<![CDATA[Blog]]> https://www.risk-strategies.com/ en info@risk-strategies.com Copyright 2021 2021-06-15T12:19:38-04:00 <![CDATA[Could rising premiums drive firms out of business?]]> https://risk-strategies.com/knowledge-center/article/could-rising-premiums-drive-firms-out-of-business#When:15:12:29Z Factors are at play that could jeopardize the future of delivery companies across the transportation industry.

So-called nuclear verdicts in which defendants pay upwards of $10 million dollars have been on the rise for years in commercial transport lawsuits, with no sign of slowing. From 2010 to 2018, jury awards exceeding $1 million soared by over 50 percent. A typical insurance policy will only cover a fraction of the jury award in these cases, meaning with a plaintiff award of $20 million, the delivery company is likely left with only one option: bankruptcy.

These massive awards are also causing…]]> 2021-06-07T15:12:29+00:00 <![CDATA[The Problem with Amazon’s DSP Safety Monitoring ]]> https://risk-strategies.com/knowledge-center/article/the-problem-with-amazons-dsp-safety-monitoring#When:21:18:45Z When Amazon announced plans to install AI-enabled cameras in all delivery vehicles, they declared that it was to improve safety and prevent reckless, dangerous behavior. Perhaps. However, increased monitoring will not address the core issue that fuels negligent driving. By setting aggressively high delivery quotas and paying delivery service partners (DSPs) low rates, Amazon has created a culture that incentivizes DSPs to ignore traffic laws in order to hit delivery targets.

Many DSPs contracted with Amazon are operating on shoestring budgets and razor-thin margins. They cannot afford to fall short of Amazon’s delivery demands and are therefore pressured to…]]> 2021-06-01T21:18:45+00:00 <![CDATA[Hurricane Season 2021 – Prep Alert]]> https://risk-strategies.com/knowledge-center/article/hurricane-season-2021-prep-alert#When:19:26:51Z The 2021 Hurricane Season is just around the corner. If you’re in a hurricane prone area and haven’t already taken steps to prepare for the coming season, it’s time to get busy. Here are a few ideas and resources to guide your efforts for the upcoming hurricane season:

  1. Track the forecasts – You’ll need the latest information to know when to act. Improved forecasting technology makes following storm movements and anticipated track easy. The National Weather Service and The National Oceanic and Atmospheric Administration’s National Hurricane Center should be your primary resources.

  2. Prepare…]]> 2021-05-21T19:26:51+00:00 <![CDATA[Post-COVID Risk Management For The Art World]]> https://risk-strategies.com/knowledge-center/article/post-covid-risk-management-for-the-art-world#When:20:59:57Z After a year of masks, social distancing, temperature checks, and now vaccine status checks, we are wading into a post-COVID life that brings new risks and fresh twists on established problems. As insurance brokers and risk advisors, our job is to see around corners and sniff out exposures. Post-COVID life has two areas where we see major risks that will increase in significance as the pandemic wears on. First, as activity migrates online, and organizations collect more personal data, there is an increasing cybercrime risk. Second, business and non-profit leaders are going to be challenged along privacy, equal opportunity, workplace…]]> 2021-05-19T20:59:57+00:00 <![CDATA[These delivery companies could help small businesses compete with Amazon]]> https://risk-strategies.com/knowledge-center/article/emerging-companies-open-new-dsp-opportunities#When:20:26:16Z When the pandemic hit, local retail took it on the chin. The shutdown of in-person shopping underscored the need for all businesses to develop e-commerce and delivery systems. Simultaneously, Amazon stumbled, unable to keep up with the increased demand, falling short in local delivery.

    The pandemic, in effect, accelerated a simmering retail sector battle. After Amazon disrupted traditional retail with fast delivery, fueled by the Internet and people’s desire for convenience, the rest of the retail world has been struggling to meet the shifting paradigm and compete.

