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Surely
Things Can Only Get Better...
For the
sport and recreation industry obtaining appropriate insurance cover
will continue to be a challenge.
More than ever experienced and knowledgeable professional
advisors will be required to ensure that organisations are obtaining
appropriate covers to meet their risk exposures as policy terms and
conditions are adjusted in search of market acceptance.
Cost cutting by reducing cover may well be very false economy.
What
can organisations do to address the situation?
Unfortunately there is not one single action that is going to
provide a solution, but the application of best practice management to
all operational activities of the organisation is certainly going to
have a positive influence. As
stated previously, insurers are avoiding risks they consider to be
high-exposure, therefore an organisation needs to be able to
demonstrate to potential insurers that it’s management practices
address risk exposures, with the target being to minimise the
likelihood and consequence of incidents that will lead to insurance
claims.
Perhaps
there will be actions emanating from studies currently taking place
that will assist the situation, but all organisations, be they
large commercial public companies or small not for profit sporting
associations, must realise that unless they can demonstrate best
management practices no third party is going to want to share in their
risk exposures.
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Written by Rod Hughes -
IEA Sport
Reference:
Insurance and Risk Professional – December / January 2002 .
The
editor of the IEA Sport Monthly Update is joint Chief Executive
Officer, Rod Hughes.
IEA
has offices in every state. National freecall number 1800 SPORT
1
(1800 77678 1)
Email:info@ieasport.com.au
Disclaimer The
information provided in this Email and on the IEA web-site is to be
used as a reference only. IEA accepts no responsibility for the
accuracy of the information or your reliance upon it. The
views of contributors are their own and do not necessarily represent
the views of IEA
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