Instruction: Read the following case below then carefully answer the following questions

CNC Transport is a haulage company thats provides transportation services for large manufacturers across Jamaica. They are an outsourcing company that accepts responsibility for the delivery of companies product across the island. The companys Risk manager knows that the company could be sued if there any loss or damages to customer products. Because the cost of liability insurance has increased, the Risk manager is considering other techniques to treat the companys loss exposures.

Describe the steps in the risk management process. (8 marks)

b. Identify the sources of information the risk manager can use to identify loss exposures.

(3 marks)

c. What is the maximum possible loss and maximum probable loss that the company could experience? (3 marks)

d. For each of the following risk management techniques, describe a specific action using that technique that may be helpful in dealing with the companys product liability exposure:

i. Avoidance (4 marks)

ii. Loss prevention (4 marks)

iii. Loss reduction (4 marks)

iv. Noninsurance (4 marks)