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Following is the loss data for slip-and-fall shoppers’ medical claims of the fashion designer LOLA for the years 2004–2008.
What would be the risk management solution if Lola’s results are above the median of severity and frequency for the industry of the geographical location?
|Year||Number of Slip-and-Fall Claims||Slip-and-Fall Losses|
Brooks Trucking, which provides trucking services over a twelve-state area from its home base in Cincinnati, has never had a risk management program. Shawana Lee, Brooks Trucking’s financial vice-president, has a philosophy that “lightning can’t strike twice in the same place.” Because of this, she does not believe in trying to practice loss prevention or loss reduction.
Devin Davis is an independent oil driller in Oklahoma. He feels that the most important risk he has is small property damages to his drilling rig, because he constantly has small, minor damage to the rig while it is being operated or taken to new locations.