Mhc 710 Jh 01 Risk Management Structure Of Risk Exposure Management
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Transcript of Mhc 710 Jh 01 Risk Management Structure Of Risk Exposure Management
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What Risk Manager Does
ID exposure to loss
Manage potential effects
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9 Key Areas of Exposure
1. Property2. General Liability3. Professional
Liability4. Automobile
Liability & Physical Damage
5. Employee/volunteer injury and illness
6. Directors and officers liability
7. Fiduciary liability8. Aircraft liability9. Crime
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Property
What is considered to be property Ways to Insure Property
All Risks Named Peril
Review property & ID risks
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Buildings
Basis for valuation Factors used by insurance company to
determine value Choose coverage based on replacement
cost or depreciated value Survey showed that 76% of business
owners thought they had purchased replacement cost coverage. Only 9% in fact had such coverage!
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Contents
Difficult to value & track Replacement cost or original cost
must be determined What is considered to be contents?
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Electronic Data Processing Equipment (EDP)
High Importance What is considered to be EDP? Valuation EDP Floater
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Valuable Papers, Books & Documents
Get assessment of replacement cost from loss control company
Protect documents that will be used in trial or hearing
Keep duplicates
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Unusual Property
High tech communications equipment
Moveable property Exhibits
Examples Radiation emission Should be insured
on an inland marine “floater”
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Personal Property of Others
Leased equipment Patients’, guests’, employees’ &
volunteers’ belongings Don’t allow highly valuable
belongings Warn guests and employees to
protect Employees are fully responsible
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Boiler & Other Machinery
Pressurized machinery Often underinsured Not required t/b insured by law Proper maintenance & a good back “Joint Loss Agreement” Insurance rates are relatively low
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Business Income Losses Include Lost:
Revenue Continuing operation costs Extra costs Opportunity Costs
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Additional Property Exposures
Common risks “Builders Risk” insurance Other things to insure Construction agreement Property lease agreements
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General Liability
Torts Jurisdiction Determinants 5 Categories of Cost Involved With Civil
Action Criminal actions are generally
uninsurable
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General Liability Contract
Typically inclusions: Bodily Injury Property Damage Legal Liability Employee benefits
liability Patient’s property
Typical Exclusions: Employee benefits Completed
operations Products
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Insuring Agreements
What insurance company will pay Insurer has “right and duty to defend” Inclusion Exclusions Personal and advertising liability “Named insured” Conditions section of policy
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Professional Liability
Coverage is triggered by a “medical incident”
4 types of liability to include Consent” Provision in ins.
Contract Occurrence vs. claims made
policies
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Automobile Liability
Ordinary auto insurance Not off-road vehicles
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Employee/Volunteer Injury and Illness
2 Parts to Workers Compensation
A. Benefits allowed by state law
B. Insures employees not included under Part A and employees families
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Directors and Officers Liability
Personal management decisions
Only coverage triggered solely by action against an individual
D & O vs. General Liability coverage
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Fiduciary Responsibility
Handling $ for employees Employee payroll deductions
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Aircraft Liability
Injury from unloading aircraft Helipads
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Crime Insurance
W/the property contract or separately
5 common insuring agreements
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Affects of Risk Management Process
Every aspect of health care organization Uninsured or underinsured loss can
devastate Cost effective improvements in risk
management can create accrued benefits Decreased losses=increased employee
morale Properly protected assets=operational
efficiencies Good safety record=good reputation in
community Benchmarking