With more than 5,000 captive insurance companies operating worldwide, it is clear that this alternative risk financing technique has proved itself. Captives have been formed for all lines of coverage, often in response to affordability or availability issues in the commercial insurance market. As the captive movement grows and matures, captive owners are beginning to establish a more formal approach to many of their operations. A professional subrogation program can provide a ready source of ongoing additional revenue, as well as a cash flow boost of found money from a closed file review. Professional subrogation service firms can help a captive achieve optimal results in this endeavor. These services usually are provided on a contingent basis and involve no out-of-pocket costs for the ...
This article is based on the 2005 review and evaluation of the growing private-company management liability insurance market. The products for this market combine several lines of coverage for business-practices risks into a single policy. The private-company market is growing faster than the market for publicly owned companies is. It has more carriers and is seeing more innovation. Most management liability products include directors and officers, employment practices, third-party discrimination and fiduciary liability insurance. Following passage of the federal Terrorism Risk Insurance Act, all carriers reviewed in the report started offering terrorism coverage in their management liability policies. As carriers competed for business, though, they were forced to offer prior acts prote...
The equine insurance industry is well aware of the exposures that exist in horse racing. The insurance market for race horses is elite and restricted when considering the number of races and the high monetary values associated with them. Moreover, equine insurance for race horses is extremely expensive and for some owners unaffordable. Experts in the field of racing point out that race horses are at particularly high risk because, when a race horse is in "full run," the horse is usually touching one leg on the ground at a time. Muirfield Insurance president, Michael Levy, said that the primary coverage for race horses is all-risk mortality. Levy's agency specializes in race horses, but there are other agencies that handle show horses or pleasure horses, and in these areas, the insurance...
The insurer must defend the insured in an action when the allegations state a claim that potentially or arguably falls within the liability insurance coverage. However, an insurer need not defend any action or claims within the complaint when all the claims are clearly and indisputably outside the contracted coverage. Ohio Govt. Risk Mgt. Plan v. Harrison, 115 Ohio St.3d 241, 874 N.E.2d 1155, 2007-Ohio-4948, ¶19. The allegations contained in underlying complaint failed to assert damages as the result of an "occurrence" as defined in the policy. A CGL policy like the one at issue here does not insure against claims for defective or negligent workmanship or construction because defective workmanship does not constitute an "accident." Paramount Parks, Inc. v. Admiral Ins. Co., War...
Finding talented people is one of the most often-mentioned concerns for agency principals. An agency can improve its automation and workflows, introduce a sales culture and prepare for growth, but finding new people who can carry those efforts on to the next generation and beyond is a problem that is nearly universal in the agency system. And there are almost as many solutions and attempted solutions as there are agencies in the US. For Moreton & Co, Salt Lake City, UT, the solution turned out to be surprisingly simple in concept -- be a great place to work and the talented people will join you. The firm now provides all lines of coverage and a variety of risk management and other consulting services. Moreton & Co targets middle and upper middle market commercial lines clients, ...
After asking, "Oh, my God, is he OK?" most peoples follow-up question about both victims was, "Did he have insurance?" And as is the case with a majority of musicians and artists nationwide, the sad answer is "no. The last category is referred to as "community rating." Rather than assessing risk on an individual basis, companies that offer insurance in "pure" community-rating states, such as Vermont, base their premiums on the risk factor of the population at large. In this case, all citizens are offered coverage at roughly the same rate. I think we all agree that the current system is not a good system," says [Alex Maiolo]. "But it's what we've got. And while we can talk about what might be a better way, in the interim the shortterm solution is to demystify how it works."
With the price tag on developing game software rising, developers and publishers need to make sure they are carrying the right insurance coverage so they are not at risk of loss. For more than 80 years, Fireman's Fund Insurance Co's Fund has insured some of the biggest and most successful productions in the entertainment industry. Right now, most video game producers are improperly insured as business software developers. The industry carries risks not unlike those found in film and television production. A major criticism of the video game industry is the violent content of many games on the market. Game producers and distributors have been sued when a player of violent video games has killed or injured others. The Fireman's Fund package anticipates all potential risk exposures. In add...
... upon FCIC's determination that the insurance risk is excessive. (c) If the producer had a Crop Revennue Coverage, Revenue Assurance, Income Protection, or Indexed ...
The restaurant industry is the largest single private employer in the US with more than 12 million workers manning 925,000 locations across the country. Restaurant operations have several inherent risk management issues, making it difficult for some carriers to step up to the plate and offer coverage. Given the inherent problems all restaurants face, clearly they need risk management assistance. This article provides an overview of the risks associated with food service worker injuries and offers examples of systems that have led to successful implementation of injury prevention programs to overcome the challenges facing the restaurant industry. It is essential for restaurant establishments to integrate safety into their operations in order to have a successful risk management program. ...
Few exposures are more bedeviling to agents, carriers and insureds than construction defects. Construction-industry practices, coverage forms and case law all combine to make construction defects a particularly difficult risk for insurance companies to handle. This article discusses some of these factors as well as suggest a way out of the mess they are now in. One of the two main allegations one sees in construction-defects suits is negligence, which is the failure to meet a recognized standard of care. The other main allegation one sees in construction-defects lawsuits is breach of contract. One reason construction defects pose such a problem for insurers is that they tend to produce large, problematic claims. One answer to the problem is regulation. All parties should be guided by cl...
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