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Discovery Are We Paying for Insurance Without Even Knowing APRIL 2016 Discovery THE QUARTERLY NEWSLETTER OF KOCH COMPANIES Are we paying for insurance without even knowing it? As Charles Koch mentioned in his new But a review determined that the potential warehouse damage. This simple book, “Good Profit,” changing Koch’s likelihood of an outage was already low. change eliminated a total of $4 million in approach to traditional insurance has The existing generators had very high insurance costs. saved Koch companies several hundred reliability, and recent investments in Given that there are many lease million dollars. business continuity and disaster recovery agreements across all Koch companies, had reduced the potential consequences. But what about other, less-obvious imagine the potential costs — and savings forms of insurance that may be mixed As a result of this marginal analysis, — embedded in those leases. in with Koch’s many business activities? Koch was able to avoid $2 million of These are called embedded insurance and unnecessary insurance. BEST ALTERNATIVES are often much less obvious. To be fair, some forms of embedded WE’RE SPENDING HOW MUCH? insurance make good economic sense and EMBEDDED INSURANCE Recently, the Koch procurement team enable Koch to evolve and adapt. Dan Solomon, Koch Industries’ chief analyzed our small-package shipping. One example of this is IT security. risk officer, explains it this way: “Think Whenever someone enters a “declared Koch’s management believes a about your home. If you have a backup value” with carriers such as FedEx and significant reduction in the likelihood generator, you have made an investment UPS, it generates an additional cost. In and consequences of potential attacks to reduce the consequences if your main return, the carrier becomes responsible far exceeds the cost of IT security power supply fails. In reality, this is a for any damage during transit. investments. But even then, these costs form of insurance. need to be evaluated continuously. Last year, Koch companies spent $300,000 “At Koch, any time we choose to incur a for this kind of “insurance” but collected Because embedded insurance is so cost or give up a return in order to reduce less than $10,000 in claims. That’s prevalent without being obvious, a the likelihood or consequences of a risk, definitely not a profitable choice. watchful approach is best. It always helps we are making a decision that — from to engage the right people — especially the an economic perspective — is similar to Other examples of insurance include extra risk optimization team for your business — buying insurance.” spare parts, excess inventories and other to help make good, risk-adjusted decisions. redundancies. Contracts and leases often Koch Business Solutions encountered contain embedded insurance. what could have become embedded http://khcwss.khc.local/riskopt/ insurance during the recent Wichita Georgia-Pacific discovered embedded campus expansion project. insurance in its lease for a California THIS ISSUE... warehouse (photo above). The landlord For $2 million more, Koch could have was passing through all insurance-related 4 Fighting corporate welfare reconfigured the backup generators that costs — a common practice. 6 We Are Koch: Vinchiaturo, Italy supply some of the buildings (including the data center) to further reduce the GP’s real estate team renegotiated the 7 Winning Olympic gold – twice chance of a power outage. lease by agreeing to be responsible for Letters and other submissions become the property of Koch Industries, Inc., and may be reproduced in whole or in Postal Pipeline part, including the author’s name, for any purpose and in any manner. Letters may be edited for length or clarity. Dear Mr. Koch, It has been my good fortune to be a part of Koch since its purchase of Georgia-Pacific I just read your article in the Washington in 2005. Now, after a more than 40-year Post (“Bernie and Me”) and also saw your career (the last nine of it with Koch) and interview on CBS. Based on your comments seven different companies, I am retiring. and writing, I felt compelled to write you. Mr. Koch, in 2015, your engagement of I had a negative opinion of you and your the media at all levels gave us great pride corporation, but now feel you are a sincere in where we work. Your straightforward and honest person. sincerity, logic and purposeful I’m an 84-year-old woman, born of Italian Dear Mr. Koch, conversations made it clear that you and immigrants. My father came to this country your company stood above the rest. to be an American. There were 12 children I wanted to thank you, very sincerely, Your model, MBM®, is profoundly different. in my family. We had no financial help, but for taking time to write the significant Even more important, you practice your hoped to do better in this