2012 Registration Document - Groupe Casino

2
Presentation
of the Casino Group
Management
report
Consolidated
financial statements
Parent company
financial statements
Corporate
governance
General
Meeting
Additional
information
2.7. Risk factors and insurance
The maximum sum insured is €220 million per claim for major
claims (fire and explosion), including direct damage and business
interruption. There are certain sub-limits for named risks, including
natural events, subsidence and theft. Despite serious fire damage
to a Bangkok shopping centre in 2010, followed by floods in the
Var area of France in June 2010 and in Thailand in the last quarter
of 2011, the Group’s property damage/business interruption policy
was renewed on normal terms and conditions when it expired on
1 July 2012, with all previously insured risks covered.
On the date of this document, no major and/or significant claims
had occurred in 2012 likely to change the terms and conditions
of existing insurance policies, or the total insurance premiums
and/or deductibles currently in place.
Liability
Liability insurance covers the Group for all losses that might be
incurred due to bodily injury, damage to property or consequential
loss suffered by third parties caused by the Group’s products sold
or delivered, technical facilities and equipment, buildings, store
operations and services rendered.
The current policy is also a “named exclusion” policy with a
sub-limit of €75 million for product withdrawal costs and for
employer’s liability for occupational accidents and illness.
Most of the Group’s premises are classified as facilities open to the
public. Insurance of the related risks requires careful management
given the involvement of third parties.
Other insurance required by law
In light of the Group’s business activities, it also has the following
insurance cover:
■■
motor insurance;
■■
damage to works (pre-financing of claims under the ten-year
warranty);
■■
construction insurance (ten-year warranty);
■■
specific liability insurance (building owners’ association or
property manager, travel agency, bank).
Other insurance
The Group has also taken out various other policies given the
risks involved, including:
■■
a worldwide transport and import policy to cover domestic and
international transport of goods;
■■
a comprehensive contractor liability insurance programme to
cover damage to buildings under construction, redevelopment,
extension or refurbishment;
Risk prevention and crisis management
The Group’s risk prevention policy, particularly with regard to
property damage, which has been in place for several years
now, is based on:
■■
regular audits of high value facilities by the insurers’ technical
departments, mainly covering hypermarkets, shopping centres
and warehouses;
■■
joint monitoring of the audit and prevention reports for each facility
by the technical departments of both the Group and its insurers;
■■
monitoring of the protection in place at each facility according
to need and priorities (e.g. sprinklers, safety and security
installations, etc.);
■■
monitoring risk mapping, including natural events and SRCC
(strike, riot, civil commotion) risks, both in France and abroad.
The Group has for several years maintained and pursued a
preventive approach to product risk upstream of the sales outlets,
both for private-label and branded goods.
In the event of a crisis or major claim, the Group also has the
technical and advisory resources to take swift action as required
to protect its people, safeguard its assets and, wherever possible,
ensure continuity of business and customer service.
46 / Casino Group / registration document 2012