Insurance Loss Control Association

Some insurance companies have business opportunities that insure employers and others against accidents and incidents involving people, property and the environment. A significant kind of insurance is workers compensation, discussed in Chapter 6. To reduce claims, insurance companies created services to help their clients reduce accidents and incidents leading to claims, this is called loss control. The fimction involves studying the frequency and severity of claims and how they came about. Loss control specialists use the results to advise clients on ways to avoid those events. The professional organization is the Insurance Loss Control Association (ILCA). 

Associate in Loss Control Management—A credential issued by the Insurance Institute of America. 

A philosophy applied to the control of exposure to ionizing radiation. Associate in Loss Control Management A credential issued by the Insurance Institute of America. 

The insurance carrier, often through the loss control representative, can provide assistance in the development of the emergency program. Also, professional fire organizations such as Factory Mutual or the National Fire Protection Association are very helpful. 

Associated Costs. These include such items as loss of product, research and development, insurance, and the cost of maintaining the inventory of parts and equipment needed for corrosion control. They do not include the cost of items in Inventory since this is accounted for under control and repair costs. 

A nonprofit association of insurance companies that provides services for participating companies. It provides statistical, actuarial, and underwriting information for numerous affiliated insurance companies and more than a dozen lines of insurance. It maintains one of the largest private databases in the world for insurance premiums and losses paid. Included in these lines is liability, automobile, boiler and machinery, homeowners, farm, and commercial fire insurance. ISO is a voluntary, nonprofit, unincorporated association of insurers. Previous to 1971, the functions performed by ISO were undertaken by various insurance organizations in different states. ISO gathers data that are used to establish rates for fire protection policies for residential and commercial properties. ISO developed the municipal grading schedule, which is commonly used to establish a basis of insurance rates for municipalities. It is an evaluation of the fire protection features of cities and towns based on seven factors climatic conditions, water supply, fire department, fire service communications, fire safety control, building codes, and a survey report. 

Fire prevention may be considered to be a special aspect of damage control in that it protects the machinery, materials and manufactured goods assets. It also protects the manpower asset, since fire can cause injury as well as damage and because fire damage is a very costly item, it is indirectly protecting the money asset as well. The British Insurance Association has estimated that the total cost of fire losses in the United Kingdom (excluding Northern Ireland) for 1988 was 646.0 million. 

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