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Case Study $1.-$ Principles of Risk Management $\backslash$& Insurance

Emergency Response Plan $($ERP$)$ Aviation

You work for a publicly traded company, it owns $3$ Lear Jets. As Risk Manager you have purchased Aviation Insurance for these company planes every year.

During a trip from Chicago to Philadelphia one of these Corp Jets was forced to make an emergency landing due to engine failure somewhere in Western Pennsylvania, in an isolated wooded area. The plane suffered moderate damage, but no passenger was seriously injured.

The passengers included $3($external$)$ Board Members onboard, plus the CEO, the CFO, General Counsel $($GC$)$ and the company's Deputy GC$.$

The next day the CEO called you into his$/$her office and said the following:

"That accident last night scared all of us$.$ With $3$ Board members on the plane, the number $1$ and number $2$ leaders of the company plus our two Legal Dept leaders, we could have been wiped out from a leadership $\backslash$& legal standpoint, not to mention losing $3$ of our $12$ Board members. Our stock would have suffered, the spouses of these Board members would have sued, the market would have been skeptical about our future, plus the Board would have to find a new CEO, CFO, GC and Deputy GC$,$ all at one time.

I need you to develop an Aviation ERP, and a Risk Management policy on who can fly $\backslash$& travel together, private and commercially."

Let's discuss and develop what the CEO has asked you to do$.$