A running policy, also referred to as a floating or blanket policy, is a type of insurance that provides coverage for property that frequently changes in quantity or location, such as jewelry. Unlike other policies that offer broader protection with fewer limitations, this policy offers limited coverage against loss. Insurance companies use insurance rating to determine the policy premium for a specific risk. The Insurance Services Office, a nonprofit organisation, provides analytical and decision-support services and tools to the insurance industry, including statistical, actuarial, underwriting, and claims data, as well as drafts of model insurance policy forms and coverage provisions.
A running policy, also known as a floating policy or blanket policy, is a type of insurance that provides coverage for property that frequently changes in quantity or location, such as jewelry. It is particularly useful for businesses with inventory that moves around frequently, like jewelry stores or construction companies. For example, a jewelry store may have a running policy that covers all of their jewelry, even when it is being transported or shown to a customer. This type of policy ensures coverage for the store’s inventory, regardless of its location or quantity.
Yes, policies can be changed or updated as long as the changes comply with legal requirements and are communicated effectively to all affected parties.
It is important to include provisions that address equal employment opportunity, anti-discrimination, harassment prevention, and accommodation for individuals with disabilities, among other relevant employment laws.
Yes, if an employee violates a policy and the violation is serious enough, termination may be an appropriate disciplinary action. However, it is crucial to follow proper procedures and ensure consistency in enforcing policies to avoid potential legal issues.
Policies should be reviewed periodically, typically annually, to ensure they remain up-to-date with any changes in laws or regulations that may affect the organisation.
Policies should be applied consistently to all employees to avoid claims of discrimination or favoritism. However, certain policies may have exceptions or variations based on legitimate business reasons or specific job requirements.
Take any claims of discrimination seriously and conduct a thorough investigation. If the policy is found to have a disparate impact on a protected group, it may need to be revised to ensure compliance with anti-discrimination laws.
Employers can be held vicariously liable for the actions of their employees if the actions were within the scope of employment. Implementing and enforcing clear policies can help mitigate potential liability.
Yes, it is advisable to have employees sign an acknowledgment form indicating they have received, read, and understood the policy. This helps demonstrate that employees were aware of the policy and its requirements.
Address the issue promptly by discussing the reasons for non-compliance with the employee. If necessary, follow the appropriate disciplinary procedures outlined in the policy, which may include warnings, retraining, or further consequences.
Employees can file wrongful termination claims for various reasons, including alleged unfair enforcement of policies. To minimize the risk of such claims, it is crucial to consistently apply policies, document violations, and have a legitimate basis for any disciplinary actions taken.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
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