What is Risk?
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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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Where is ‘risk’ present in the management and operation of a
Council?
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Protecting Good People
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Insurance should provide appropriate cover for all of your
Councils responsibilities
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If you are going to take on a new asset/service
What should you consider?
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INSURANCE
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Insurance for new Asset
• Funding
• Refurbishment
• Contract Works
• Occupancy of Building
• Hired in Plant
• Ongoing Management
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Employers Liability
Employees, Councillors and VolunteersRisk assessmentPersonal protective equipmentTrainingProcess and ProceduresDuty of careNo age restrictions
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Public Liability
Employees, Councillors and VolunteersPersonal protective equipmentTrainingProcess and ProceduresDuty of careNo age restrictions
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Personal Accident
Employees, Councillors and VolunteersWorking benefitCovers death or permanent injuryTemporary injury Age restrictions – starts at 16 years
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Legal Expenses
Defends the Council not employeeEmployment disputesMay include compensation awardsEmployee civil defence (discrimination)
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Other Covers that Protect Council Employees
Officials Indemnity (errors and omissions)
Libel and Slander
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Fidelity Guarantee
The Council should protect the public money either by insurance or other means
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Cheques - Minimum of 2 signaturesReconciliation of accountsElectronic banking Review of standing orders - financialReferences
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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)
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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
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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
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Inspections
PlaygroundSkate Parks/BMX TracksTreesOpen SpacesPonds
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Any Questions?
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