    Now, a new player is emerging on the field that could change the…]]> 2021-05-19T20:26:16+00:00 <![CDATA[Fine Art Hurricane Preparedness]]> https://risk-strategies.com/knowledge-center/article/fine-art-hurricane-preparedness#When:20:14:54Z Hurricanes are a longstanding threat and global climate change is increasing their severity and occurrence. Increasing storm intensities can make even a near miss a real problem.

    Those with fine art in areas vulnerable to these increasingly extreme storms should understand what’s needed to best mitigate the risk of loss. As with most things related to good risk management, preparation is key – from knowing where to get credible forecast information to in-place protection measures and having an evacuation plan and resources ready to go if needed.

    Want to get ready? The Risk Strategies Fine…]]> 2021-05-10T20:14:54+00:00 <![CDATA[Navigating the Threat Landscape of Fiduciary Liability]]> https://risk-strategies.com/knowledge-center/article/navigating-the-threat-landscape-of-fiduciary-liability#When:14:19:37Z Lawsuits against plan sponsors alleging excessive fees related to management of defined benefit and contribution plans rose 80% in 2020. This trend will continue in 2021, and these suits are big problems for underwriters and fiduciaries. Facing increased risk for liability, it’s important fiduciaries understand what’s driving this trend and what steps you can take to protect your business.

    Rise in Litigation

    Lawsuits against fiduciaries have gradually increased since the early 2000s. The recent spike, however, is largely attributable to the growing number of law firms pursuing excessive fee class action suits under the Employee Retirement Income Security Act…]]> 2021-05-07T14:19:37+00:00 <![CDATA[E-Bike Couriers and Lithium Battery Exposures]]> https://risk-strategies.com/knowledge-center/article/e-bike-couriers-and-lithium-battery-exposures#When:19:30:50Z Delivery via bicycle is not a new phenomenon, especially in large cities like NYC, Boston and Chicago, where the ability to travel through traffic congestion is crucial. However, over the last few years, the popularity of electric bicycles – a.k.a. e-bikes – has risen dramatically.

    Currently defined in three class capabilities, the mid-point, class II vehicle, have a top speed of 20 miles per hour and enough charge to work 10 to 12 hours a day. Depending on their class capabilities, state, and local regulations, e-bikes are typically approved for both bike lanes on the road and sidewalks and…]]> 2021-04-26T19:30:50+00:00 <![CDATA[Vendor Selection: Best Practices for Risk Management]]> https://risk-strategies.com/knowledge-center/article/vendor-selection-best-practices-for-risk-management#When:17:48:33Z When we talk about third-party vendors, we’re talking about the companies you employ to provide services to you or your customers. They can be incredibly useful and cost-effective resources, but they also present a big risk to those who contract with them. If third-party vendors experience a data breach, it potentially exposes you and your clients, and it will be your responsibility to investigate, respond, and cover the costs of the damage.

    Vendors can range from custodial companies, to IT services, to professional service firms. Whatever their contracted function, they have access to your physical premises and/or your network data.…]]> 2021-04-20T17:48:33+00:00 <![CDATA[Webinar Recap - Lessons Learned from the Field: Real Life Claims Stories]]> https://risk-strategies.com/knowledge-center/article/webinar-recap-lessons-learned-from-the-field-real-life-claims-stories#When:13:02:48Z With Robert Rosenzweig, Risk Strategies National Cyber Risk Practice Leader ; Richard Sheridan, Chief Claims Officer at Berkley Cyber Risk Solutions and Steve Krusko, Chief Underwriting Officer at Berkley Cyber Risk Solutions.

    As cyber risk professionals, ransomware attacks don’t just represent numbers to us – they’re the real-life struggles that businesses we work with every day face. In our latest webinar we highlight three real-life examples of insurance claims that were filed after ransomware attacks to demonstrate where businesses are vulnerable and how to mitigate future risk.

    What You Missed

    Current Threat Landscape

    Ransomware remains on the rise…]]> 2021-04-19T13:02:48+00:00