New IRMI Information in Your SilverPlume Library:
October 2006
Four reference manual updates as well as new
issues of The Risk Report and Captive Insurance Company Reports (CICR) have been added to the IRMI infobases.
Log into SilverPlume
Sage
Newsletters & Journals
In response to requests from subscribers, we are now making an Adobe Acrobat
version (PDF file) of the current issue of each of our newsletters available
each month. This will allow you to quickly and easily print an attractive copy
to toss in your briefcase and read at your leisure.
The October 2006 issue of The Risk Report, "Construction Risk Management: The Owner's Perspective," examines the risks
an owner will have arising out of a construction project, the contract notwithstanding.
Starting with a project risk analysis, it explores the risk control and risk
financing aspects along with the various types of insurance on construction
projects, including general and umbrella/excess liability, workers compensation,
auto liability, builders risk, professional liability, and environmental liability.
It also explains controlled construction insurance programs. A detailed exhibit
illustrates points an owner should consider and decisions that will have to
be made. This issue was written by Ron Rakich, president of Ron Rakich & Associates,
Inc., a risk management consulting firm specializing in construction risk management
and consolidated insurance programs.
In the October issue of Captive Insurance Company
Reports (CICR), the lead article, "Drilling
Deeper on Fronting Relationships," comes from interviews with Carol Frey
of ACE. Carol (and CICR) outline additional
questions that captive owners should ask that go beyond the traditional ones
on fronting fees and collateral demands. She outlines other relationship issues
that should be addressed because of the following: changing captive needs; evolving
insurance marketplace; rating agency and regulatory needs; being a bundled or
unbundled service provider; handling emerging risk transfer rules; being a surrogate
adviser; providing risk management services; providing timely documentation;
and problems from manuscripted policies. She also is concerned about organization
issues because of increased corporate governance demands. "Retiree
Medical Financing: Challenges and Myths" continues CICR's second series of articles on captives
and employee benefits. Author Kathleen Waslov of Towers Perrin outlines several
pervasive myths, such as trapped assets, low after-tax yields, and high-cost
complexity of using insurance, and then proceeds to debunk them, including how
captives can provide a solution. Editor Emeritus Hugh Rosenbaum provides an
editorial, "Sidecars
and Captive Similarities," drawing parallels between captives and sidecars,
the recent and new reinsurance trend that has provided significant new reinsurance
capacity.
Reference Manuals
Contractual Risk Transfer features a
new discussion of oilfield
anti-indemnity statutes. It also provides a new discussion of nonstandard
CGL endorsements that provide a broader or narrower scope of coverage as
compared to the standard additional insured endorsements.
D&O MAPS has been expanded to include
the following policies and analyses:
IRMI Insurance Cancellation Guide has
been updated with the most recent information and Web sites concerning laws and regulations
that govern the cancellation and nonrenewal of commercial and personal lines
insurance policies.
IRMI Workers Comp contains a new discussion
on the conflict
between workers compensation and Medicare. Included in the supplement is
updated information on state
benefits and updated information relating to payroll
limitations for sole proprietors, partners, executive officers, and limited
liability company members by state. The supplement also contains the first
part of a complete update of the state law section of the manual. The updated
summaries reflect the changes that resulted from the 2006 state legislative
sessions.
Practical Risk Management updates three
topics about important risk management activities -- "Risk
Identification," "Marketing a Large Account," and "Reports
to Management" -- and one topic about an emerging issue -- "Enterprise
Risk Management." There is also an updated discussion of "Workers
Compensation Self-Insurance Requirements by State," which includes a summary
in chart form of self-insurance requirements for each state. Lastly, this issue
of Risk Management Notes looks at the issues
and implications in the ongoing debate over the extension
of TRIA; the recent Katrina
court decision on wind versus water; and Web resources for risk identification,
mitigation, and monitoring of natural hazards. A new feature, "Marketplace
Musings," is introduced.
Risk Financing features updates to two
sections of the manual. First, a new discussion on statistical concepts by Dr.
Lars Powell of the University of Arkansas at Little Rick and Risk Management
Consultant Daphne Williams has been added in section II.I. The discussion, entitled "Basic
Statistical Concepts," offers explanations of statistical terminology such
as the mean, the median, the mode, and standard deviation, and provides examples
of loss frequency and severity distributions. Updates to the captive insurance
regulation summaries for U.S.
domiciles (Appendix B) are also provided. Appendix B begins with a side-by-side
comparison of some of the important aspects of captive domicile legislation
and contains additional explanation of the regulations for each domicile. Supplement
91's issue of Risk Financing Perspectives offers a discussion by Michelle Bradley and Lloyd Kelley of Sigma Actuarial
Consulting Group titled, "Reducing
Collateral Uncertainty: A Primer for Negotiations." It focuses on strategies
insureds can adopt to control the amount of security required for different
types of loss-sensitive insurance plans.
Classification Cross-Reference has been updated to include recent changes in classification codes.
How To Add IRMI Titles to Your SilverPlume Library
Information is the key to success in a firming insurance market. To add IRMI titles to your SilverPlume Library, call
800-677-4442 or .
Past Issues