BCN 4708 Fall 2008

BCN 4708 Fall 2008

BCN 4708 Fall 2008 Chapter 8 Insurance Insurance What is Risk? Specific types of Risk Inflation Market

Principal Liquidity Credit Two categories of risk Speculative Risk Pure Risk What is Risk Management? Risk Management Risk Management Process

Identify and analyze loss exposure Evaluate alternatives Select the best techniques Implement Monitor and adjust Risk Management Return

Risk / Return Tradeoff Risk Risk Management Dealing with risk Identify Plan

Monitor Anticipate Improve company Insurance Transfer risk exposure Insurance Required Covers specific risk Selection is important Disclosure Bests Rating Guide

Insurance Types of losses Property Financial Liabilities Losses involving personnel Insurance Premium Rates

Property Full value Fire rate Flood rate Wind rate Etc Maximum values at risk

Credits for certain amenities Payroll or gross sales Location Reputation Insurance Builders Risk Property deductions Unoccupied All losses not excluded

Insurance Property insurance Covers losses due to destruction of personal or company property Replacement cost Value Coinsurance

Specific perils Exclusions Insurance Financial Loss Exposure Loss of net income Decrease in revenues and increase in expenses Business interruption insurance Covers rental equipment costs

Work stoppage costs Temporary relocation costs Insurance Business General Liability Exposures Legal liability losses Bodily injury Property damage

Other injury Caused by employees or subcontractors Occurrences Insurance Contract Liability Exposure Owner , Contractor, Surety Exculpatory Clauses Hold-harmless Indemnification

Contract Liability exclusion Insurance Other types of coverage Business Automobile Policy Workers Compensation Insurance Employee Benefits Liability Coverage Employment Practices Liability

Umbrella Liability Policy Personnel Loss Exposures Insurance Public Liability Insurance Need proof for initial license or to renew Signed affidavit Min requirements Different for different areas of construction No exemption

Insurance Workers Compensation insurance Certificate of registration Can obtain exemption Employee Deductions

FIT SIT Social Security Tax (OASDI) Medicare Tax (HI) SUTA SDI / Workers Comp Local Union Medical Dental

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