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.

Where is ‘risk’ present in the management and operation of a

Council?

Protecting Good People

Insurance should provide appropriate cover for all of your

Councils responsibilities

If you are going to take on a new asset/service

What should you consider?

INSURANCE

Insurance for new Asset

• Funding

• Refurbishment

• Contract Works

• Occupancy of Building

• Hired in Plant

• Ongoing Management

Employers Liability

Employees, Councillors and VolunteersRisk assessmentPersonal protective equipmentTrainingProcess and ProceduresDuty of careNo age restrictions

Public Liability

Employees, Councillors and VolunteersPersonal protective equipmentTrainingProcess and ProceduresDuty of careNo age restrictions

Personal Accident

Employees, Councillors and VolunteersWorking benefitCovers death or permanent injuryTemporary injury Age restrictions – starts at 16 years

Legal Expenses

Defends the Council not employeeEmployment disputesMay include compensation awardsEmployee civil defence (discrimination)

Other Covers that Protect Council Employees

Officials Indemnity (errors and omissions)

Libel and Slander

Fidelity Guarantee

The Council should protect the public money either by insurance or other means

Cheques - Minimum of 2 signaturesReconciliation of accountsElectronic banking Review of standing orders - financialReferences

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)

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

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

Inspections

PlaygroundSkate Parks/BMX TracksTreesOpen SpacesPonds

Any Questions?