insurance coverage and bc
TRANSCRIPT
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Boğaziçi University Department of Tourism Administration
Course: TRM 474 _Tourism Safety and Security Management
Instructor: Zeynep Türkmen Sanduvaç,MA. Office: B 327 Office hours: Tuesday 13.00-14.00 or by appointment
E-Mail: [email protected] [email protected]
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INSURANCE COVERAGE and BUSSINESS CONTINUITY
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Insurance Coverage
Obtain insurance coverage to guard against risk of loss that exceeds the board and organizaDon’s risk tolerance.
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Reason
Insurance is an effec1ve method for -‐ both suppor1ng of business con1nuity and -‐ to transfer risk from the ins1tu1on to insurance
companies.
-‐ Risk(s) that cannot be completely prevented
-‐ Insurance should cover physical losses such as building, equipment, soOware, etc., and also the costs of business disrupDon.
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Insurance alone cannot assure the post event viability of the business
Insurance can help protect organizaDon assets.
Timing
• IC / OrganizaDonal Disaster Plan (ODP) • Assessment &Planning Component
Purchasing of the insurance coverage before the emergency is one of the proacDve precauDons.
a pre-‐defined plan to protect people and property
to resume business operaDons in the larger community context
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Road Map for Insurance Coverage
Contact insurance company, review policy and address any coverage gaps • Review current policies and amount of coverage for loss • Assess coverage for business resumpDon and relocaDon, payroll, lost income, emergency expenses • Ask your insurance company or agent about policy coverage and prices. • IdenDfy coverage gaps – earthquake, flood, typhoon, civil unrest, etc.
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Road Map for Insurance Coverage (conDnued)
Purchase addiDonal insurance (business interrupDon, loss of income, extra expense, flood, earthquake, civil unrest, terrorist aYack, heavy snow, etc.). ATTENTION: • Evaluate your regional hazards-‐risks. If you are under thread of the special ones, consider adding the special hazard-‐risk coverage to your insurance policy. For instance, the hotels in Antalya should evaluate the typhoon as a risk at all. • IdenDfy records required by the insurer in the event of a disaster.
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ATTENTION: Always consult with an insurance professional to determine if your insurance coverage is adequate to help you get back in business following a disaster (IT IS FREE of CHARGE !) If your business site suffers damage, you may need to contact an industrial clean-‐up service and/or a security service to protect your property. IMPORTANT: Be sure to consult with your insurance agent about proper steps and documentaDon requirements.
Road Map for Insurance Coverage (conDnued)
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Thank you!