Risk Management and Internal Control procedures implemented by the Company and insurance
Since July 2017, the Group has partnered with an independent provider to manage a new phone and internet-based reporting system called BIC Speak-up, which provides an alternative channel for team members to communicate their concerns confidentially and anonymously if they so choose (and where permitted by local law). This program has been established to provide effective lines of communication from team members and empowers BIC to promote safety, security, and ethical behavior. A Charter of Diversity, shared by all the entities, defines the BIC Group commitment to continually improving and educating team members about the importance of diversity and aims to assist in the prevention of discrimination in the workplaces.
property Damage and Business Interruption insurance ● covering risks of loss due to fire, explosion, water damage, and other natural catastrophes; As a general rule, coverage is based upon a replacement cost valuation of the insured property; however, some coverages may be capped and/or sub-limited in total amounts payable under the terms of the policy; Goods-in-Transit insurance covering loss or theft of goods ● and/or products during their shipment; crime insurance related to the risks of fraud, theft, and ● falsification; employment Practices Liability insurance covering alleged ● discrimination, wrongful termination, and sexual harassment. In addition, BIC Group maintains other types of insurance in conformity with legal requirements within countries in which it operates. The global cost estimate of the Group insurance programs to third-party insurers amounts to approximately 3.7 million euros. 220.127.116.11 Self-insured or retained risks are also held by BIC Group, typically in the form of insurance policy deductibles, retentions, or other uninsured exposures which may not be insurable in the traditional marketplace. In the U.S., BIC Corporation maintains a wholly-owned subsidiary captive insurance company, SLS Insurance Company Limited (SLS), covering the U.S. for specific types of risks, including: Commercial General Liability and Products Liability coverage ● covering alleged third-party bodily injury and property damage; DIC/DIL providing Difference in Conditions/Difference in ● Limits insurance to supplement certain other traditional insurance policy coverages and/or deductibles; Medical Stop Loss coverage related to the employee benefits ● health program; TRIA (Terrorism Risk Insurance Act) NBCR (Nuclear, ● Biological, Chemical, and Radiological Terrorism). The amount of provisions to cover this risk is limited to 5 million U.S. dollars which is used to extend BIC’s traditional Terrorism coverage. The other entities of the Group are insured under traditional insurance programs. Self-Insurance
INSURANCE – COVERAGE
Insurance 18.104.22.168 BIC Group (“Group”) utilizes insurance as a risk financing solution to transfer its major risks to the insurance marketplace through a series of insurance policies, placed with reputable insurers. The Group accomplishes this transfer on two tiers: an International Insurance Program which addresses all Group affiliated companies, except where legally prohibited, and locally placed policies to address compulsory insurance where required. Additionally, some local affiliated companies may have obtained additional insurance for special and/or specific needs. The objective of the Group’s international insurance program is to develop a uniformly high level of risk management and insurance protection for all BIC operating entities. This policy should help protect assets and, therefore, revenue, against risks that may be insurable or controllable. BIC Group maintains the following main international insurance programs: liability insurance including risks related to products, which ● covers losses related to third-party claims of bodily injury and property damage, including operational and product liability; environmental Impairment Liability insurance related to ● gradual pollution and accidental pollution;
• BIC GROUP - 2020 UNIVERSAL REGISTRATION DOCUMENT •