You're building an office building, residential complex, hotel, or multi-use construction project for an estimated cost of $120 million, and your lender says it wants $120 million of insurance coverage for wind storm, flood, and other perils. But wait—is that amount suitable for the project?
This Risk and Insurance History column looks at the birth of the U.S. insurance agency system and how changes in technology, benefits, business practices, and regulation led to agent/broker professionalism.
In the first article in a new topic Insurance Industry Market Practices, Peter Polstein describes the elements that are included in a full underwriting submission, using a recent casualty renewal as an example
Many companies feel their approach to managing their overall aggregate exposure to natural disasters is deficient. Rick Clinton examines some software and consulting options for handling the earthquake exposure.
Since September 11, risk managers have focused on man-made risk. However, Ron Hamburger explains the greater danger of natural catastrophes, particularly earthquakes, and how their risk should be assessed and handled.
Tillinghast-Towers Perin consultants David Whitesell and Anita Schoenfeld provide key points an organization should consider to ensure that a new information system is properly selected and smoothly implemented.
A major reason managers are frustrated with their progress on ERM is because they don't have adequate risk modeling tools. Learn why standard statistical models don't work well for operational risks, but structural models do.
The insurance industry can accurately trace its formation to the Great Fire of London on September 2, 1666. Learn the history behind the event - why the setting was ripe for disaster, the demolition of most of the city, and the foretelling of what emerged from the ashes.
Buying a new risk management system is difficult considering all the different applications and alternatives. Learn what types of systems are available and how they can respond to your organization's needs.
One often-crucial factor affecting both the advisability and success of a merger is the prospective partner's insurance portfolio. Any corporation moving to merge or purchase a corporation in the United States must recognize the litigious climate and defend itself by making sure that both its own and its prospective partner's insurance coverage is adequate. Learn more in this insightful article.
Learn how a five-step systematic management process-assessing risks, articulating strategies, evaluating strategies from policyholders' and owners' perspectives, and then refining them-represents the logical flow of activities in developing ERM strategy.
The key to determining how to approach your exposure to risk associated with Internet websites ultimately lies with a thorough risk analysis. If your risk analysis proves that certain threats to your websites can prove costly to your business, it may make sense to take action to limit your exposure.
The promise of ERM for financial services managers is that it can help them systematically make business decisions that contemplate all types of risk (e.g., event risks, operational risks, and financial risks). But, how close is this industry to realizing the promise of ERM? A recent Tillinghast-Towers Perrin survey reveals the answer.
Jim Robertson discusses developments in blanket liability, other concepts that led to the creation of the first umbrella coverage forms, and the development of the American market for umbrellas after 1957.
Sheila Mulrennan explains that even though it has become increasingly difficult for policyholders, insurers, and reinsurers to reconstruct their pre-paid historic insurance assets, it is more important now than ever.
Jim Robertson examines the origins of liability insurance, early policy limits, the first excess liability market, excess of loss reinsurance, direct U.S. placements at Lloyd's, excess coverage developments, and the emergence of self-insurance.