IRMI Update—Issue #124

An E-mail Newsletter for Risk and Insurance Professionals
ISSN: 1530-7948
November 16, 2005

In This Issue

• Message from the Editor
• Risk Tip: Inspect and Maintain Emergency Equipment Regularly
• What's New in Your IRMI Library
• New Expert Commentary
• New Second Edition Construction Defect Book Available
• How To Get IRMI Update E-mails

Message from the Editor

Colleague,

As the end of the year rapidly approaches, many insurance agents, brokers, and adjusters will find themselves in the need of some quick and convenient continuing education credit. If you haven't already done so, please consider our online insurance CE courses.

We offer two different insurance CE programs:

1. The Construction Risk and Insurance Specialist program for those who focus on the construction industry, and
2. Our general program with life, health, personal lines P&C, and commercial lines P&C insurance courses for those who do not focus on construction.

Most of our courses have been approved for insurance CE credit in 49 states, and we're constantly adding to and updating the course library. With online delivery, you can take the courses any time from any computer with access to the Internet. If you are a Texas agent, we even offer "classroom equivalent" courses online to allow you to get the 15 hours classroom credit you need without leaving your home or office. And you won't believe how inexpensive these quality courses are.

For more information on our two online CE programs, go to this web page.

Thank you for subscribing to IRMI Update and for recommending it to your colleagues.

Have a great day.

Jack

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

Risk Tip

Inspect and Maintain Emergency Equipment Regularly—We always recommend that our clients conduct monthly written inspections of all of the exit lights, emergency lights and fire extinguisher in their facilities. We also recommend that all extinguishers and their mounting brackets or cabinets be numbered. The numbering of the extinguishers allows for tracking of extinguisher use and provides a means of replacing the extinguisher in its proper location.

Make sure that when the vendor removes an extinguisher for service that they leave a comparable extinguisher in its place. If you operate fleet vehicles and/or equipment, don't forget to inspect those extinguishers on a regular basis. The loss of an expensive piece of equipment due to the lack of a properly charged fire extinguisher would be hard to explain.

Don't forget to train those employees that you expect to operate a fire extinguisher during emergency situations in the proper selection and use of fire extinguishers.

Exit lights are notorious for burning out, and should be inspected on a regular basis. Make sure that replacement bulbs meet the manufacturer's recommendations for the particular fixture. I have seen exit signs damaged due to the replacement bulb becoming too hot for the fixture. Again, all inspections should be recorded and filed.

Battery operated emergency lights should also be tested on a monthly basis. Again, record all inspections.

By: Mike Dauphin, Loss Control Specialist
Cost Management Services
Lafayette, LA

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 Mike.

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.

New Expert Commentary

There are now 729 risk management and insurance articles on IRMI.com. Below you'll find summaries of some recent additions with links to the articles.

• Commercial P/C Market Bracing for Katrina/Rita Impact —The third quarter 2005 Commercial Property/Casualty Market Index of The Council of Insurance Agents & Brokers showed some isolated premium increases and coverage changes.
• Absolute Pollution Exclusion in Contractors Policy Does Not Bar Coverage for Toxic Fume Injuries—Kent Holland explains Nav-Its, Inc. v. Selective Insurance, where the New Jersey Supreme Court limited the pollution exclusion to hazards traditionally associated with environmentally related claims.
• An Offer You Can't Really Accept—or Refuse—In his Risk Management—Ethics column, Dr. George Head asks whether access to risk management expertise is a legitimate arena for competition or a right of everyone in the community.
• RIMS Survey Reveals Drop in Insurance Rates—Hurricanes Katrina and Rita are already increasing commercial insurance rates for some renewals with property programs experiencing as much as a 20 percent rate increase.
• Applied Bolting Technology Products: Exclusion Applies To Entire Definition—Steven Rawls looks at the caselaw surrounding the prior publication exclusion and how different courts across the country have ruled on the issue.
• Are You Really Protected from Consequential Damages Exposure?—In discussing Action Ind. v. USF&G, Michael Loulakis points out the importance of a full waiver of consequential damages for anything arising out of or related to the design-build contract.
• What Is Insurance? Where Are the Rules?—Captive owners must be keenly aware of what is considered to be insurance by the Internal Revenue Service. Michael Mead explains the importance of keeping abreast of the issues and exercising best judgment.
• The Dangers of Delay in Filing Patent Applications—In his Intellectual Property Legal Trends column, Sanford Warren discusses how a company can forfeit patent rights if it delays too long before filing a corresponding patent application.
• Workplace Violence from Hurricanes and Other Disasters—Workplace violence comes in all shapes and forms, including terrorist acts and natural disasters. Dr. James Madero asks whether America's businesses are ready.

New Second Edition Construction Defect Book Available

Insurance for Defective Construction has been updated to help you avoid mistakes and resulting uninsured losses. This new edition unravels the complicated exclusions and new provisions of the CGL policy. Author Patrick J. Wielinski has analyzed the latest legal trends and provides valuable strategies for you. Uncross your fingers and take proactive measures to avoid future losses.

How To Get IRMI Update E-mails

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