Sunday, August 18, 2013

Business Interruption Insurance - The Basics

Industrial Coverage

Business Interruption insurance may provide coverage for financial losses arising from an inability to conduct business, as well as the extra expenses occurred in dealing with the business interruption.  In the event of a loss, this insurance can make the difference between a business recovering from a loss, or from being unable to continue operations and going out of business.

One crucial consideration is that this coverage is generally an optional coverage, which must be purchased separately and added to a business’ basic property policy. 

Policyholders must provide written notice of the claim as soon as possible and be prepared to fully document their loss with records such as sales receipts, financial statements and tax returns.

Business interruption losses are measured on a net basis which would be the gross earnings less the normal expenses incurred, plus any additional expenses which are solely attributable to the loss.

Normally, business interruption insurance only applies when there is direct physical damage from a covered cause of loss to the insured’s property which causes the business interruption.  For example, a fire burns down the insured’s location.

In addition to the basic business interruption insurance, there are also several additional coverages that should be considered and added to the business interruption insurance.  However, these coverages need to be reviewed thoroughly, as they may contain further restrictions and limitations on coverage, such as a “waiting period” (the power must be out for at least 24, 48, 72, 96 hours, etc.), or a sublimit such as $25,000 in coverage.

Utility Interruption coverage applies when a business loses income solely due to a  power loss to their location. There are two types of utility interruption coverage- “on premises”, where the business suffers physical damage to utility equipment on their premises, such as an electrical box, a transformer, or wires.  “Off premises” utility interruption coverage is where the business will receive coverage even if the utility interruption is due to events away from the insured’s premises, such as a widespread power outage. 

Civil Authority coverage provides coverage when a governmental authority issues an order preventing the insured from accessing its premises to conduct business.  For example, if there is a mandatory evacuation order. 

Ingress/Egress coverage  also provides coverage when an insured is prevented from accessing their location to conduct business, but need not arise from a governmental order.  For example, where there are numerous large trees down from the wind that blocks the only road into and out of the insured’s location.

Contingent Business Income coverage  provides coverage where the insured location is not affected physically, but the insured’s supplier has suffered physical damage that prevents it from fufliling its obligations to the insured to provide material, supplies, etc.

Dependent Properties coverage  provides coverage where the insured location is not affected physically, but the insured’s customer has suffered physical damage that prevents it from accepting the insured’s products and services as it normally would (for example,a routine monthly delivery is not able to be completed, and the insured loses that sale).


Disclaimer: 

This blog is for informational purposes only.  The opinions on this blog do not nessicarily reflect those of NOMMA, Industrial Coverage Corp. and/or any past or present members and/or clients.  This blog does not represent legal advice, and those seeking legal advice should retain an attorney licensed in their jurisdiction

Tuesday, August 13, 2013

NOMMA Marketing Manager Job Listing

Salary: Base with Bonus
Location: Atlanta Metro Area
Type: Full-time/Experienced
Category: Marketing
Preferred Education: 4-year degree

A progressive, non-profit association in the metalworking industry is seeking a Marketing Manager who will play a key role within the Association Team, to plan and execute marketing campaigns to meet or exceed revenue goals.

This is an exciting opportunity to use your strategic marketing, analytical skills, and sales skills to identify, develop, and deploy successful marketing initiatives that drive membership and utilization of the Association's products, including direct responsibility for association and program branding, marketing communications, new member acquisition, conference promotion, sponsorships, and other association programs and services, products with the goal of increasing membership and program revenues.

Specific Responsibilities:

A.   General Marketing and Communications
1.     Develop effective marketing strategies to increase membership and revenues.
2.     Develop and implement an annual marketing operational plan and budget.
3.     Develop and implement association marketing communications and branding strategy.
4.     Develop and maintain relationships with key industry organizations in order to promote the association.
5.     Maintain a cooperative and close working relationship with staff, chapters, the Board, association membership, and volunteers.

B.   Market Intelligence/Product Management
1.     Oversee development and analysis of research to adequately support recommendations regarding program/product initiatives, and associated pricing.
2.     Direct an annual review/evaluation of programs/products for the purpose of providing appropriate recommendations to increase member value and overall membership/revenues/returns.
3.     Oversee a process that produces a highly accurate database to support marketing communications and program analysis.

C.   Sales/Market Development
1.     Create and execute a strategy for sales of membership to key clients, supplier sponsorships, meeting attendance/registrations, and other programs/products.
2.     Assure that membership goals are met by participating actively in securing new members and retaining current members.
3.     Develop and implement a successful membership retention strategy.
4.     Assure that supplier membership goals, sponsorship goals, and trade show revenue goals are met by actively cultivating relationships with key suppliers.
5.     Identify potential target markets for new members, and recommend strategies for penetrating these markets.

Requirements
·      BS in Business and/or Marketing
·      Candidates should have proven success implementing integrated media campaigns, 5+ years in a marketing capacity with strong project management skills, communication and presentation skills, comprehensive knowledge of direct marketing, digital marketing, marketing communications, public relations and branding.  
·      Preferred background marketing in organizations with business-to-business sales; experience with organizations that participate in educational meetings/trade shows; and/or experience in association marketing.
·       Ideal candidates will be positive, self motivated, and have the ability and desire to work remotely with occasional  face-to-face meetings in a small results driven team-oriented environment (NOMMA is a VIRTUAL office).
·     Up to 10% travel may be required.

Benefits/Compensation
·      Compensation will be base plus a variable component.
·      Competitive benefits.
·      Some home office phone/Internet reimbursement.


About NOMMA

The National Ornamental & Miscellaneous Metals Association (NOMMA) promotes the common business interests of ornamental and miscellaneous metal fabricators. Our mission is to advance the industry through education and the promotion of a positive business environment. NOMMA is a 55-year-old trade association that produces an award-winning magazine, hosts an annual conference, engages in technical work, and conducts our industry awards competition. Our foundation provides education services via webinars, videos, and classes. Our 550 members produce some of the most outstanding metal products available, including railings, stairs, gates, furniture, and sculpture. For more information, visit us at: www.nomma.org.

Instructions
Submit cover letter (attached Word document) and resume to: jobs@nomma.org