IRMI Update—Issue #120

An E-mail Newsletter for Risk and Insurance Professionals
ISSN: 1530-7948
September 14, 2005

In This Issue

Message from the Editor

Colleague,

Were you as horrified and embarrassed as I was as events unfolded following Katrina? It has been 4 years since the wake up call of September 11, and our federal, state, and local governments seem no more prepared for a catastrophic event than they were in 2001—and they knew Katrina was coming! The lack of coordination and preparedness for scenarios that had been predicted for years is inexcusable. Are we supposed to believe a catastrophic terrorist attack in another American city would be handled any better?

Katrina also exposed some personal and corporate risk management breakdowns. For example, it is likely that less than half the businesses affected by Katrina and the subsequent New Orleans flood had disaster recovery plans. The scale of the devastation may have overwhelmed many plans, but at least those companies with some form of plan wouldn't be starting from scratch. Additionally, one can't help but wonder if the energy industry really needs to concentrate as many facilities in one hurricane-prone area as it does. And what about all the homeowners and businesses that didn't purchase flood insurance? Most of the uninsured don't have professional risk managers on staff, but did their agents and brokers properly advise them?

There will be many risk management lessons learned from this tragedy, both from a public policy and corporate perspective. What have you learned? What has the country learned? Also, I'm certain there are many risk management success stories. Do you have one to share with our readers? [See reader comments]

My associates and I have friends, family, and customers in Louisiana, Mississippi, and Alabama. We'd like you to know that you were in our thoughts when Katrina came ashore as you are today. If you are a customer needing to reestablish your IRMI publication services at another location, please contact our client services group at or call (800) 827-4242, and they will gladly help you. Best wishes to you as you work to recover from Katrina's wrath.

Sincerely,

Jack

Jack P. Gibson, CPCU, CRIS, ARM
President
IRMI

Risk Tip

Win-Win Fire Safety Training—We're a medium-size property management company handling mostly apartment complexes and senior housing. Fire safety is one of our major concerns, especially with the senior housing. We've arranged for the local fire departments in various communities to come out to our locations and supervise a fire drill. While there, they also are given an opportunity to demonstrate some of their equipment. They've shown our tenants how to operate a fire extinguisher and explained what to do and what not to do in case of a fire. On a couple of occasions, we've given them permission to use our building for a practice ladder exercise.

These demonstrations are a tremendous benefit to our tenants and staff and additionally, they're very entertaining. The fire crews love it as well as it gives them an opportunity to promote fire safety and show off some of their new equipment. It's also great for community relations. Our insurance underwriters love it too.

We started this program with our senior housing in mind, but we're now expanding it to all our multifamily units and even to our office building properties. It's becoming an entertaining, educational, awareness developing, social event at many of our properties.

By: Dennis Engstrom
The Newbury Companies
Des Moines, IA

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 Dennis.

New Expert Commentary

There are now 703 risk management and insurance articles on IRMI.com. Below you'll find summaries of some recent additions with links to the articles.

What's New in Your IRMI Library

We have recently updated a number of the reference manuals in the IRMI library and published new issues of The Risk Report and Captive Insurance Company Reports. To make sure you don't miss any of this new information take 30 seconds to scan the "What's New" summary page.

For IRMI Online and Print Subscribers. For SilverPlume Sage subscribers.

Your View—Instituting a Safety Culture

In IRMI Update 119, Jack Gibson asked readers about CEOs who have demonstrated a real commitment to establishing a safety culture in their companies. How is it accomplished? And, more importantly, how is it maintained? Some reader responses follow.

How To Get IRMI Update E-mails

IRMI Update is sent to subscribers by plain text e-mail twice each month. To initiate your free subscription, use the e-mail registration form.

Home > Free Risk & Insurance Information > IRMI Update Newsletter Archives > 2005 > IRMI Update #120