Standard liability and property insurance policies have excluded coverage for claims associated with pollution events since 1985, leaving significant coverage gaps in insurance programs throughout the U.S.
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Ransomware (a common form of cyber extortion) is malicious software that blocks access to a victim’s data by locking a system or encrypting data until the victim agrees to pay a ransom. The frequency of ransomware attacks has increased drastically since these extortions began to emerge several years ago. In addition to increased frequency, the attacks have become more complex with the realization that the parties responsible for the infections have access to malware capable of crippling an entire network, while also having the ability to originate in one organization’s system, and use it as a conduit to access and infect third-party systems.
These are questions every person working in the Senior Living industry has asked. Staffing has become one of the biggest challenges encountered in the senior housing industry.
This review is provided by Arthur J. Gallagher & Co., one of the world’s leading providers of risk management and insurance brokerage services. Gallagher Environmental Practice specializes in providing environmental risk management and insurance services. Our role as an industry leader is to (1) identify the potential environmental risks our clients may be facing, (2) analyze the risks in terms of potential frequency and severity, and (3) review the appropriate risk control and financing mechanisms, including environmental insurance, available to address these risks.
Prevalent issues in the multivendor 403(b) environment include a lack of vendor oversight, proprietary investment products, and pricing inefficiencies. What actions should 403(b) plan sponsors be taking to mitigate their fiduciary and legal risks?
Severe earthquakes can strike suddenly, violently and without warning. It is estimated that approximately 500,000 earthquakes occur each year, detectable with current instrumentation. About 100,000 of these can be felt. Minor earthquakes occur nearly constantly around the world, including places like California and Alaska in the United States. Advanced planning can reduce the dangers of serious injury or loss of life from an earthquake. Are you prepared?
The world of cyber risk continues to develop and expand since our May 2016 paper on Medical Device Cybersecurity. The threat of ransomware has come to the forefront as demonstrated by global attacks such as Wannacry2 and Petya. These attacks show how hackers have become more sophisticated in their ability to use malware to exploit vulnerabilities in systems, hardware and devices, as well as highlighting the vulnerabilities of devices and systems that, through their lack of patching and support, and outdated operating systems, are exposed to hacking, worms, etc., that can affect patient safety, system security and data integrity.
In the wake of recent hurricanes, many organizations face the risk of reaching aggregated flood limits. And it often takes up to a year or more to accurately assess the financial impact.
Generally, properties subject to floods are already in a flood plain and carry separate flood insurance. However, any property is subject to flooding given enough water in an area. Heavy thunderstorms, drought followed by water or the melting of winter snow can produce a fast or slow-rising flood. Flash floods are generally sudden and without warning, with walls of water up to 10-20 feet. Cars can be swept away. Be prepared.
Every Senior Living CEO can speak to the importance of risk management and know it is a vital process that ensures a safe clinical and residential environment. Risk management is an important part in preventing and minimizing clinical risk exposures and residential risk such as medication errors, wound management, falls and wandering.