Risk Management Flashcards
Indemnification Clause
one party agrees to protect another from liability as a results of a third party claimed based on the negligent or wrongful action
“hold harmless obligation”
Rider
on additional clause in a contract stipulating special requirements
Force Majeure Clause
a clause in an agreement that excuses performance in the event a force majeure makes the performance impossible
4 Step Risk Management Process
- Identify Risk (risk assessment)
- Analyze Risk (risk analysis)
- Develop Risk Plan (crisis planning)
- Implement Plan (crisis response)
4 Basic Stages
- Preparedness
- Response
- Recovery
- Mitigation
6 Types of Security
- Contracted
- Law enforcement
- Peer
- Personal
- Proprietary
- Volunteer
3 Choices When Facing Risk
- Accept/Ignore
- Manage/Mitigate (transfer)
- Avoid
SWOT
S - strengths
W - weaknesses
O - opportunities
T - threats
Internal SWOT
Strengths and weaknesses
External SWOT
Opportunities and threats
Probability - Consequences Grid
High Probability/High Consequences = Avoid
Mid Probability/Mid Consequences = Manage/mitigate
Low Probability/Low Consequences = Accept/Ignore
Risk Assessment
process of identifying the risks specific to the destination, meeting or event being planned
ie. risk identification
Risk Management
ongoing process of assessing the risks that may threaten attendees, meeting itself, organizer or partner suppliers
possibility that something may occur and not the occurrence itself
Employer’s liability and workers comp
covers employees who work at the event
Additional insured
during negotiations for renting transportation, ask to have your organization named as additional insured on the lessor’s insurance policy for liability, property damage and medical payments
have the contract stipulate that the organization shall NOT be held liable for damage to the vehicle itself
Exhibits Insurance
Exhibitors can insure their exhibits property through a special program that may be offered on a voluntary basis for coverage at the exhibition site as well as transit to and from
Products of Liability Insurance
*host or alcohol liability
if you operate a food concession or serve food and drink
protects event sponsor against claims of food poisoning or results from alcohol beverages
Commercial General Liability Insurance
protection against claims involving bodily injury and property damage
consider a high limit
Umbrella Policy Insurance
covers gaps in coverage under primary insurance policies
relatively in expensive, but provides much-needed extra protection
*most common in US
Fire Liability Insurance
Event sponsor may be held responsible for fire damage to the building caused by negligence.
Be sure to release the event sponsor from the other damage to the building
Medical Liability Insurance
reimbursement of medical expenses for injury that occurs at the site
excludes those suffered by employees or volunteers; regardless of legal liability
Independent Contractor Liability Insurance
require all contractors to provide COI showing they carry compensation and general liability insurance.
adds to protect you against you as a result of negligence
Valuable papers and records Insurance
available to pay for the cost of reproducing any papers, pamphlets or records as a results of damage by fire, water, vandalism, etc.
On-site Office Insurance
Computers, laptops, mobile devices, walkie-talkies, and other equipment a group owns or rents for use at facility can be insured against loss or damage by fire, theft, explosion, water, vandalism, and malicious mischief
Ask office for contents coverage
Daily deposits recommended
