COM 0804.015 2002-2004 - Laserfiche WebLink

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COUNTY OF HAWAII DEPARTMENT + FINANCE PROCEDURES MANUAL - RISK MANAGEMENT SUBJECT: RISK MANAGEMENT PROGRAM I. Risk Manaaem n is a planned approach to protecting the County from loss. II. The objectives of the County of Hawaii's risk management Program arP 1. To protect County assets. 2. To minimize the interruption of vital County services. 3. To provide a safe environment for the public and employees. 4. To reduce the cost of accidents and other financial losses. III. Risk Management Policy The County of Hawaii shall endeavor to reduce the risks of accidental losses or other financial losses which in the aggregate during any fiscal year would significantly affect personnel, property, the budget, or the ability of the County to continue to fulfill its responsibilities. The County of Hawaii will apply to risks of accidental loss the risk management process, which includes'a systematic and continuous identification of loss exposures, the analysis of these exposures in terms of frequency and severity probabilities, the application of sound risk control procedures, and the financing of risk consistent with financial resources. In recognition of its financial resources and the spread of its physical assets, the County will accept retention of uninsured losses of less than approximately one-tenth of one (0.11) percent of the annual budget and accept retention of catastrophic loss in excess of approximately ten (10%) percent of the annual budget; losses between those limits shall be controlled by the purchase of insurance, consistent with availability of coverage and reasonableness of premium cost in relation to perceived risk, probability of loss and generally accepted industry practices. EFFECTIVE DATE: REVISION NO.: PAGE 1 Of 8 SECTION-CODE-APPENDIX