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1-A-Insurance and Risk Management 101
1-A-Insurance and Risk Management 101
Panelists:
Ed Croak, VP, Product Line Manager for Long Term Care, AIG Barbara Marschalk, Defense Attorney, Drew, Eckl and Farnham Eric Tysk, CFO, Family SeniorCare
What is Insurance?
The Transfer of Risk; The Sharing of a Loss; Contract Between Two Parties (the Insured and the Insurance Company) Definition # 1 - A system to protect persons, groups, or businesses against the risks of financial loss by transferring the risks to a large group who agree to share the financial losses in exchange for premium payments. Definition # 2 A written contract between two parties providing a promise of reimbursement in the case of loss; purchased by people or companies so concerned about hazards that they have made prepayments to an insurance company for such protection.
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Risk Management Programs such as: Vehicle safety training; Lift and Transfer training; Needlestick and Infection Control prevention programs, etc.
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General Liability
Definition:
Insurance coverage for third parties (visitors, residents, vendors) who suffer bodily injury as a result of negligence on the part of the insured (facility operator).
Examples:
Slip and fall on a wet floor Trip on a carpet that is torn Pot hole in a parking lot
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Bonds
Surety Bond
Definition: a three party contract where one party agrees to make good the default or debt of another party.
Fidelity Bond
Definition: coverage that guarantees that the insurance company will pay the insured for money or other property lost because of a dishonest act of bonded employees.
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Fiduciary Coverage - Covers the liability of a person who acts as a fiduciary (a position of trust) for his or her companys Employee Benefit Plans. The Employee Retirement Income Security Act (ERISA) imposes fiduciary responsibilities upon the employers for the administration of such plans. A fiduciary can be held personally liable for shortages in the benefit plan's assets resulting from a breach of fiduciary duty, such as improper investment of funds.
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Certificate of Insurance
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Contact Information
Kymberlee Keefe, National Director of Elder Services Aon Risk Services 3565 Piedmont Road, Building One, Suite 700
Atlanta, GA 30305
Office: 404-264-3154 Cell: 770-329-6205 Kymberlee_Keefe@asg.aon.com Judy Cangealose, Atlanta Healthcare Practice Leader Aon Risk Services 3565 Piedmont Road, Building One, Suite 700 Atlanta, GA 30305 Office: 404-264-3220 Cell: 404-731-6233 Judy_Cangealose@asg.aon.com
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