Risk Management

While in Vancouver for the annual conference of the Risk and Insurance Management Society, it might be worthwhile to take some time out to explore the area known for its clear air, sparkling ocean and nearby Vancouver Island.

RIMS President Scott B. Clark has personal reasons for calling to action members of the Risk and Insurance Management Society, asking them to reach deep into their pockets to help survivors of Japan’s earthquake and deadly tsunami.

The term “bad faith” is one of the most disparaging terms risk managers can level against their insurers. Bad-faith allegations are made after a claim has been poorly handled in the eyes of the risk manager, with a lawsuit often following.

There is a lot of anticipation surrounding the Government Accountability Office’s investigation of some states’ interpretation of the federal Liability Risk Retention Act. For months the GAO has been questioning risk retention group owners and managers, seeking comments on the treatment received from various states.

Considering that 73 percent of small and midsize companies have experienced a cyber attack—and that the costs of dealing with such a breach are substantial—corporate risk managers need to give serious thought to acquiring cyber-liability coverage.

“Status-blind harassment” is becoming more of a concern to employers and their employment practices liability insurers, but while the consequences of workplace bullying are clear, appropriate steps to recognize and rein in the problem aren’t always obvious.

In the wake of New York’s decision not to join a nationwide compact on sharing of surplus-lines taxes, industry officials believe such compacts may be doomed.

Led by Sen. Mike Johanns (R-Neb), the Senate passed legislation repealing the much-criticized 1099 reporting provision in the healthcare-reform law and sent the bill to President Obama for his signature.