IRMI Update—Issue #166

An E-mail Newsletter for Risk and Insurance Professionals
ISSN: 1530-7948
August 8, 2007

In This Issue

• Message from the Editor
• Risk Tip: Where Is It?
• What's New in Your IRMI Library
• New Expert Commentary
• One Week Left to Get the Lowest Registration Fee
• How To Get IRMI Update E-mails

Message from the Editor

Colleague,

Knowledge—as a risk professional, that's what you bring to the table for your employer or your clients. The more knowledgeable you are, the more you can achieve. But it's a constantly changing world. Risks change and new ones come to light. Risk management techniques and insurance solutions evolve, and your challenge is to stay current on the important changes. Succeed and you maximize your value to your employer or clients. If you fail, you become obsolete.

There are a number of steps you can take to expand your knowledge and keep it current. Some examples:

• Pursue an insurance or risk management certification such as CPCU, CIC, CRIS, or ARM.
• Read industry news periodicals such as Business Insurance or National Underwriter.
• Attend industry seminars or conferences.
• Network with peers in the industry.
• Use print or online reference services such as those offered by IRMI.

Successful risk professionals use a combination of these and other techniques. The key is to find the combination that works best for you. So, do you agree that knowledge is the key to career success in risk management and insurance? What are the best ways for someone who is new to risk management and insurance to establish a good knowledge base on which to build? How do experienced risk professionals make certain their knowledge remains up to date? Please [See reader responses.]

Of course, a large number of construction risk professionals attend the IRMI Construction Risk Conference to keep up with developments in their field. Are you planning to be there? If you register by next Friday you'll be entitled to our lowest registration fee. Learn more.

Thank you for subscribing to IRMI Update.

Have a great day.

Jack

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

Risk Tip

Where Is It?—Unfortunately, we don't have a risk tip for this month because no one sent one in for us to use. Why don't you send one for the next issue? It's a great way to put yourself and your company in front of 32,000 risk professionals.

To qualify a tip must:

1. Be original (i.e., written by you and not published elsewhere)
2. Provide practical advice for use in managing or insuring the risks of businesses (rather than individuals)
3. Apply to more than one industry (e.g., should not be applicable only to contractors)
4. Be educational and not self-promoting. Your by-line is your promotion.
5. Be the right length. It should be 150 to 300 words

Your Tip will remain on the IRMI.com IRMI Update website until we decide to remove it, providing exposure for years to come. Submit your tips.

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

• Survey Reports Commercial Insurance Premiums Continue To Decline—RIMS Benchmark Survey shows second quarter drop for most lines; property remains stable.
• Risk Management Practices Cannot Be "Bolted On"—Mark Layton says a firm's single greatest obstacle to becoming risk intelligent is its existing corporate culture.
• Court Holds Failure To Read Policy Doesn't Bar Reformation—If you admittedly never read your policy, is reformation possible? Kevin Merriman relates caselaw.
• Use Licensed Experts in Claims Litigation—An Illinois decision requiring experts to be licensed in the state before testifying could be problematic. Barry Zalma explains.
• Welcome to the World of Electronic Trading—Andrew Berry examines what makes up a trading network, the players involved, and the peer-to-peer data exchange versus trading hubs debate.
• Captives and Collateral—Michael Mead says the prudent captive owner will address the collateral issue early in the formation and often throughout the life of the captive.

One Week Left to Get the Lowest Registration Fee

You will pay $100 more after August 17 for the 27th IRMI Construction Risk Conference. Save $25 by registering online. See the agenda and reserve your workshops today.

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.