Tag Archives: Risk Management Online Exclusive

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Does Your Self-Insured Program Need a Tune-Up?

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Many insurance professionals believe the next hard market may be lurking right around the corner. Historically in hard markets, self-insurance has been used as a risk financing mechanism to offset higher insurance prices and the lack of capacity. But as Richard Frese, a consulting actuary with Milliman, points out in a online exclusive article in Risk Management, before turning to their self-insured program, risk managers need to make sure it is performing properly and creating the maximum value for their organizations. In order to do so, certain key questions need to be asked:

  • What types of items should a risk manager reevaluate?
  • How often should these items be reviewed?
  • What steps can be taken to guarantee an optimal functioning self-insurance mechanism?
  • Will the actions of today best match the needs of the future?
  • How does a risk manager know the decisions are correct?
  • What can be done to reduce future insurance costs?

For answers to these important questions and more, check out this informative article, only on RMmagazine.com.

D&O Liability and Climate Change

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With climate change increasingly becoming a hot-button issue in courtrooms and among regulators, the risk that directors and officers may become the targets of  lawsuits based on their companies’ climate change-related disclosures is becoming more likely. In an online-exclusive article for Risk Management, attorneys William Passannante and Alex Hardiman of Anderson, Kill & Olick examine this issue and offer some insight into how companies should respond to this growing threat.

The increased regulatory activity and private litigation activity surrounding the climate change issue suggests future increased liabilities. While the treatment of liability for climate change related issues by the courts and governmental entities is in an early stage of evolution, the liability and regulatory machinery are grinding forward. Ensuring that corporate indemnities and insurance are in place to respond is an important step.

For more on this emerging risk, read the complete article, only on RMmagazine.com.

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.

The Evolving Impact of Self-Insured Retentions and Deductibles

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As a growing numbers of insureds elect to control more of their insurance costs by increasing self-insured retentions (SIRs) and deductibles, a variety of issues have begun to emerge. In a Risk Management magazine online exclusive, attorneys Michael A. Hamilton and Michael Murphy of Nelson Levine de Luca & Horst, LLP discuss the impact of this decision and its evolving legal implications.

The duties and obligations of insurers and policyholders in relation to SIRs or deductibles have their genesis in two sources: the common law and the insurance contract. Principles of equity and good faith govern the relationship between the parties. However, as in most insurance coverage disputes, rights set forth in the insurance contract will control. Thus, courts will enforce clear policy language setting forth items such as an insured’s duties concerning the handling claims within the SIR, who must satisfy the SIR before an insurer’s obligations will be triggered, and an insurer’s duties when an insured is insolvent. The interplay between common law rights and contractual undertakings will help shape courts’ future decisions in this emerging area of insurance law.

For more, read the rest of this informative article, only on RMmagazine.com.