SAFM 550

SAFM SAFM 550550

Loss Control and RecoveryLoss Control and Recovery

NOTE: On all parts of the insurance presentation you must click on the little speaker on each “slide” in order to hear the lecture

SAFM 550

InsuranceInsurance

RISK, INSURANCE & LOSS CONTROLRISK, INSURANCE & LOSS CONTROL

SAFM 550

Insurance - Main TopicsInsurance - 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#1. Risk & It’s Treatment#1. Risk & It’s Treatment#1. Risk & It’s Treatment

SAFM 550

What is Risk?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 RiskThe Treatment of Risk

Risk Avoidance Risk Prevention Risk Reduction Risk Separation Risk

Diversification Risk Transfer

Risk Reduction - BlastingRisk Reduction - BlastingRisk Reduction - BlastingRisk Reduction - Blasting

Hire an competent blasterHire an competent blaster Conduct pre-blasting surveysConduct pre-blasting surveys Have adequate blast site Have adequate blast site

securitysecurity Keep shot sizes within legal Keep shot sizes within legal

limitslimits Seismograph the shotsSeismograph the shots Document shot dataDocument shot data

Hire an competent blasterHire an competent blaster Conduct pre-blasting surveysConduct pre-blasting surveys Have adequate blast site Have adequate blast site

securitysecurity Keep shot sizes within legal Keep shot sizes within legal

limitslimits Seismograph the shotsSeismograph the shots Document shot dataDocument shot data

SAFM 550

#2 The Types of Insurance#2 The Types of Insurance

SAFM 550

What is Insurance?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 ObligationsPolicy 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 What are the Provisions of an Insurance Policyan Insurance Policy

Distinctive Agreements that Form the Contract

Declarations Definitions Insuring Agreements Exclusions Conditions Miscellaneous Provisions

General Categories General Categories of Insuranceof Insurance

1. Required (by Law)

2. Optional

SAFM 550

Coverage's Required By LawCoverage'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'sOptional Coverage's**

Property (fixed buildings and builders risk)

Contractors Equipment (mobile/stationary)

Automotive Comprehensive Products Liability*Maybe required contractually

SAFM 550

Optional Coverage'sOptional Coverage's**

Employer’s Liability (WV & OH)

Pollution Liability Excess Liability Business Interruption Group Health & Life *Maybe required contractually