and builders risk) Contractors Equipment (mobile/stationary) Automotive Comprehensive Products Liability *Maybe required contractually SAFM 550 Optional Coverage's* Employer’s Liability (WV & OH) Pollution Liability Excess Liability Business Interruption Group Health & Life *Maybe required contractually SAFM 550