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Logical Classifications |
| I. |
Property - Owned, Rented, Controlled (1st party) |
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A. |
Exposures (real, other tangible, intangible) |
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B. |
Perils (e.g., windstorm, copyright infringement) |
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C. |
Hazards (e.g., faulty wiring, poor internet security) |
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D. |
Loss (accidents and occurrences) |
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| II. |
Human Resources (2nd party) |
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A. |
Exposures |
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| 1. |
Employment Practices |
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- Personnel Manuals
- Safety Plans
- Drug Programs
- Job Descriptions
- Civil Rights
- Independent Contractors
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| 2. |
Accident & Health |
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- Death
- Disability
- On and Off Job (24-hr)
- Family members
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| 3. |
Resignation, Termination, and Retirement |
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- Unemployment Compensation
- Pensions & ERISA
- Other Benefit Exposures
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| 4. |
Business Continuation |
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- Buy/sell agreements
- Stock Purchase Agreements
- Covenants (non-compete, et)
- Deferred Compensation
- Combinations (split $ plans)
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B. |
Perils |
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| 1. |
Examples Include: CFO quits to work for another company, partner killed in hunting accident, etc. |
| 2. |
Types of relationships (owners, officers/ board members, regular employees, etc) |
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C. |
Hazards (e.g., unclear personnel practices, non-adherence to safety practices, etc.) |
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D. |
Loss (e.g., being sued by employee for discrimination, injury to employee, etc.) |
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| III. |
Liability (3 rd Party) |
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A. |
Exposures |
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| 1. |
Types (e.g., premises, operations, products, acts of employees, etc.) |
| 2. |
Basis (e.g.; torts, contract law, statutes) |
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B. |
Perils |
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| 1. |
Types (e.g., premises, operations, products, acts of employees, etc.) |
| 2. |
Basis (e.g.; torts, contract law, statutes) |
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C. |
Hazards (poor housekeeping, poor quality control, poor employee training, etc.) |
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D. |
Loss (e.g., slips & fall accident, broken tooth on bone in hamburger meat, etc.) |
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| IV. |
Net Income (including much speculative risk) |
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A. |
Exposures (e.g., property, liability, human resource, and other) |
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B. |
Perils (e.g., fluctuations in stock/currency/commodities markets, winter blizzard closes roads) |
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C. |
Hazards (e.g., POOR positioning in stock/currency/commodities markets, lack of snow plows) |
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D. |
Loss (decreased revenues, increased expenses, economic impact affected by shutdown length, frequency, severity and timing) |
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Complements of the National Alliance – Certified Risk Managers International
& your friends at the Brown Insurance Group
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