The ongoing flooding in Louisiana is being described as the worst natural disaster to strike the United States since Superstorm Sandy of 2012.
Latest reports indicate that at least 11 are confirmed dead and more than 30,000 have been rescued. An estimated 40,000 homes have sustained flood damage statewide, but local reports put that figure higher.
Some 20 Louisiana parishes have now received a federal disaster declaration.
Flood damage is excluded under standard homeowners and renters insurance policies, but available as a separate policy both from the National Flood Insurance Program (NFIP) and some private insurers.
Depending on your organization’s resources and size, using risk transference to mitigate your risk may be a good option.
In a recent blog we discussed the acceptance of risk. When accepting risk is not appropriate, the strategies for risk mitigation include: developing and implementing strategies in house; using third parties to develop and implement the solutions, with in-house maintenance; or turning the entire solution over to a third party. For most organizations, some use of risk transference is appropriate.
Risk Transference: Risk transference is handing risk off to a willing third party.
The most frequently used and easiest method of risk transference is insurance. Insurance is the financial transfer of risk. When using insurance for risk mitigation, it is important to remember:
(TNS) — As survivors begin the repair phase of flood recovery, FEMA and the West Virginia Attorney General’s Office are warning about unscrupulous contractors who often prey on those down and out.
FEMA said incompetent and even criminal contractors will cause more challenges to victims, so officials offered a number of tips to help avoid such a situation.
“Disasters bring out the best in many people who unselfishly help others. Unfortunately, they also attract scam artists who seek to take advantage of disaster survivors,” FEMA officials said recently.
Attorney General Patrick Morrisey said unlicensed contractors often will canvass neighborhoods offering to repair damaged property with deals that seem too good to be true. All too often, he said, they are. Work is never completed despite payment made.
The quickest way to stick a dagger in the heart of a succession planning strategy is for the CEO to delegate it to human resources. Doing so delivers a flashing message to the organization that leadership development is a low priority that doesn’t warrant serious attention.
That was my key takeaway from an interview last week with Michael Timms, a leadership development consultant and author of “Succession Planning That Works: The Critical Path of Leadership Development.” Timms shared some great information during the interview, which began with my asking him what letter grade he would give corporate America on succession planning. Without hesitation, he said it would have to be an F:
There’s actually a percentage on that. About a year ago, Deloitte did a global survey that asked executives in organizations big and small if they feel succession planning, or leadership development, is a top strategic priority. Eighty-six percent said succession planning is a top priority, so clearly, everybody knows it’s a big deal. And then the next question asked how many them feel they actually have a succession plan that works, and only 10 percent said they felt they did. So they’ve graded themselves, and given themselves a letter grade of F.