2. SAFM 550 Loss Control and Recovery NOTE: On all parts of the insurance presentation you must click on the little speaker on each “slide” in order to hear the lecture

3. SAFM 550Insurance RISK, INSURANCE & LOSS CONTROL

4. SAFM 550 Insurance - Main Topics Risk & It’s Treatment The Types of Insurance Roles of Insurance People Working with Insurance People Special Problems

5. SAFM 550 #1. Risk & It’s Treatment

6. SAFM 550 What is Risk? l Uncertainty as to an outcome l With hazard risk there is only the possibility of loss with no possibility of gain

7. SAFM 550 The Treatment of Risk l Risk Avoidance l Risk Prevention l Risk Reduction l Risk Separation l Risk Diversification l Risk Transfer

8. Risk Reduction - Blasting Hire an competent blaster Hire an competent blaster Conduct pre-blasting surveys Conduct pre-blasting surveys Have adequate blast site security Have adequate blast site security Keep shot sizes within legal limits Keep shot sizes within legal limits Seismograph the shots Seismograph the shots Document shot data Document shot data Hire an competent blaster Hire an competent blaster Conduct pre-blasting surveys Conduct pre-blasting surveys Have adequate blast site security Have adequate blast site security Keep shot sizes within legal limits Keep shot sizes within legal limits Seismograph the shots Seismograph the shots Document shot data Document shot data

9. SAFM 550 #2 The Types of Insurance

10. SAFM 550 What is Insurance? l A two party, written contract l Obligates carrier to pay covered losses l An established policy period l Subject to certain exclusions

11. SAFM 550 Policy Holder Obligations l Submit accurate data on the application l Pay the premium l Timely reporting of loss l Take steps to minimize loss

12. SAFM 550 What are the Provisions of an Insurance Policy Distinctive Agreements that Form the Contract l Declarations l Definitions l Insuring Agreements l Exclusions l Conditions l Miscellaneous Provisions

13. General Categories of Insurance 1.Required (by Law) 2.Optional

14. SAFM 550 Coverage's Required By Law General Liability Automotive Liability Worker’s Compensation Reclamation Bonds (mining) Pollution Liability * * Only required in some states

15. SAFM 550 Optional Coverage's* Property (fixed buildings and builders risk) Contractors Equipment (mobile/stationary) Automotive Comprehensive Products Liability *Maybe required contractually

16. SAFM 550 Optional Coverage's* Employer’s Liability (WV & OH) Pollution Liability Excess Liability Business Interruption Group Health & Life * Maybe required contractually