great country. business book, “Good Profit.” It is by far the most challenging and helpful business philosophy every day. You share and teach Sorry to trouble you with my background, book I have read in my 10 years as a self- risk. You are consistent, not arbitrary. You but I just want you to know there are a employed business owner. have the courage to do the right thing. You lot of good people out there. Like you, we have high standards of ethical and moral On nearly every page of your book I have need good, honest, sincere people in our conduct. You are the rarest of rare leaders. government who will benefit all people, found Principled Entrepreneurship™ Bottom line, I wish for everyone to gain the rich or poor. lessons that apply to my business. I love your key question: How do I create value fulfillment in their careers that I have as a You give me hope that someday people like for others by helping other people improve result of your leadership that has created you will be able to make things right in our their lives? Koch Industries. government. Right now, it is scary to vote Russ McCollister for those who are running for office. I applaud you for your ideals, corporation, Woodland, Washington philanthropy, legacy, family and giving Perhaps you should run for President. unselfishly of yourself. Your work has Sally Fleshman enriched me. Clarksville, Maryland When you see this icon, Susan Howard Elrick additional stories, photos, video Branson, Missouri and more are available in the Discovery Newsletter app. For the past three years I have been sailing onboard a tug and barge unit that is on contract with Koch Shipping. I wanted to tell you how much I have Discovery enjoyed working with your company. April 2016 Flint Hills Resources’ docks in Ingleside, Texas, are some of the nicest and Volume 22 | Number 2 best maintained docks I have seen in the U.S. or overseas. I never have to EDITORIAL BOARD worry about falling or tripping hazards because everything at Susan Armitage FHR Ingleside is very safe and Philip Ellender Jeff Gentry well maintained. Greg Guest When it comes to loading or Charles Koch discharging of cargo, none Steve Lombardo Walt Malone of your personnel take short Dave Robertson cuts. I like the requirement Ken Spain that hoses cannot be connected until a boom is put QUESTIONS? COMMENTS? around the vessel. This is one FHR’s Ingleside dock in Corpus Christi, Texas. Email us at: of the many ways that I see [email protected] Congratulations! Koch trying to protect the environment. Julia and David Koch will Download the Discovery celebrate their 20th wedding Companies get blasted in the media when something goes wrong or Newsletter app for news that comes to you! anniversary on May 25. The someone makes a mistake, but don’t get much praise when they do a couple were married in their good job. I want your employees to know that their hard work does not go Southampton home on Long unnoticed and is much appreciated. Island, where this picture was taken. The Kochs have three Micah Sims children: David Jr., Mary Julia, Mount Pleasant, South Carolina and John Mark. www.KOCHind.com 2 © 2016 Koch Industries, Inc. Koch is an EOE. M/F/D/V. International News Under the hood, in the dashboard and powering your radio, Molex develops electronic solutions that make your car safer and more entertaining. Molex is also advancing automotive technology by supporting the race car of the future. The company has teamed up with distributor Mouser Electronics to joint- sponsor Jay Penske’s Dragon Racing team for the second season of the global FIA Formula-E electric car racing series. The Formula-E car racing series serves as a framework for research and development around electric vehicles. Dragon Racing Team’s Venturi VM200 race car was created using the very latest in technology, made from carbon fiber and aluminum, and powered exclusively by electric energy. “We feel this sponsorship provides Molex with the opportunity to illustrate its commitment to developing products that help advance the automotive industry,” said Mark Rettig, global marketing director of transportation for Molex. “We have a long history of designing small footprint, high-performance interconnects that excel in heavy-duty powertrain and body-electronic applications. These make our products ideal for addressing many of the challenges found in today’s evolving automotive applications.” The Dragon Racing team includes two talented and decorated drivers — Loic Duval and Jerome D’Ambrosio — each of whom will drive cars featuring prominent Molex and Mouser branding. The 2015-2016 FIA Formula-E series started October 24 at the Beijing ePrix. It also features races in Malaysia, Uruguay, France, Germany, England, Russia and the United States. Follow @DragonRacing on Twitter, like them on Facebook or visit dragonracing.com.
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