Make sure the paper shows material from the book Risk Management and Insurance by George Rejda. It has to be a good analysis of the case. Show the understanding of the material. Must follow the case analysis format below.
Your exercise regimen is admirable, and your dedication to exercising regularly will provide long-term benefits, both physically and financially, I am concerned about your safety during your runs through the park.
Your physical safety is at risk here.
A check with the local police precinct reveals the park has been the sight of numerous police incidents of drug dealing, assaults, and other dangerous events. Also the precinct commander, in a recent press conference announced the park will be subject to increased patrols and periodic sweep type of actions to rid the park of criminals.
Given your current situation as a student, you cannot afford the time lost in the event you were seriously injured during an incident in the park. Additionally as announced by the police, increased enforcement activities, while good for all park visitors, may actually increase your during law enforcement activities.
The consequences of you running through the park while the police execute a sweep of suspected drug dealers, you could well be arrested alongside all the other young, out of breath runners in the park at that particular moment. Despite your innocence, the time, cost and loss of reputation during your defense would be disastrous to your future.
Risk avoidance is the preferred choice to limit your exposure. The following items are possible alternatives to avoiding the risk posed by running in the park:
Consider finding an alternate route for your daily runs.
As a student you are entitled to use the University athletic facilities (including the indoor track) at no additional cost. Consider arranging your schedule to allow for use of the facilities before or after class.
Alternatively, I checked with the local YMCA, they have an indoor track but they require a membership, which is discounted for students.
It is also possible that you could run on the local high school track, although there may be some restrictions on its use by the public.
Jeff the Book Dealer
Jeff is a book dealer who purchased a building from Richard. Jeff obtained a loan from the Gateway Bank to purchase the building, which held a mortgage on the building. Jeff planned to store his inventory of books in the building. He also planned to use part of the building for a fast food restaurant. When Jeff applied for property insurance on the building, he did not tell the agent about the fast food restaurant because premiums would be substantially higher. Eight months after the policy was issued, a fire occurred in the restaurant to cause substantial damage to the building.
Richard, the seller of the building told Jeff he could save money by taking over Richard’s insurance policy instead of purchasing his own new policy. The insurance company has denied coverage for the fire loss. The fire department investigation revealed that an electrician improperly wired an electrical outlet in the restaurant which caused the fire.
You have been hired by Jeff the book dealer as his financial advisor. In the course of completing Jeff’s financial plan you have discovered several issues with Jeff’s property insurance related to the recently purchased building.
Your assignment is to explain to Jeff using the concepts and terms contained in the risk management text and the case analysis format, the issues you have found regarding how he has insured this building, why they are issues and possible courses of action for Jeff.