IRMI Update—Issue #125
An E-mail Newsletter for Risk and Insurance Professionals
ISSN: 1530-7948
November 30, 2005
In This Issue
Colleague,
Each year, just prior to the IRMI Construction Risk Conference, we survey
those who have registered to learn their views on the marketplace and issues
of the day. A summary report is provided to all attendees who complete the post-conference
online evaluation. While we accumulated a substantial amount of interesting
data regarding the views of construction risk professionals this year, the responses
to one question in particular jumped out at me.
This question, posed to risk managers and financial officers, was "Does your
agent/broker disclose all income it receives as a result of writing your account
to you?" There were three multiple choice answers: (1) Definitely yes; (2) Supposedly
so, but I wonder; and (3) No.
Like me, you may be astonished to learn that 62 of 175 risk managers (35%)
chose the second answer ("Supposedly so, but I wonder"). Doesn't this mean that
over one-third of this group does not fully trust their insurance representatives?
What a graphic reminder of the effects of the events of the past year on our
industry!
Trust is the keystone of successful partnerships between agents/brokers and
their clients. Surely it isn't possible to maintain long-term relationships
with clients without gaining their trust. Thus, those firms—or those individuals—that
are most successful in gaining trust and confidence from their clients are in
the best position to succeed in the future.
So what steps can an agency/brokerage take to gain the trust of their clients?
What about you as an individual? What do you do to gain the trust and confidence
of others? If you are a risk manager, how does an agent/broker earn your trust?
[See reader comments].
In case you are wondering, 77 or 44% of the respondents answered "Definitely
yes" to the survey question and another 21% said "No."
On another note, I am proud to announce that we recently published the second
edition of
Insurance for Defective
Construction. Pat Wielinski did an outstanding job updating and expanding
his book. If you sell, underwrite, buy, or litigate construction liability insurance
you need to read it. For more information go to Products & Services.
Thank you for subscribing to IRMI Update.
Have a great day,
Jack
Jack P. Gibson, CPCU, CRIS, ARM
President
IRMI
A Better Way to Manage Pain Claims—A continuing
challenge of managing workers compensation and disability claim costs is separating
real from exaggerated pain complaints and making sure medical diagnoses are
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Services are now available for claims managers, underwriters, and others
to refer patients to Internet-based pain validity and diagnostic confirmation
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step, you can reduce expenses and allocate resources efficiently.
What do you call the physician that finishes last in his class? "Doctor"!
It is common knowledge that not all physicians are equal, and yet often all
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Partnering with a true expert in the field of pain validity and diagnosis will
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By: Jeremy Brown
MIMS International
Towson, MD
www.mimsintl.com/
Suggest
a Risk Tip. Send us a practical tip (less than 300 words) for identifying
and managing risks, buying insurance, managing claims, or filling gaps in insurance
coverages. Submit your tips.
We'll acknowledge your contribution as we did for Jeremy.
There are now 732 risk management and insurance articles on IRMI.com. Below
you'll find summaries of some recent additions with links to the articles.
- Insuring Liability for Third-Party Claims Seeking Lost Profits—Mike
Rossi explains coverage for lost-profit claims under policies designed to
address technology, media, Internet liability, and network security liability.
Variations and caveats are provided.
-
Katrina's Lessons—Many
businesses failed due to Katrina because they didn't plan for the worst.
David Nicastro explains that consistent focus and action can pay off after
an unexpected catastrophic loss.
-
New York Courts Rule on
Homeowners Policy Provisions—In this month's Case of the Month
column, Kevin Merriman describes two New York cases dealing with the uninsured
premises exclusion and the noncumulation clause in homeowners policies.
Attend one of the most highly rated IRMI seminars and get a 15% discount
when registering online before January 7 .Tech-eRisk 2006 will help you manage
and properly insure the potentially catastrophic technology, media, and e-business
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may not be properly protected against these risks—or you think you're missing
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