IRMI Update—Issue #187

An E-mail Newsletter for Risk and Insurance Professionals
ISSN: 1530-7948
July 9, 2008

In This Issue

• Message from the Editor
• Risk Tip: Don't Depend on Valuable Papers Coverage
• What's New in Your IRMI Library
• New Expert Commentary
• Registration Open for IRMI Conference
• Please Share This Issue with Your Colleagues
• How To Subscribe/Cancel IRMI Update

Message from the Editor

Colleague,

It is a pleasure to announce that online registration is now available for the 28th IRMI Construction Risk Conference. Ann Hickman has done her usual outstanding job designing an intriguing curriculum of new topics (like the risks of green construction and BIM) and time-tested favorites (like wrap-ups, builders risk insurance, and contractual risk transfer). Also, this year a keynote panel of risk managers, brokers, and underwriters will discuss the latest trends affecting construction risks and their management. See the full agenda, speaker biographies, session descriptions and register on our Construction Conference Web site.

This year's conference will take place at the MGM Grand hotel in Las Vegas on October 27-30. Along with construction industry CFOs and risk managers, the top construction underwriters, and construction-focused agents, brokers, consultants, attorneys, and adjusters will be there. Everyone who is anyone in construction risk management and insurance is sure to be there, and this unique mix of 1,500+ participants from all sides of the business creates unparalleled learning and networking opportunities.

As in the past, contractors and project owners who have never before attended qualify for a 50 percent discount off the regular conference fee, and contractor members of AGC and CFMA who have attended before receive a 15 percent discount (see Construction Conference discount details). Be sure to register soon to take advantage of the early-bird fee and book your air travel before fares increase.

I look forward to seeing you in Vegas!

Have a great day.

Jack

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

Risk Tip

Don't Depend on Valuable Papers Coverage—Nearly every property policy provides an extension for valuable papers and records. These vary by insurer. The "standard" form covers these documents to the cost of new blank materials plus duplication expense, and the extension covers additional research costs to redevelop lost records.& Other insurers put the entire cost of valuable papers, including not only research expenses but also the costs of materials and duplication, into the extension at a fairly low limit.

The best protection is backups of documents, even in paper form. All the money in the world cannot restore a document for which no source material exists. In the long run, making duplicates when a document is generated, whether in paper, microform, or electronic format, and storing those duplicates at another location is better assurance that damaged or destroyed documents can be reproduced than relying on research expenses from an insurance policy.

By: Kenneth Bush, Executive Vice President
Insurance Audit & Inspection Co.
Indianapolis, IN

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 Risk Tip. We'll acknowledge your contribution as we did for Kenneth.

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 over 1,000 risk management and insurance articles on IRMI.com. Below you'll find summaries of some recent additions with links to the articles.

• Insurance Property Valuation and Loss Settlement Clauses—William Austin says appropriate property risk management goes well beyond simply the identification of perils that may cause damage, destruction, or interruption of operations.
• When Does Business Interruption Insurance Coverage Stop?—Jay Levin relates cases where insurers try to terminate coverage before the damage is repaired and pre-loss income is achieved.
• Evaluative Mediation Techniques Help Achieve Success—Jeff Kichaven explains how promoting mediators' analytic and evaluative techniques can benefit all involved in the mediation.
• Insurance Value—Not Price—Matters—Gary Bausom explains why risk management is truly managing and not looking for credit associated with market behavior.
• Contractors Professional Liability Market Update—Jeff Slivka expects to continue to see an expanded need for CPrL. Markets, requirements, rates, and trends are provided.
• Consolidation Issues in Reinsurance Contracts—Larry Schiffer discusses the recent trend of courts to pass the procedural question of consolidation onto arbitrators.
• Risk Management For Company-Paid Purchase Cards—Scott Langlinais warns companies of the dangers of "improving" controls by providing P-cards to employees.

Registration Open for IRMI Conference

Join 1,500 of your peers at the 28th IRMI Construction Risk Conference, October 27-30, at the MGM Grand in Las Vegas. See the workshops, speakers, and exciting agenda for the premier event in construction risk and insurance. Take advantage of the Early Bird Construction Conference rates and save $125 when you register online before September 12.

Please Share this Issue with Your Colleagues

If you haven't already done so, please send IRMI Update to your business associates. Thanks so much!

How To Subscribe/Cancel IRMI Update

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