Category Archives: Insurance

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IICF Annual Benefit Dinner Draws Stars and Money for a Good Cause

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The Insurance Industry Charitable Foundation (IICF) held its annual benefit dinner last night at New York’s Waldorf Astoria hotel. The star-studded night for a good cause featured several speakers, including:

  • David Brinkman, chairman of the board for IICF
  • Paula Zhan, host and executive producer of “On the Case with Paula Zhan” and co-host of “NYC-ARTS”
  • Hank Watkins, president of Lloyd’s America, Inc.
  • Mark Teixeira, first baseman for the New York Yankees
  • Joe Torre, Major League Baseball’s executive vice president for baseball operations
  • Brian Duperreault, president and CEO of Marsh & McLennan Companies
  • Mike McGavick, CEO of XL Group

David Brinkman opened the evening with remarks about the foundation’s year of giving, noting that the IICF has __ 16 grants in the tri-state area in 2012 and was able to raise an astounding $50,000 to be given to the Red Cross for Hurricane Sandy relief efforts. “What the general public may not realize is that, in addition to claims paid, our industry is generous with philanthropy,” said Brinkman.

Paula Zhan entertained the crowd with stories of her years spent interviewing notable world figures, including Fidel Castro, Princess Diana and Pete Rose. On a more serious note, she explained how Alzheimer’s has affected her family and how, through her work with the Alzheimer’s Drug Discovery Foundation, she is helping to raise awareness for the dibilitating disease, which costs the U.S. more than $200 billion annually.

Hank Watkins took the stage to announce that the dinner raised more than $1.3 million. “With this night, we’re able to help thousands of people make their way through challenging times,” he said.

Mark Teixeira gave the crowd a good laugh by mentioning the Hurricane Sandy benefit concert happening at the same time as the IICF benefit dinner (and just a few blocks away). “If you guys want to spend $500 to see a bunch of aging stars, just go to a Yankees game.” Well done, Mr. Teixeira. Having captured the crowd’s attention, he talked about his foundation, DreamTeam25, which has partnered with Harlem RBI to “provide inner-city youth with opportunities to play, learn and grow using the power of teams to coach, teach and inspire youth to recognize their potential and realize their dreams,” he explained.

Joe Torre was welcomed by Yankees and Red Sox fans alike as he told the crowd about his Safe at Home Foundation, which educates to end the cycle of domestic violence and save lives. Torre explained how he witnessed his father’s physical abuse towards his mother and emotional abuse towards himself and his siblings. The experience inspired Torre and his wife to create the foundation in 2002.

Closing out the night was Mike McGavick of XL insurance — the honoree of the night. McGavick accepted the award on behalf of XL and reminded those in attendance that giving, and being a part of a community, is what life is about. “As Adam Smith asked, ‘How can self-interest be married to the communite’s interest?’ Or as David Hume said, ‘We must do well by others or we will eventually be harmed.’ Those ideas are perfectly merged. We must look to our community. Because of our [industry’s] peculiar focus on the nightmares in this world, we truly understand the pain and need that’s out there.”

Cavalcade of Risk #171

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Welcome to the newest edition of the Cavalcade of Risk. Below you will find pertinent blog posts by knowledgeable people in the risk management and insurance community. Let us know what you think in the comments section below.

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  • Insurance Claims and Issues: Dennis Wall writes about computer models and how they have been used to predict losses in support of premium rate increase requests by homeowners and other property insurance companies. Now, as Wall writes, they are being used to “predict” known losses after hurricanes, starting with Hurricane Sandy damage claims.
  • InsureBlog: Henry Stern explains why it can be mighty risky getting injured in the Land of Thor!
  • Workers Comp Insider: Julie Ferguson looks at the implications for employers with the newly enacted state marijuana initiatives in her post, “Marijuana: coming to a state near you – and probably sooner than you think.
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  • Work Comp Roundup: Michael Stack warns about workers comp advice you may find on the internet. Seeing should not always mean believing in this case.
  • The FCPA Blog: Russell Stamets pens a post about India’s new anti-corruption movement. Media savvy anti-corruption activist Arvind Kejriwal, who rocked the Indian political and business establishment over the past few weeks with dramatic accusations of corruption, has formally launched a political party.
  • The Healthcare Economist: As Jason Shafrin writes, the Affordable Care Act requires that plans that participate in the health insurance exchanges meet certain actuarial value guidelines. A newly-released tool, the Actuarial Value Calculator, will help insurers determine whether or not their plans meet the actuarial value regulatory requirement.

Don’t forget to check the next Cavalcade of Risk, hosted by the one and only team of Rebecca Shafer and Michael Stack of Work Comp Roundup.

A Perfect Storm of Insurance Coverage Problems

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Businesses surviving Superstorm Sandy’s wrath will have another storm to endure, thanks to their insurance companies. Under many business property insurance policies, insurers may argue that some types of damage caused by Sandy are excluded. For example, some components of Sandy such as wind and rain damage may be covered causes of loss, while storm surge and flood may be excluded altogether, or may be covered only with lower limits and higher deductibles. Superstorm Sandy, much like Hurricane Katrina, included multiple perils, some of which likely are specifically covered, but some of which may arguably be excluded. Moreover, even if a business was affected by only one type of damage (flood, for example), that damage likely was precipitated by another cause, such as storm surge, wind and rain.

So, who wins in this epic battle? The answer may depend upon which state’s law will control the issue. Many states have adopted an “efficient proximate cause” test to determine coverage when there are both covered and excluded perils contributing to a loss.

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Efficient proximate cause, however, has no set meaning and courts interpret the test differently.

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Some courts view it as the “dominant” or “predominating” cause, while others see it as the risk that sets other causes or a “train of events” in motion. Some courts find that either the first or the last event can be the proximate cause. Without uniformity under state law, policyholders are left unsure as to whether their losses will be covered.

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To make matters worse, some policies contain what is known as an “anti-concurrent causation” provision, which provides that the insurance company will not pay for loss caused by an excluded peril, even if a covered loss contributes directly or indirectly or in any sequence to the loss. Through this clause, the insurance company may seek to avoid coverage entirely if there is but one potentially excluded cause in the mix.
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This has enabled the insurance companies to contract around the efficient proximate cause doctrine. While some states allow an attack on this provision, the majority of states hold that such a clause is valid and enforceable.

Further complicating the problem is the ensuing loss clause found in some policies, which carves back coverage for a loss from a covered peril that follows as a consequence of an excluded peril. For example, if a policyholder suffers loss from an excluded cause, such as flood, but the building is consumed by fire shortly after (which happened in the case of Superstorm Sandy to a number of structures), then the loss should be covered.

With Superstorm Sandy it is likely that insureds with these policy provisions will remain uncertain as to their coverage for some time to come.

S&P Sees Uncertainty in Sandy Loss Estimates

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Superstorm Sandy wreaked havoc not only on the people of the tri-state area, but also on insurance companies. In a recent edition of Credit Matters, a talk show produced by Standard & Poor’s, Taoufik Gharib, director of S&P’s insurance sector, discusses the insurance lines most affected by Superstorm Sandy, the uncertainty that remains in industry loss estimates and the potential for ratings action that may still result.