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What is Risk?

What is Risk?. Risk, in the general sense, means the likelihood of an event happening, and the severity of the negative consequences. The insurance industry regards risk as representing loss or damage. Bear in mind that risk always involves uncertainty.

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What is Risk?

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  1. What is Risk? Risk, in the general sense, means the likelihood of an event happening, and the severity of the negative consequences. The insurance industry regards risk as representing loss or damage. Bear in mind that risk always involves uncertainty.

  2. Where is ‘risk’ present in the management and operation of aCouncil?

  3. Protecting Good People

  4. Insurance should provide appropriate cover for all of your Councils responsibilities

  5. If you are going to take on a new asset/service What should you consider?

  6. INSURANCE

  7. Insurance for new Asset • Funding • Refurbishment • Contract Works • Occupancy of Building • Hired in Plant • Ongoing Management

  8. Employers Liability • Employees, Councillors and Volunteers • Risk assessment • Personal protective equipment • Training • Process and Procedures • Duty of care • No age restrictions

  9. Public Liability • Employees, Councillors and Volunteers • Personal protective equipment • Training • Process and Procedures • Duty of care • No age restrictions

  10. Personal Accident • Employees, Councillors and Volunteers • Working benefit • Covers death or permanent injury • Temporary injury • Age restrictions – starts at 16 years

  11. Legal Expenses • Defends the Council not employee • Employment disputes • May include compensation awards • Employee civil defence (discrimination)

  12. Other Covers that Protect Council Employees • Officials Indemnity (errors and omissions) • Libel and Slander

  13. Fidelity Guarantee The Council should protect the public money either by insurance or other means

  14. Cheques - Minimum of 2 signatures • Reconciliation of accounts • Electronic banking • Review of standing orders - financial • References

  15. Asset Register • All of the Councils responsibilities ie buildings, street furniture, motor vehicles • Include land ie allotments, common land, open spaces • Replacement value (for insurance purposes)

  16. Valuations • For insurance purpose all property should be valued on a replacement sum insured • Buildings should be valued on a rebuild sum insured and a valuation should be carried out every 5 to 10 years

  17. A Risk Assessment • Should be completed for all of the Councils responsibilities • Should be reviewed annually unless a change has occurred • A common-sense approach should be taken

  18. Inspections • Playground • Skate Parks/BMX Tracks • Trees • Open Spaces • Ponds

  19. Any Questions?

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