The Use of Insurance as a Risk Management Tool

The goal of risk management is to identify, analyze, and manage loss exposure so that an organization can achieve its goals. The use of insurance is just one method that organizations use as part of their general risk management strategies. Using insurance, an organization or individual is able to transfer the financial consequences of a loss to an insurance company.


The purpose of commercial insurance is to protect against both property loss and liability loss exposures.


In a liability loss exposure, there is the possibility that an individual or organization could suffer a financial loss as the result of a claim seeking monetary damages or other legal remedy against them.


Property loss exposure refers to the possibility that a person or organization will suffer a financial loss due to the destruction, loss, or loss of use of property that the individual or organization has a financial interest in.

Covid-19 Neuro Biobank Launched

Andrea Troxel, Sc.D., professor of population health at NYU Grossman School of Medicine, and Eva Petkova, Ph.D., professor of population health and child and adolescent psychiatry at NYU Grossman School of Medicine, are leading the NeuroCovid project, a new database that will be a storehouse of biospecimens as well as clinical data on people who have reported neurological issues in connection with SARS-CoV-2. Supported by NINDS, the National Institute of Neurological Disorders and Stroke of the National Institutes of Health, the biobank/ database was created and will be maintained by NYU Langone Health, New York City.

The database seeks to gather information pertaining to disease course, comorbidities, complications, sequelae, and outcomes, in addition to neurological symptoms. No personal identification marker will be attached to the data. Instead, for recognition of the biospecimens and related data, a Global Unique Identifier (GUID) will be used.

Relevant information, as well as biospecimens collected, can be updated into the database by participating healthcare sites as well as health care providers, through a web portal. This facility is available across the United States. The information, however, should be de-identified before submission.

Barbara Karp, M.D., program director at NINDS, said, “We know that COVID-19 can disrupt multiple body systems but the effects of the virus and the body’s response to COVID-19 infection on the brain, spinal cord, nerves and muscle can be particularly devastating, and contribute to persistence of disability even after the virus is cleared. There is an urgent need to understand COVID-19-related neurological problems, which not uncommonly include headaches, fatigue, cognitive difficulties, stroke, pain, and sleep disorders as well as some very rare complications of serious infections.”

The database is expected to provide insights into the Covid-19 impact on the nervous system which is expected to boost understanding on how common these complications are. Access to NeuroCovid will be available to scientists doing research on prevention, management and treatment of neurological complications connected with Covid-19. They can request access to the database via the NeuroCOVID website(external link).

NeuroCOVID is supported by NINDS (NS113844-01S1). More information is available on:


WASHINGTON, DC – Today, U.S. Secretary of Labor Eugene Scalia traveled to Grafton and Bridgeport, West Virginia, to discuss mine safety, economic recovery and the importance of the coal mining industry to the American economy.

During his stop in Grafton, Secretary Scalia toured the Leer Mine Complex operated by Arch Resources Inc. Secretary Scalia joined miners hundreds of feet below the surface, where they showcased the mine’s day-to-day operations. He also visited with company leadership and employees to discuss safety and health during the coronavirus pandemic and economic recovery.

Secretary Scalia then traveled to Bridgeport, where he visited a local Mine Safety and Health Administration (MSHA) office and met with employees to discuss MSHA’s work.

“The mining industry plays a central role in our economic growth and the success of American manufacturing, which is why the Department is determined to ensure that miners can go about their work safely,” said U.S. Secretary of Labor Eugene Scalia. “As we recover from the pandemic, the mining industry will continue to be an important source of jobs and resources. I thank David Zatezalo, assistant secretary of labor for mine safety and health, for joining me and carrying out MSHA’s mission to protect America’s miners.”

The mission of the Department of Labor is to foster, promote and develop the welfare of the wage earners, job seekers and retirees of the United States; improve working conditions; advance opportunities for profitable employment; and assure work-related benefits and rights.

Agency: Office of the Secretary
Date: September 9, 2020
Release Number: 20-1731-NAT
Contact: Eric Holland
Phone Number: 202-693-4676

Source: United States Department of Labor.

United States Department of Labor issued the above News Release on September 9, 2020.

Tennessee Announces Actions against Internet Cryptocurrency Company ‘Bitcoiin’

(Nashville, TN – Insurance News 360) – Tennessee Securities Team Alerts Investors to Internet Crypto Company ‘Bitcoiin’

On March 22, the Tennessee Department of Commercen and Insurance Securities Division announced that consumers should be aware of actions against an Internet cryptocurrency company called Bitcoiin, after the State of New Jersey issued a cease and desist order to Bitcoiin, which is also known as Bitcoiin B2G. This is NOT Bitcoin, nor are the two affiliated in any way.

New Jersey issued the cease and desist order on March 7. The company offered investments to the public and New Jersey residents, in the Bitcoiin ICO and ‘Bitcoiin Staking Program’ through a website that announces an expectation that each B2G will be worth $388 by December 2018.

New Jersey’s filing told respondents to stop selling securities unless they had been registered, and to stop acting as broker-dealers, or agents in the state.

The Tennessee Department of Commerce and Insurance wants Tennessee residents to know that none of the companies, promoters, or specific investments related to Bitcoiin are registered in the state.  It also urges caution when individuals invest in cryptocurrencies, which are created and stored electronically in the blockchain, which is a public database that permanently records digital transactions.

They are not insured or controlled by a central bank or other governmental authority, cannot always be exchanged for other commodities, and are subject to little or no regulation.

“Rushing into an investment that you don’t fully understand can be bad for your bottom line,” said TDCI Assistant Commissioner Frank Borger-Gilligan. “We encourage Tennesseans to always conduct thorough research to learn the risks associated with the investments they are considering.”

In order to help protect consumers, TDCI reminds investors to keep watch for common “red flags” of investment fraud:

“Guaranteed” high investment returns. There is no such thing as guaranteed investment returns, and there is no guarantee that the cryptocurrency will increase in value. Be wary of anyone who promises a high rate of return with little or no risk.

Unsolicited offers. An unsolicited sales pitch may be part of a fraudulent investment scheme.  Cryptocurrency investment opportunities are promoted aggressively through social media. Be very wary of an unsolicited communication—meaning you didn’t ask for it and don’t know the sender—about an investment opportunity.

Sounds too good to be true. If the project sounds too good to be true, it probably is. Watch out for exaggerated claims about the project’s future success.

Pressure to buy immediately.

Tennesseans who have invested with Bitcoiin are urged to contact TDCI by phone at (615) 741-5900 or by email at

Source: Tennessee Department of Commerce & Insurance (TDCI).