What's New—March 2008

Five reference manual updates and new issues of The Risk Report and Captive Insurance Company Reports (CICR) have been added to the IRMI infobases. We have also updated the home page and job function dashboards to facilitate navigation in the site.

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Newsletters & Journals

The March issue of The Risk Report, by Ed Armstrong, "Professional Liability Insurance for Commercial Banks," examines the evolution of errors and omissions and related insurance for full-service banks, including directors and officers (D&O) liability, bankers professional Liability (BPL), and trust department errors and omissions insurance.

The March issue of Captive Insurance Company Reports (CICR) leads with an article on the use of captives for affinity and employer-sponsored insurance programs. The second article presents the advantages of nonprofit reciprocal risk retention groups as opposed to offshore captive structures.

Reference Manuals

Commercial Auto Insurance updates a discussion of the motor carrier industry, with particular emphasis on regulatory issues facing motor carriers operating across state lines and those same issues facing motor carriers operating solely within a particular state. This supplement addresses, by state, current requirements for both interstate and intrastate motor carriers. It includes charts, separately for interstate and intrastate carriers, which display the appropriate state regulatory authority for each jurisdiction. Note that in some states, the regulatory agency for interstate carriers is different from the agency for intrastate carriers. A new Table of Cases, a listing of court cases discussed in the manual, is being added to the manual immediately following the Topical Index.

Commercial Property Insurance provides a revised and updated discussion of terrorism endorsements, in response to the passage of the Terrorism Risk Insurance Program Reauthorization Act of 2007. Specimen copies of the endorsements are included. In addition, this supplement continues the expansion of the ISO annotated forms section of the manual, adding relevant caselaw and related commentary on the Group 1 and Group 2 exclusions in the basic and broad causes of loss forms (CP 10 10 and CP 10 20).

Construction Risk Management provides an updated discussion of terrorism insurance, including the new and revised standard endorsements for use on commercial property, liability, and workers compensation policies, an updated review of caselaw on the enforceability of construction contract indemnity provisions, and an updated overview of key aspects of states' workers compensation laws. The Construction Risk Management Newsletter provides updates on construction and insurance industry developments.

D&O MAPS has been expanded to include the following policies and analyses.

Personal Risk Management and Insurance adds a comparison of the ISO HO 5 to a third insurer’s "high-value homeowners" product. The AIG Private Client Group policy is examined in section 14.L. An alternative to the ISO homeowners program is the policy from the American Association of Insurance Services (AAIS). A chart comparing the AAIS HO 3 to the ISO HO 3 is found in section 14.C. Section 15.T reviews the wedding insurance policies of two companies—WedSafe from Markel American and Weddingsurance from Nuccio and Associates. The annotated discussions of the property coverages in the ISO homeowners policy are finalized with the updating of sections 10.F (HO Section I Exclusions) and 10.G (HO Section I Conditions). Finally, this supplement updates several states' UM (FL, NM, TX, VA) and no-fault (FL, TX) pages.

New IRMI Publication

RMIS Review, a new information service from IRMI, outlines a recommended process for choosing a risk management information system (RMIS) that will meet risk managers' needs and budgetary requirements and provides comparative vendor information. RMIS Review is a one-stop source of key information about the major risk management information systems that will save hours of research and reduce the risk of choosing the wrong system. Learn more about RMIS Review.

New Editions

IRMI Insurance Checklists 2008 provides 58 checklists for reviewing the coverage provisions of personal and commercial lines insurance policies. All the checklists have been updated to consider forms changes implemented since last year.  The checklists are presented in Word documents which you can download, save, fill out, and customize. If you subscribe to this publication on IRMI Online, you now have access to the new edition. If you don’t subscribe, learn more about Insurance Checklists.

The Exposure Survey Questionnaire has been updated to include new exposures and developing trends in terrorism, environmental, media/technology/eBusiness, directors and officers liability, crime, and other exposures. The revision also adds new questionnaires on international, intellectual property, truckers, garage/dealers, mobile equipment, aircraft products, and information technology exposures. The schedules have also been enhanced and organized into a schedule section. If you subscribe to the Exposure Survey Questionnaire on IRMI Online, the new content is available to you now. If you don’t subscribe, learn more about Exposure Survey Questionnaire.

If you would like to add these or other publications to your IRMI subscription, call (800) 827-4242 or order it from our Web site.

Forms

This month 8 forms and endorsements have been added to the Forms manuals. These include state-specific personal auto forms and countrywide commercial umbrella forms. The Forms manuals now include more than 19,550 sample policy forms.

Lastly, the ACORD Forms manual has been updated (thru February 2008) with new and revised forms. The ACORD Forms manual now includes more than 610 forms.