IRMI Update—Issue #53
An E-mail Newsletter for Risk and Insurance Professionals
ISSN: 1530-7948
November 19, 2002
In This Issue
Colleague,
Automatic external defibrillators (AEDs), 3-7 pound gizmos that anyone can
use to jump-start a customer's or colleague's afflicted heart, are catching
on in corporate America. You simply attach two electrodes to the stricken person's
bare chest, and the device does the rest. More than 60 percent of American heart-related
deaths are due to cardiac arrest, and half of those deaths occur before the
patient reaches the hospital. For this reason, making the device available (at
a cost of $1,500–$4,000 each) seems like a darn good idea to me—as long as employees
are properly trained on their use.
Have you (or your clients) made AEDs available in your operations? Are there
any risks associated with doing so? What training did you provide employees?
Do you have any success (or horror) stories to share with others? Since sharing
this information can save lives, I'd appreciate your comments. [See reader comments.]
I certainly enjoyed seeing so many friends and supporters at the 22nd IRMI
Construction Risk Conference last week. If you were among them, I hope you garnered
many great ideas for dealing with the difficult risk and insurance environment
we are facing. Mark your calendar for the 23rd conference, to be held November
17–20 in Chicago. I hope to see you there.
Have a great day!
Jack
Jack P. Gibson
President
IRMI
Don't Rely on Certificates Alone—General contractors
and many others are highly reliant on additional insured endorsements to effectively
flow risk down to subcontractors, sub-subcontractors, and other parties who
have care, custody, and control of work. As Certificates of Insurance convey
no rights and are not recognized by many courts as part of the insurance policy
contract, relying solely on Certificates, as many Contractors do, is not entirely
effective. Binding Subcontractors to provide not only a Certificate of Insurance
but also a copy of the additional insured endorsement mitigates the real possibility
that, for any number of reasons, your company may not have been endorsed to
a policy.
Additionally, with the plethora of additional insured endorsements available,
the coverage afforded to the additional insured can vary measurably. Binding
subcontractors to not only provide a copy of the additional insured endorsement
but to utilize a specific ISO additional insured endorsement form allows for
customizing the endorsement to the contract format and reduces the likelihood
the additional insured is not receiving the breadth of coverage expected.
By: Jeffrey L. Hoch
Manager Commercial
Kvaerner Songer, Inc.
Pittsburgh, PA
E-mail: Jeff.Hoch@akerkvaerner.com
www.akerkvaerner.com
Suggest a Risk Tip. Future issues of IRMI Update will include more risk tips from our readers. Send
us a practical tip (less than 300 words) for identifying and managing risks,
buying insurance, managing claims, or filling gaps in insurance coverages. We'll
give you credit for your contribution.
There are now 357 articles on IRMI.com, and many more are in production.
Below you'll find summaries of some recent additions with links to the articles.
Gary E. Bird Horizon
and Words of Wisdom Awards Bestowed—Terry Young, ARM, vice president—Safety,
Risk Management, & Human Resources of Southern Industrial Constructors, was
honored at the 22nd IRMI Construction Risk Conference with the Gary E. Bird
Horizon Award. Mr. Young was chosen for designing and implementing a very effective
safety program that reduced workplace injuries and produced significant savings
for his employer. The award is presented annually by IRMI to recognize an individual
who has demonstrated a commitment to improving construction risk management
through the implementation of innovative, cost-effective, and efficient risk
management techniques. Details of Mr. Young's program will be posted on IRMI.com
in the near future. To learn more about the award, go to this web page.
Tim Carter, director of safety for Fluor Global Construction, was honored
with the Words of Wisdom Award to recognize his outstanding presentations at
the last five IRMI Construction Risk Conferences. Go to this page to read more
about Mr. Carter.
This year's conference was IRMI's biggest yet with 1,235 people in attendance.
Be sure to mark your 2003 calendar to attend next year on November 17–20 in
Chicago.
New IRMI Classification
Cross-Reference—We've updated and improved the Classification Cross-Reference. Now in
its eleventh edition, this popular tool contains a master cross-reference sorted
over 10 different ways—alphabetically then numerically by workers comp codes,
CGL code, NAICS code, SIC code. In addition to the NCCI codes, 7 different state
workers compensation codes systems are included. Follow the link for more information
or to purchase the
Cross-Reference.
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