Risk and Insurance in a Post-Gulf Catastrophe World
by James W. Hutchin and Norman A. Baglini
The oil spill in the Gulf of Mexico will have a profound impact on the risk management and insurance industries. The authors predict some of the resultant trends, including an increased emphasis on managing and underwriting ''alignment of interests.'' The authors make thirteen prognostications for the future.
Will BPs Catastrophe in the Gulf Be the Defining Moment for Oil Industry Executives?
by Geary W. Sikich
The BP Deepwater Horizon catastrophe casts a shadow reflecting on all oil company CEOs and other senior executives, not just BP's former CEO Tony Hayward. While Hayward and new CEO Doug Suttles will suffer the brunt of criticism, oil company executives and board members should see this disaster as a wake up call for the industry.
Business Continuity Planning: Lessons Learned from a Decade of Mega-Disasters
by Victor Gordon
To address the risks of disaster, many companies rely on a business-continuity plan (BCP) to help them become disaster-resistant. Generally, BCPs are effective, and companies without a BCP suffer the effects of a crisis 2.5 times longer than businesses that have one. However, these plans must change not only as the business changes, but also to reflect the exposures present outside the organization. This article outlines a set of best practices as identified by the experience of the past 10 years.
Mergers and Acquisitions - Insurance Issues
by Gregg Bundschuh, J.D.
Due diligence before an M&A should include risk management and insurance assessments. Neglecting this piece of the puzzle can be a costly omission. This article addresses some of the key risk management and insurance issues that should be part of your decision-making process.
Application of the Workers Compensation Exclusivity Rule Under Wrap-Up Insurance Programs
by David G. Jordan and Jeffrey J. Vita
In some jurisdictions, the procurement of insurance under a wrap-up program has resulted in the extension of the exclusivity rule to other entities involved in a wrap-up project, such as the owner, general contractor, and even other subcontractors. This article examines the reasoning of the courts confronting the scope of the exclusivity rule in the wrap-up context, both in cases where a broad application is applied and in cases where it is rejected.
Arbitration of Insurance Coverage Disputes:
A Policyholders Definitive Survival Guide
Insurance Strategies Column
by John G. Nevius, Esq., P.E., and Peter A. Halprin, Esq.
Policyholder strategies for countering the insurers inherent advantage in disputes subject to arbitration. Too many policyholders get stuck dealing with unanticipated claim disputes that must be resolved confidentially under arbitration provisions they many hever have read or may not even have realized were included in the policy language. When that cannot be avoided, arbitration proceedings can be managed effectively to make the playing field less slanted.
Risk Management As a Competitive Advantage
ISO on Enterprise Risk Management
by Kenneth R. Rado, Robert J. Schneider, and Michael H. Hoffman
Analytics and modeling in ERM lead to more effective capital allocation. This column discusses the more subtle effects that state-of-the-art risk management will have on improving the efficiency of capital use within the organization.
Don't Get Burnt by Solar Storms: What Is Your SPF Level?
by A.V. Riswadkar and Robert Dobbins
Aurora Borealis, or the northern lights, is the benign visual expression of solar storms. More intense solar storms, however, and the resulting space weather activity, can adversely impact electrical grids on earth, satellites in space, and telecommunication networks. Find out what industry segments can be impacted and what a company can do.
Sins of Omission
by Eugene Wollan, Esq.
Arbitrators "exceed their authority" when they fail to provide a reasoned award as stated in the modified contract for arbitration.