Our previous post, “5 Actions to Take,” outlined actions needed immediately. Today’s post explores the second of the five actions to take in detail.
Does your enterprise risk management plan include business interruption, continuity, marine, or umbrella coverages that need to be better understood in view of the specific conflicts?
Do Today: Put out rules for rule changes for travel, sales, and operations if needed. Get a start on risk management reviews.
Enterprises have put policies in place banning travel together and to similar destinations as one example from bitter experiences. Understanding what coverages are in force provides foundations for contingency plans and monitoring priorities even as waiting periods and inforce cycles prevent adding insurance coverages at enterprise scale.
Incidents like MH17 (during the 2014 Ukraine conflict) and MH370 (unknown causes) caused significant damage to enterprises by killing critical staff. Critical information technology staff and enterprise managers were killed in older air crashes (AA191 (1979), and Delta191 (1985)). It is almost certain that the enterprises’ staff losses and consequential damages were not fully covered by insurance. 2021 incidents blamed on cyber-warfare have also not been fully covered as disclosed.
Enterprises can engage risk/loss-prevention specialists even as conflict zones and exposures become larger.
Our Next Post will explore another of the five actions in detail. You can read the whole series at our website – www.ekalore.com/ars
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