IRMI Update—Issue #59
An E-mail Newsletter for Risk and Insurance Professionals
ISSN: 1530-7948
February 18, 2003
In This Issue
Colleague,
Do you think insurers—and perhaps even some self-insurers—are too quick to
settle small nuisance type claims and lawsuits? You know how the analysis works.
You compare the cost to fight a claim with the cost of settling it. Often, it's
easier and cheaper to settle.
The problem is that the plaintiff's bar can figure this out. They know who
the easy marks are in their community, and getting on their hit list can open
a floodgate of small claims. On more than one occasion I've heard the insurance
industry criticized for being its own worst enemy in this regard.
I've always believed that all commercial insureds should be deeply involved
in the claims decision making process, even if they buy first dollar guaranteed
cost insurance. Insurer and insured should work together to set the claim philosophy
and assure the tactics employed are governed by a well-reasoned strategy.
What do you think? Are insurers too easy? To what extent should insureds
be involved in the claims process? How can you avoid becoming an easy mark for
the plaintiff's bar without wasting money fighting claims you should settle?
[See reader comments.]
On another note, we still have a few seats left at the Chicago (February
25/26) and New York (March 4/5) Captive Solutions seminars.
Have a great day.
Jack
Jack P. Gibson
President
IRMI
IRMI Update reaches over 28,000 risk managers, insurance agents, brokers,
adjusters, lawyers, and underwriters who look forward to reading the tips and
articles offered in each issue. Since yours will be the only ad in this space,
it will be seen and acted on by key decision makers. For more information,
contact us or go to this
web page.
Help Your Employees Plan for Disaster Contingencies—If
your company is like most, you are responding to the realities of the current
state of the world with an increase in security efforts and disaster planning.
Since your employees may be your most important corporate asset, it is a good
idea to encourage them to put together their own family disaster plans. For
example, everyone should have a disaster supply kit in their home. If your company
is sizeable, consider having an expert conduct training sessions. If it isn't
large, simply point your employees toward appropriate educational material.
The following are links to some helpful information:
By: Nathan Rum
www.overinsured.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 386 articles on IRMI.com, and many more are in production.
Below you'll find summaries of some recent additions with links to the articles.
The Impact of TRIA on Workers
Compensation Insurance—With the passage of the Terrorism Risk Insurance
Act of 2002, the landscape of workers compensation insurance has been forever
altered. IRMI assesses the ramifications.
The
23rd IRMI Construction Risk Conference Scheduled—The 2004 IRMI Construction
Risk Conference will be held in Chicago on November 17-20, 2003. Be sure to
mark your calendar to save these dates to join the 1,200 or so movers and shakers
who will be there.
Personal Risk Management
and Insurance Keeps Expanding—Since its initial release in
2001, IRMI has expanded Personal Risk Management
and Insurance to cover many new topics. The manual now includes an exhaustive
personal exposure survey (including access to a Word file you can use on your
PC), risk control tips, summaries of uninsured motorists laws, and comprehensive
discussions of personal umbrella, mobile homeowners, dwelling fire, and boatowners
policies. You won't find more in-depth treatment of these topics anywhere. For
more information, visit
Products
and Services.
Order a CE Course
This Month and Save $5—It's a new year and a great time to get your
continuing education (CE) out of the way. Normally, CE courses on IRMI.com are
offered for the incredible price of $49.95. Now, receive an additional $5 off
your CE order when you order before March 15. Go to the Training & CE site of
IRMI.com. Choose your courses from the course catalog and at checkout, enter
the voucher number 38115 when prompted. (CE
credits are not available in New Jersey or Wisconsin.) Go to this
page for more information.
Larry
Schiffer writes the Reinsurance Law column for IRMI.com and has contributed
11 articles since March 2000. He is a partner with LeBoeuf, Lamb, Greene & MacRae,
L.L.P., in New York City and practices in the areas of commercial, insurance,
and reinsurance litigation, arbitration, mediation, and regulation. He also
serves as a mediator for the mandatory commercial mediation program of the U.S.
District Court for the Southern District of NY and for the NY Supreme Court
Commercial Division, Alternative Dispute Resolution Program. He is a popular
speaker and author on reinsurance litigation and other insurance topics. Click
here for
a list of his IRMI.com articles. To learn more about Mr. Schiffer and his practice,
see his full biography.
We'd like to thank everyone who sent kind anniversary wishes in response
to the announcement in IRMI Update #58 that IRMI
is celebrating its 25th anniversary in 2003. Drop by this
web page to see your
fellow readers' comments.
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