Product Update

"Contractor Risk Management," "Punitive Damages," and "Coping with a Difficult Market" Discussed in Practical Risk Management

This release of Practical Risk Management updates two topics and adds one new one.

Topic E-4, "Punitive Damages," covers the aspects of punitive damages that a risk manager should fully understand, including employee indemnification for punitive damages, state law limits on punitive damage coverage, and insurance coverage purchasing considerations.

Topic A-14, "Coping with a Difficult Market," covers the steps a risk manager can take to prepare for and deal with a hard market, including building a team, staying attuned to market conditions, and redesigning programs to reduce both frictional insurance costs and the amount of insurance purchased.

Topic G-42, "Contractor Risk Management," discusses the four general types of risk inherent in contracting: employment risk, regulatory risk, third-party liability risk, and financial risk. Each is defined, and control measures are suggested.

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