IRMI Update

Risk Management & Insurance Commentary, Tips, and Tactics
February 18, 2009 | Issue 200 | ISSN: 1530-7948

In This Issue

Be Sure To Report WC Claim Facts Promptly in NY
Properly Insure Fiduciaries
New Expert Commentary
Cutting Edge Analyses for Risk Financing

Colleague,

With this, the 200^th issue of the newsletter, I am excited to introduce you to the all new IRMI Update. As you can see, we listened to the feedback you provided in our reader survey and have redesigned it to emphasize the features readers appreciate most.

IRMI Update was always intended to support the content we publish on our Web sites and in our subscription reference services. We have worked hard to improve the way it complements these information resources. Generally, you will find new editorial content, including descriptions of and links to publicly available Expert Commentary and IRMI Insights articles in the left column of IRMI Update. The right column of the email version (not this archive version) will always include links to helpful content on our Web sites, information on new educational programs, and news about other IRMI products and services.

Many thanks for subscribing to IRMI Update. Please recommend it to your business colleagues and friends.

All the best,

Jack

Jack P. Gibson, CPCU, CRIS, ARM
President
International Risk Management Institute, Inc.

Risk Tip

Be Sure To Report Workers Comp Claim Facts Promptly in NY

Since January 1, 2009, the NY Workers Compensation Board has required that insurers complete new form PH-16.2 to contest dubious claims. The form will require detailed information about the basis for contesting a claim, including the names of witnesses, supporting documents, case citations, and legal theories of the claim.

The bulk of the material can only be obtained from the employer, making prompt, detailed reporting vital to success.

Attaching documents to the C-2 form detailing reasons why the claim may not be valid is the best practice. Waiting for the insurer to contact the employer will result in delay, lost evidence, and failure to identify proper defenses.

By: Theodore J. Ronca, Esq., Attorney
Aquebogue, NY

GET PUBLISHED IN IRMI UPDATE: Send us a practical tip (less than 300 words) for identifying and managing risks, buying insurance, managing claims, or filling gaps in insurance coverages. We'll acknowledge your contribution as we did for Ted.
Submit an IRMI Update risk tip.

What's New in Your IRMI Library

Properly Insure Fiduciaries

A combination of adverse court decisions, new federal legislation, and the current recession have combined to expand the liabilities of fiduciaries in recent years. Unfortunately, many agents, brokers, and risk managers have little knowledge of fiduciary liability insurance and are intimidated by the coverage nuances. Nevertheless, any company with employee benefit plans should review their exposures, consider purchasing the insurance, and make certain the policy terms meet their needs. To help you handle the details, recent supplements to Professional Liability Insurance have updated and expanded our discussions of fiduciary exposures and insurance coverage options. [SilverPlume Sage; IRMI Online]

For summaries of other new and updated information in your IRMI library, go to What's New on IRMI Online or What's New in SilverPlume Sage.

New Expert Commentary

There are over 1,100 risk management and insurance articles on IRMI.com. Below you'll find summaries of some recent additions with links to the articles.

CGL Insurance and the Question of Intent—Steve Rawls examines court decisions on whether the CGL covers intentional acts by the insured where injuries or damages are substantially certain to occur.
The Role of the CIO in the Risk Intelligent Enterprise—CIOs must redefine their roles and become more creative, proactive, innovative, and strategic than ever before.
Should Employers "Google" Applicants?—Paul Siegel summarizes the advantages and disadvantages of using Internet resources to gather information on job applicants.
Construction Debris Is Excluded Pollutant—Kent Holland recounts a case where a professional liability insurer was not required to defend since the alleged damages related to and arose out of pollution.
Challenges in Assessing a Business Interruption Claim—Paul Haynes provides operational definitions of business interruption and examples of problems due to external conditions and coverage confusion.
The State of Wrap-Ups 2009—Rich Resnick compares the outlook in 2008 and 2009, saying it will be a very challenging year for wrap-ups, but opportunities still exist.

IRMI Featured Publication

Cutting Edge Analyses for Risk Financing

Many Fortune 1000 risk managers and the nation's leading insurance professionals use Risk Financing. This indispensable and easy-to-understand reference explains the traditional insurance rating plans and alternative funding options for your organization's risks. See a detailed list of the risk financing topics covered and how it can eliminate risk financing uncertainty.