IRMI Update—Issue #103
An E-mail Newsletter for Risk and Insurance Professionals
ISSN: 1530-7948
December 28, 2004
In This Issue
Colleague,
It is hard to believe we're about to enter IRMI Update's fifth year of publication.
While I must admit that the bi-weekly deadline rolls around mighty fast, I have
very much enjoyed connecting with so many great risk and insurance professionals
via this newsletter. Thank you for subscribing.
As we enter the new year, I'd appreciate your suggestions for topics we should
cover during the coming months. What do you consider to be the important risk
and insurance issues we should tackle here? Please submit your suggestions.
If you need some quick CE credit before the end of the year, please consider
our online courses. You can get fast, inexpensive, and hassle-free credit in
49 states through our training and education
center.
Best wishes from all of us at IRMI for a prosperous, healthy, and happy 2005.
Have a great year.
Jack
Jack P. Gibson
President
IRMI
Society is increasingly relying on technology and the Internet to conduct
business. IRMI's newest seminar, "Tech-eRisk 2005: Risk Management and Insurance
Solutions for Technology, Media, and E-business Exposures," will help you manage
and properly insure the potentially catastrophic technology, media, and e-business
risks faced by companies in any industry—technology, publishing, broadcasting,
or "brick-and-mortar" manufacturing, retailing, or service.
Our two expert speakers will walk you through the loss exposures, what traditional
insurance does (and does not) cover, and what to look for in special eBusiness
or media insurance policies. They will also address contractual risk transfer
techniques and enterprise risk management for these exposures. After attending
this seminar, you will be able to:
- Evaluate the media, tech, and e-business risks faced by your company
or your clients
- Structure a comprehensive insurance program, using both traditional
and emerging coverage products, to minimize gaps and maximize protection
- Transfer media, tech, and e-business risks to others by way of contracts
- Sell more media, tech, and e-business insurance to your clients
- Identify the markets for media, tech, and e-business insurance to pinpoint
who is selling what to whom and why
- Obtain key enhancements to media, tech, and e-business insurance policy
forms to improve the coverage provided
- Determine what media, tech, and e-business risks you will retain
Dates and locations are March 1-2 in Las Vegas; March 16-17 in Dallas; and
March 22-23 in Orlando. To register or learn more, see the seminars section
for more information.
Or you can call (800) 827-4242 and ask for the seminar coordinator.
There are now 614 risk management and insurance articles on IRMI.com. Below
you'll find summaries of some recent additions with links to the articles.
-
The Naked Truth—The
Reinsurer's Right to Information—Access to records clauses grant
reinsurers the right to inspect the ceding company's records pertaining
to the business reinsured. Larry Schiffer examines the enforceability and
scope of these clauses.
-
CGL—Covered Locations—The
CGL policy is subject to its actual terms and conditions, including the
policy territory. Craig Stanovich takes a look at the many facets of what
constitutes "covered locations."
-
Fraudulent Application
Can Haunt the Broker—Barry Zalma discusses a recent California
case holding that if the broker knew the application contained false information,
it can be held liable to the insurer for resulting damages.
It is more important than ever that agents and brokers provide value-added
services and proper documentation to their clients to ensure their insurance
programs are well structured. Development and use of standards, such as insurance
checklists, can help achieve these goals. The new, 2005 edition of
IRMI Insurance Checklists has been assembled by IRMI to assist insurance buyers, risk managers, agents,
consultants, and brokers in developing insurance programs to respond to the
unique loss exposures of any business or client. Structured with three main
divisions: property, liability, and personal lines, the manual contains detailed
coverage checklists for 58 common commercial and personal lines types. The checklists
have been updated to address new exposures and coverage changes. In addition
to the publication, purchasers (or subscribers) are provided access (online
or in print) to the checklists as Microsoft Word files that can be saved, filled
out, and customized. Get yours today!
If you're still scrambling to fulfill your continuing education (CE) requirement
for 2004, IRMI has the answer with online courses that are easy to take and
informative as well. One newly revised course is IRMI on Additional Insureds,
which has been updated in response to recent changes in additional insured approaches
being allowed by insurers. You can purchase enough courses to meet most state's
annual CE requirements for less than $50! For more information or to order one
of these or other CE self-study courses, see the Training and Education section of IRMI.com.
Peter Polstein writes on market practices for IRMI.com. Since the fall of
2002, he has written on such topics as underwriting submissions, alternative
risk transfer, certificates of insurance, excess follow-form versus umbrella
policies, medical malpractice, and finite insurance. Retired from Alexander
& Alexander as a senior vice president, "Pistol Pete" continues to be active
in the industry, including being involved in the formation of an offshore reinsurance
company and serving as a consultant in various industries where his knowledge
of interdisciplinary applications and technical expertise prove to be valuable
assets. His many articles and willingness to discuss a wide variety of insurance
issues with readers make him a valuable asset to IRMI.com as well.
For more information on Mr. Polstein, see his full biography and a
list of his articles.
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