Category Archives: Insurance

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Proposal Would Increase Earthquake Coverage in CA

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Surprisingly, only about 12% of insured households in California currently have earthquake insurance. For such an quake-prone area, 12% is just not enough and, luckily, a new initiative may provide a sharp increase in the number of households with coverage against such catastrophes.

According to a RAND Corporation study, a proposal for the federal government to support state-run catastrophe insurance programs would increase the number of people buying earthquake coverage in California. The plan would also lower both uninsured losses and government assistance following a major quake. The four main tenents of the Catastrophe Obligation Guarantee Act (COGA) are:

  • lower insurance costs
  • more households with earthquake insurance coverage
  • decrease in uninsured losses
  • decrease in demand for federal disaster assistance

The RAND Corporation’s study estimates that lower premiums will produce a 13.2% increase in the purchase of earthquake insurance from the California Earthquake Authority, the privately-funded organization that provides earthquake insurance to the state’s residents.

“While catastrophe obligation guarantees could substantially reduce earthquake insurance costs in California, they would ultimately have a modest effect on decreasing uninsured losses and reducing the amount of disaster assistance spending.” said Tom LaTourrette, lead author of the study and a senior physical scientist with RAND, a nonprofit research organization.

So, though the study predicts an increase in the purchase of earthquake insurance, a substantial portion of earthquake losses are expected to fall below policy deductibles. Thus, an increase in coverage would translate to “less than a 1% increase” in the amount of losses that would be reimbursed. So while COGA is expected to decrease the amount of uninsured losses after a California quake, it is not a total solution. The study suggests that officials consider other avenues for increasing earthquake insurance coverage, such as public education and marketing and new, more attractive earthquake insurance products.

November Issue of Risk Management Now Online

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It’s that time again — a new issue of Risk Management magazine is now online. The cover story in our November issue celebrates the 100th anniversary of the modern U.S. workers compensation system and highlights the fact that even though workers comp is only 100 years old, its principles date back a millennium.

Additional features in the newest issue are a first-hand account by Michael Cawley of 25 lessons learned during his 25 years as a risk manager, the pros and cons of cloud computing and seven steps to building a successful workers comp program.

Our columns explore topics such as the rise in workplace suicides, the largest data breach in history, regulatory uncertainty within the insurance industry, the Red Flags Rule, and human clinical trial insurance in South Korea. Also included are monthly staples such as our articles highlighting recent industry reports (Findings) and our book reviews (Shelf Life).

If you enjoy what you seen online, you can subscribe to the print edition to enjoy even more content.

Please let us know what you think in the comments below. And stay tuned to the blog for even more coverage in the future. Lastly, you can follow the magazine on Twitter, “like” us on Facebook and join our LinkedIn group.

The Basics of Employment Practices Liability Insurance

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Although employers can face employment litigation at any time, employment-related lawsuits tend to increase during a stagnant or faltering economy. In order to best insulate themselves from costly verdicts, settlements and defense costs, policyholders need to understand the basics of employment practices liability insurance (EPLI) policies. In their latest Risk Management online exclusive article from Anderson, Kill & Olick, attorney Darin McMullen covers what you need to know about EPLI coverage.

EPLI policies are relatively new, having been introduced less than 20 years ago. Although an approved ISO form EPLI policy exists, EPLI policies are most often sold as manuscript policies and can have varying coverage terms and exclusions. Because EPLI policies are not uniform, a policyholder must carefully read a proposed policy prior to purchase. The key is assessing whether, based upon the policyholder’s business, the policy will provide coverage for the employment claims that it is most likely to deal with and for whom such coverage will be provided.

Whether EPLI policies are new to you or if you simply need a refresher, don’t miss this informative article only on RMmagazine.com.

Volunteer Week for the Insurance Industry

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The insurance industry isn’t just about claims, preparedness or the bottom line, as evidenced by the Insurance Industry Charitable Foundation’s (IICF) Volunteer Week, which kicked off over the weekend and lasts throughout the week.

Though the west coast is quite familiar with Volunteer Week — it began there 13 years ago — the event is new to the New York, New Jersey and Connecticut tri-state area.

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Within the region, IICF expects more than 1,000 insurance industry professionals to get involved with hands-on volunteer efforts involving more than 80 different projects.

Volunteer Week is an eight-day industry wide event from Oct. 16-23, where teams of insurance volunteers provide three or more hours of volunteer service at neighborhood and community nonprofit organizations throughout the week. Nationwide, more than 2,000 volunteers are expected to participate in 2010 in IICF Volunteer Week.

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Coordinated and managed by local non-profits, community service organizations, and schools, the volunteer events include those helping deal with disaster preparedness, education, the environment, housing, senior issues, women’s issues, and youth and children.

Betsy Myatt, executive director of IICF’s New York division, commented:

“The power of the insurance industry’s people is truly impressive, and we are just scratching the surface with our first-ever Volunteer Week here in the New York tri-state region. We applaud the hundreds of industry volunteers here in this area and thank the many charities for coordinating volunteer opportunities.

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The IICF website lists examples of volunteer projects, such as:

  • Filling food bank shelves with food
  • Improving the environment through habitat restoration work
  • Making drab facilities more cheerful by putting on a fresh coat of paint
  • Educating young people through skills training
  • Preparing food for people with AIDS and other terminal illnesses
  • Helping to build homes or improve neighborhoods for low-income families

The IICF was formed in 1994 to support nonprofit programs throughout California. Today, IICF has expanded its west coast reach and has extended to the east coast as well, forming a national presence.

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