There is a tremendous amount of resources being tied up in litigation between insurance companies and policyholders over things like the extent of coverage for various loss scenarios or allegedly bad faith delays in settlement payments. The fact that policyholders formally dispute insurer coverage positions or claims payment strategies gives credibility to the idea that mismatches exist between what policyholders expect insurance policies to cover and what the insurance contracts actually provide as loss indemnification. This mismatch essentially represents insurance basis risk, the analysis of which can more accurately reflect the value and overall efficiency of insurance contracts and suggest factors that may influence policyholder dissatisfaction and consequently insurance contract d...
Some of the most frequently overlooked issues that expose your organization to unnecessary risk include the failure to: * Promptly report any safety hazard and take timely corrective action, * Check all outside parties involved in your operations for proof of insurance, * Request review of contracts for favorable insurance and risk management language prior to executing contract, * Train staff on proper claim reporting procedures, * Have all participants in agency sponsored programs sign a release of liability waiver, and * Report significant changes in operations/procedures to insurance company.
Reviewing the insurance provisions of contracts is not what all producers would consider as being part of their service portfolio for insureds. In other cases, particularly with regard to the construction business, many contractors may get the opportunity to sign the entire contract but are denied the right to review insurance policies to determine how coverage may compare with contractual requirements. Producer/consultants need to keep their guard up when dealing with contracts because the attorneys or others who draft contracts do not always understand the insurance nuances. Many developers and general contractors have long relied on the construction contract provisions of the American Institute of Architects (AIA) as their model. While this is not the forum in which to discuss the di...
... the "work" itself (the subject of builders risk insurance), is "injury to or destruction of tangib...
Risk management is an important activity because this protects companies from substantial losses. Management has a legal responsibility to their shareholders, partners, investors, creditors and employees to protect the company from unexpected losses, which can be prevented through good risk management. Even when risk-management activities are outsourced to insurance or brokers, directors and officers of companies should be aware that they still have a responsibility. Risk management is also important to prevent insurance errors and ambiguities in contracts. Risk-management auditing involves two activities: the functional audit and the procedural audit. The former describes how risk management is conducted while the latter indicates if the functional responsibilities are being performed....
Growing numbers of innovators are seizing a competitive advantage by patenting their discoveries. This development has been fueled by a landmark federal appeals court ruling in 1998, State Street Bank vs Signature Financial Group, which gave the green light to the patenting of business methods. For insurers, this meant that patent protection could extend to new insurance products, and even improvements on existing products. Insurance companies are filing patent applications on insurance contracts and on methods of risk management, methods of underwriting, valuing and so forth. Massachusetts Mutual Life Insurance Co applied for a patent for its VUL Guard in May 2003, around the same time it launched this product on the market. Prudential Retirement, a business of Prudential Financial Inc...
...Funding Opportunity Title: Risk Management Education and Outreach. Partnerships Pr... management, crop insurance, marketing contracts, and other existing and emerging risk management t...
In July 1998, the US Court of Appeals for the Federal Circuit ruled that the US Patent and Trademark Office couldn't reject inventions because they were methods of doing business. Although the case directly concerned software, the decision effectively opened the door wide for financial-services companies to seek patents. In recent years, insurers have filed patent applications on insurance contracts, as well as risk-management, underwriting and valuing methods.
... expenses ("LAE") on financial guaranty insurance contracts and losses incurred on credit derivative...1. Includes the difference between management's estimates for the discount rate applied to futur... GAAP, these amounts are discounted at a risk free rate. Additionally, under GAAP, management re...
The European insurance Industry is currently undergoing a substantial change in financial reporting requirements. Beginning in 2005, compliance with the International Financial Reporting Standards (IFRS) has been required in the European Union. Substantial sections of the IFRS-leading to a market-oriented valuation of insurance contracts-are still under construction and will be introduced in the next few years. To date, assessment of the potential impact of the new IFRS accounting and reporting system is largely found in trade literature, and in insurance industry business leader and expert commentator statements. The tenor of opinion is that the IFRS will create a serious challenge for the European insurance industry. To evaluate the impact of IFRS more scientifically, this article app...
... has made the current housing-related risk greater than anything we have seen since the 1930s.... * September 16, 2008--Insurance giant AIG is nationalized after insuring Lehman's ...These financial contracts allow a party to reduce or remove credit exposure ... intended to promote responsible money management, and to compensate the bank for the cost and risk ...
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hirohito and the making of modern japan | Bill Summers | Xnergy | Ceanic Corporation | Geneva Capital Management Ltd. | Scambio di compensazione | Système de comptabilité | categorie protette concorsi | mecenazgo | nº 38 249 23 octubre 2006
