Risk Strategies | Hugh Wood Canada Ltd

Investing in wind energy is becoming increasingly common, but it also comes with various financial and commercial risks. To ensure you have a sufficient risk management plan, consider the unique risks you'll face during each phase of the investment, such as contracting, construction, and ongoing operations. During construction, risks include cost overruns, delays, testing problems, and force majeure events. Once in operation, risks include equipment breakdown and fall in market demand or pricing. Dramatic growth in this sector suggests profitable endeavors, but the lack of experience from investors, operators, and insurers creates a precarious position. #hughwoodcanadaltd #insurance #riskmanagement #insuranceinsights #windenergy #renewableenergy

Risk Strategies Company's industry and product line experts have collaborated to provide insights and recommendations from this evolving marketplace across cost, coverage and capacity. Read the report and call us to help you navigate this complex insurance marketplace. #risk #riskmanagement #insurance #risktransfer

Did you know that the human element is often the weakest link in cybersecurity risk management? Read our new white paper to learn how to defend against cyber threats by building a human firewall: https://hubs.ly/Q02T-7rt0 #Cybersecurity #RiskManagement #Insurance #HumanResources #IT

Social hosts can face liability for incidents caused by their guests who consume alcohol at social events. While the Supreme Court of Canada's decision in Childs v. Desormeaux means social hosts are generally not responsible for their guests' actions, they can still be held liable if their conduct creates or exacerbates a risk to the public. To limit liquor liability, businesses hosting social events where alcohol is served must implement a risk management program, including outlining procedures for handling intoxicated guests, filling out incident reports, and reviewing general liability insurance policies. Additionally, they can promote safety and sobriety by serving drinks to guests instead of having a self-serve bar, providing low-alcohol and alcohol-free drinks at no charge, and encouraging the use of safe transportation options. Read more about this important topic in this article. #hughwoodcanadaltd #insurance #riskmanagement #insuranceinsights #liquorindustry #liquorliability

This article emphasizes the risks of using end-of-life (EOL) software and provides best practices for managing it. EOL software, which is no longer supported by manufacturers, poses cybersecurity risks, software incompatibility, compliance issues, high operating costs, and poor performance.   Organizations can mitigate these risks by creating a lifecycle management plan, using device management software, monitoring EOL status, maintaining cybersecurity practices, and communicating clearly with customers.   By taking these proactive steps, organizations can prevent unwelcome surprises, remain secure, and avoid financial and reputational damage from cyberattacks and compliance violations. It is crucial that companies take action to manage EOL software and implement best practices. #hughwoodcanadaltd #insurance #riskmanagement #insuranceinsights #cyber #cyberrisk #cybercrime

We invite you to view our State of the Insurance Market Report for Private Client Services: 2025 Initial Outlook and 2024 Wrap-Up. In today’s complex insurance marketplace, proactive risk management and building resilience are more crucial than ever. As a specialty broker, we partner with you to protect your assets and lifestyle so you can face the future with confidence. https://hubs.ly/Q02TqvYT0 #PrivateClientInsurance #RiskManagement

Pioneering insurance solutions for the digital asset industry. Find me at @CoinAlts Fund Symposium to learn more. Looking forward to meeting you! #Crypto #Insurance #RiskManagement #CoinAlts

This article discusses the importance of certificates of insurance (COIs) for organizations when working with contractors and vendors. COIs serve as proof that a particular party has an insurance policy in effect and outline the name of the insurer and insured, essential terms and conditions, policy limits, and the duration of the policy. COIs can prevent organizations from taking on unnecessary risks and protect against damages that occur following an incident involving a contractor or vendor. To manage COIs effectively, organizations need to have procedures in place to collect and maintain them, and ask specific questions to ensure the policy meets requirements. It is essential to enlist the help of an experienced insurance broker to secure and manage COIs. #hughwoodcanadaltd #insurance #riskmanagement #insuranceinsights #insurancecoverage #insurancecertificate

Insuring your home is necessary to protect you and your family from potentially devastating financial losses.   This video explains how certain factors can influence your home insurance costs. #hughwoodcanadaltd #homeinsurance #insuranceindustry #insurance #Canada #insuranceinsights

Risk Strategies | Hugh Wood Canada Ltd was pleased to host our annual client appreciation event in collaboration with Bridgewell Financial. Thank you to our clients, future clients, strategic partners for attending; thank you to our guest speaker David Lewis at EOS Worldwide for an insightful presentation. As many are still managing our way back to in person gatherings; balancing busy schedules, we appreciate these opportunities to connect over excellent food, drink and conversation.