Risk & Insurance articles from November 2003

Risk & Insurance archives from November 2003

Pan-European approach to risk eludes managers.(up front)
November 1, 2003... The lights stayed on when Europe's risk managers assembled in Rome in early October. However, had they met a week earlier, the opening of this year's Federation of European Risk Management Associations (FERMA) Forum would have been plunged into...

Letters.(up front)
November 1, 2003... Editor's note: The following letter is a response to the cover story by writer Bill Stoneman which appeared in the Sept. 15, 2003 issue of Risk & Insurance magazine. Dear Editor: It does make sense for companies to disperse their...

P/C headed in the wrong direction despite softening conditions in the Southwest.(up front)
November 1, 2003... Risk managers looking to renew property and casualty lines still face a bleak future despite softening conditions in the Southwest, according to two regional managers from American Insurance Group. "We're starting to see the market soften,"...

Worth repeating ...(up front)
November 1, 2003... "D&O is the only product in the world you have to buy before you know what the price is, and then as a corporate director, you ask yourself, 'Who's buying this stuff?'" Roger Kenny, managing partner, Boardroom Consultants "Late on a...

IRS moratorium creates a need for corporate spin-off protection.(up front)
November 1, 2003... There are instances when a company that's just completed a complex deal with potential tax consequences wants to be sure the IRS will go along. Sure, you can get an experienced tax attorney to write an expert opinion that vouches for your...

Calif. regulators push for rate cuts.(up front)
November 1, 2003... California employers faced with skyrocketing workers' compensation premiums over the last couple of years may get a break soon. Reform legislation is expected to save at least $4 billion, according to a rating agency. That could translate to a...

Crawford Healthcare Management Inc., a wholly-owned subsidiary of Crawford & Co., has agreed to plead guilty to mail fraud in connection with a 1995 mailing of a client invoice in Virginia.(News and Notes ...)
November 1, 2003... Crawford Healthcare Management Inc., a wholly-owned subsidiary of Crawford & Co., has agreed to plead guilty to mail fraud in connection with a 1995 mailing of a client invoice in Virginia. Under the terms of the plea agreement, CHM will pay a...

The number of Americans without health insurance rose almost 6 percent in 2002 to 43.6 million, the U.S. Census Bureau reported.(News and Notes ...)
November 1, 2003... The number of Americans without health insurance rose almost 6 percent in 2002 to 43.6 million, the U.S. Census Bureau reported. As a result, an estimated 15.2 percent of the U.S. population had no health insurance coverage during all of 2002,...

The 2nd U.S. Circuit Court of Appeals in New York turned down Silverstein Properties' request for summary judgement.(News and Notes ...)
November 1, 2003... The 2nd U.S. Circuit Court of Appeals in New York turned down Silverstein Properties' request for summary judgement that an insurance form developed by Travelers Insurance Co. bound the World Trade Center's insurers and reinsurers, rather than...

In Europe, D&O also hard to find.(up front)
November 1, 2003... Concerns felt by U.S. companies over the escalating cost and diminishing extent of coverage offered by directors' and officers' liability insurers, are shared by their European rivals. Not surprising on the surface, but it marks the first...

"Redistribution and Fabianism".(Bermuda Angle)
November 1, 2003... Winds of hurricane force visiting Bermuda's general neighborhood is a once-in 16.4-years event, apparently. The island, 22 square miles of volcanic outcropping in the middle of the Atlantic Ocean, is so tiny in comparison to the water...

Detecting dishonesty.(Property)
November 1, 2003... In a previous column, I wrote about coverage for the losses an employer suffers when a bookkeeper keeps departed employees on the payroll, continues to issue paychecks for them and deposits the checks to his own account. The risk manager who...

The expert and the evidence.(Worker's Comp)
November 1, 2003... Oh, how I would like functional tests of workers to be self-service. Just the worker and his test machine, maybe a tiny monitor clipped to his trousers as he goes about the day. MacTest! How alluring! And how wrong. We need the expert on hand...

