How To Use this Guide
This guide discusses 38 important issues for sponsors, project owners,
contractors, and insurance professionals to consider when evaluating a
controlled insurance program (CIP). The information is provided in a
consistent format to assist with review, and each issue is analyzed under four subheadings, as follows: "Affected Coverage," "Description and Analysis,"
"Risk Control Measures," and "Where To Address." The title of each topic
provides a brief description of the issue. The first subheading, "Affected
Coverage," lists the insurance coverage potentially impacted by the topic. A
brief description of each issue follows under "Description and Analysis."
"Risk Control Measures" provides suggestions for mitigating or controlling
the various risks associated with each issue. The last subheading, "Where To
Address," provides a list of potential documents that either present or
describe the issue to be amended to address potential risk.
With the assistance of this guide, readers can identify and understand
their potential exposures, refer to relevant documents, seek to mitigate
their exposures, and make risk decisions. Additionally, this guide also
suggests methods for approaching program sponsors or CIP administrators to
resolve potential risks.
This guide is merely intended to help sponsors,
project owners, and contractors identify and address the various issues that
may be caused by controlled insurance programs. It is not intended to
prescribe any particular course of action. Nor does it present a consensus
position on the best course of action for any particular situation. Each
party must make an independent and reasoned determination of what would be
in its best interest and what strategy to pursue.
Further, this guide
cannot substitute for competent legal, accounting, or other professional
advice. This guide is offered with the understanding that its publisher is
not engaged in providing legal advice or in rendering any other professional
service.
IRMI publication date for this page: May 2020