Refer to the bulk pack article in Topic 3: "Risks Under the Big Top". (Hint - review Chapter 2 & 3 of the text and the lecture notes regarding the Types of Loss Exposures and Elements of Loss Exposure, i. Asset Exposed to Loss, ii. Cause of Loss, iii. Financial Consequences of Loss)
a. Consider the first step in the Risk Management Process. Identify and briefly explain two examples of methods that could be used by the Risk Manager of Ringling Bros. and Barnum & Bailey Circus to identify loss exposures.
b. Identify and explain a Property Loss Exposure faced by the circus.
c. Identify and explain a Liability Loss Exposure faced by the circus.
The two elements needed to establish legal liability is negligence and proof of an actual damage or loss. In this situation,
d. Identify and explain a Personnel Loss Exposure faced by the circus.
e. Identify and explain a Net Income Loss Exposure faced by the circus.
Refer to the bulk pack article in Topic 3: "GM: Ignorance Left "switch from hell" Unfixed"
a.) What very specific type of liability is this "switch from hell"? Be specific and -P-explain.