Author Archives: Morgan O'Rourke

About Morgan O'Rourke

Morgan O’Rourke is editor in chief of Risk Management magazine and director of publications for the Risk & Insurance Management Society (RIMS).

Coverage for Theft of Third Party Property and Data

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These days most policyholders are entrusted with a wide-range of third-party data from health and personal information of their employees to financial and customer records. But often, when this data is stolen insurers are reluctant to pay for thee kind of losses. In the latest online-only column from Anderson Kill & Olick, Joshua Gold points out that according to many authorities, these losses should actually be covered.

In one recent case, for example, a policyholder was the victim of a computer hacker. The insurance company refused to pay the claim, but the court rejected the insurers attempts to evade payment and ruled that the policyholder was entitled to crime coverage for the theft of customer data.

Such a ruling is not only supported by the language of many crime policies (which often contain a provision indicating that they provide coverage for the theft of property not owned but in the possession of the policyholder), but also by numerous crime insurance coverage cases over the decades.

For more on this important coverage issue, check out the rest of the article, only on RMmagazine.com.

Toyota Settles Hybrid Patent Case

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As we reported a few weeks ago, Toyota has been embroiled in a patent dispute with Paice LLC concerning its hybrid vehicle technology that threatened to halt hybrid imports in the United States.  As it turns out, after six years of litigation, Toyota has finally reached a settlement in the case. Terms of the settlement were not disclosed.

Paice founder Alex Severinsky, who had claimed that Toyota infringed on his 1994 patent, was pleased with the result.

“Finally people understand the merits of what I invented and give it the proper value,” Severinsky said.

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“Toyota is the leading technology company and finally appreciates the value of the invention.”

Toyota had insisted that, while its technology was similar to Paice patent, its hyrib vehicles were the result of its own independent research. Evidently, both parties were in agreement.

“The parties agree that, although certain Toyota vehicles have been found to be equivalent to a Paice patent, Toyota invented, designed and developed the Prius and Toyota’s hybrid technology independent of any inventions of Dr. Severinsky and Paice as part of Toyota’s long history of innovation,” both companies said in separate statements.

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With this issue out of the way, Toyota can now concentrate on its latest round of subpeonas. This time, a federal grand jury in New York is investigating whether or not Toyota notified the NHTSA in a timely fashion about faulty steering rods.

For Toyota, a bad year just keeps getting worse.

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Developing a Winning Organization

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Successful organizations always seem to be in control of their operations and in position to take advantage of any market fluctuation. So what lessons can be learned from these companies that you can apply to your own? In the latest online exclusive article in Risk Management,  Andy Barfuss, a partner in the risk advisory practice at the accounting firm Amper, Politziner & Mattia, points out the there are four keys to achieving lasting business success.

Regardless of size, the key to winning is translating the CEO’s goals and values into employee actions and behavior. Successful organizations possess four key attributes: 1) strong leadership; 2) individual accountability; 3) effective risk management; and 4) human resources reinforcement. A practical action plan to garner better control of your company requires steps in each of these areas.

Be sure to check out this interesting look at what makes an organization great, exclusively at RMmagazine.com.

The Pitfalls of Certificates of Insurance

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In tough times, finding new ways to cut your insurance costs are important. But sometimes savings go hand in hand with risks. In the latest online-only article from Risk Management, Dr. William Warfel, professor of insurance and risk management at Indiana State University and Dr. Stanley Adamson, the Baker Chair of Insurance at Missouri State University, discuss the perils of overreliance on certificates of insurance.

Shifting the responsibility to procure insurance coverage to a business partner is a useful strategy for reducing insurance costs, but it is not without risk. Relying solely on the resulting certificate of insurance can be problematic. If commercial property/casualty insurance coverage is not in place as anticipated, or otherwise fails to respond as anticipated to a loss because of an unknown coverage limitation, the firm may find itself unexpectedly underinsured.

For more information on an often-overlooked insurance tool, be sure to read their article exclusively at RMmagazine.com.