Risk Management

Question 1

Indemnification Clause

Answer 1

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”

Question 2

Rider

Answer 2

on additional clause in a contract stipulating special requirements

Question 3

Force Majeure Clause

Answer 3

a clause in an agreement that excuses performance in the event a force majeure makes the performance impossible

Question 4

4 Step Risk Management Process

Answer 4

1. Identify Risk (risk assessment)
2. Analyze Risk (risk analysis)
3. Develop Risk Plan (crisis planning)
4. Implement Plan (crisis response)

Question 5

4 Basic Stages

Answer 5

1. Preparedness
2. Response
3. Recovery
4. Mitigation

Question 6

6 Types of Security

Answer 6

1. Contracted
2. Law enforcement
3. Peer
4. Personal
5. Proprietary
6. Volunteer

Question 7

3 Choices When Facing Risk

Answer 7

1. Accept/Ignore
2. Manage/Mitigate (transfer)
3. Avoid

Question 8

SWOT

Answer 8

S - strengths
W - weaknesses
O - opportunities
T - threats

Question 9

Internal SWOT

Answer 9

Strengths and weaknesses

Question 10

External SWOT

Answer 10

Opportunities and threats

Question 11

Probability - Consequences Grid

Answer 11

High Probability/High Consequences = Avoid
Mid Probability/Mid Consequences = Manage/mitigate
Low Probability/Low Consequences = Accept/Ignore

Question 12

Risk Assessment

Answer 12

process of identifying the risks specific to the destination, meeting or event being planned
ie. risk identification

Question 13

Risk Management

Answer 13

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

Question 14

Employer’s liability and workers comp

Answer 14

covers employees who work at the event

Question 15

Additional insured

Answer 15

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

Question 16

Exhibits Insurance

Answer 16

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

Question 17

Products of Liability Insurance

Answer 17

*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

Question 18

Commercial General Liability Insurance

Answer 18

protection against claims involving bodily injury and property damage
consider a high limit

Question 19

Umbrella Policy Insurance

Answer 19

covers gaps in coverage under primary insurance policies
relatively in expensive, but provides much-needed extra protection
*most common in US

Question 20

Fire Liability Insurance

Answer 20

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

Question 21

Medical Liability Insurance

Answer 21

reimbursement of medical expenses for injury that occurs at the site
excludes those suffered by employees or volunteers; regardless of legal liability

Question 22

Independent Contractor Liability Insurance

Answer 22

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

Question 23

Valuable papers and records Insurance

Answer 23

available to pay for the cost of reproducing any papers, pamphlets or records as a results of damage by fire, water, vandalism, etc.

Question 24

On-site Office Insurance

Answer 24

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