Calendar of upcoming events.
November 1, 2003... November 2-4 American Society for Health Care Risk Management There will once again be a study session for the Certified Professional in Healthcare Risk Management designation led by the editors of the CPHRM Study Guide. Refinements...

The boardroom's burden: with Sarbanes-Oxley and new European disclosure requirements, boards of directors must confront enterprise risk issues head-on. Some boards plan to set up risk committees or special risk advisory committees. Most leave it to the audit committee.
November 1, 2003... Dennis Beresford doesn't know much about "enterprise" risk management, but that's OK: In boardrooms across America, few do. So-called "enterprise risk" is, of course, yet another catch-all phrase created by the property/casualty industry, much...

2003 Best Workers' Compensation and Disability Program.
November 1, 2003... More than 50 public-sector entities and private-sector companies submitted entries for the 2003 Risk & Insurance Best Workers' Compensation and Disability Program award. This year, because of the quality of the entries, the editors decided to...

Back on track: the Southeastern Pennsylvania Transportation Authority, the fifth-largest public transportation system in the nation, chops its workers' comp costs by half in seven years.(workers' comp)
November 1, 2003... After years of passive management and uncontrolled increases in workers' compensation costs, the Philadelphia-based Southeastern Pennsylvania Transportation Authority decided it was time to slam on the brakes and map out a new strategy. Since...

Bold blue wins big: data technology, risk management information systems and collaboration with its carrier weighed heavily in IBM Corp.'s bold initiative to control costs and convince employees to take ownership of the worker's comp process.(worker's comp)
November 1, 2003... In 1995, IBM was two years into a massive restructuring project and decided it was time to get a grip on its spiraling workers' compensation costs. Even though its payroll was shrinking, workers' comp costs had increased sharply for a number of...

Employers win a round: jury awards for injured workers decline but employers had still better be wary.(worker's comp)
November 1, 2003... There may be some good news for employers struggling with higher workers' comp premiums and availability issues. A new report indicates jury awards for injured workers who claim they were fired because they sought workers' comp benefits have...

Holiday wishlist: risk managers really want seamless integration between their software and hardware, but for that they'll likely have to wait.(technology)
November 1, 2003... There's no shortage of risk management information software in the marketplace these days. Most risk managers like Henry Good, director of travel and insurance with Rohm and Haas in Philadelphia, can reel off a number of the software suites in...

Power struggle: as globalization expands, economies become more vulnerable to the crippling effects of power outages.(report from Europe)
November 1, 2003... Along with "We have no plans to raise taxes," politicians play with fire by pledging: "It could never happen here." However, British energy minister Stephen Timms made just such a prediction in the wake of the mid-August power blackout, which...

Taking heat: brokers need to spend less time trying to please the marketplace and more time staying close to the needs of their clients and risk managers.(agent/broker)
November 1, 2003... It's a hard rain that's failing on today's insurance marketplace, and it's falling equally on underwriters, brokers and risk managers. Three years ago, it descended in full force, abruptly and turbulently on each, and that torrent continues...

Cell growth in paradise: the Cayman Islands, already a haven for tax-free growth, also finds it has a soft spot for segregated portfolio cell companies.(offshore report)
November 1, 2003... The tendency to think of all offshore jurisdictions as alike should be avoided. No two of the half-dozen leading jurisdictions appeal to the same investors, offer quite the same legislation, or have developed their markets in the same way....

Diversity in dispute: companies that fail to address diversity-related risks today may be forced to pay the price tomorrow.(liability)
November 1, 2003... These days, mitigating risk from diversity-based disputes involves far more than reviewing hiring practices. It requires examining the image a business presents to the outside community, as well as the atmosphere cultivated within. Recognition...

Greyhound: on the road with risk: in the post-Sept. 11 world, the landscape of risk grows increasingly complex, and risk managers are turning toward less traditional solutions.(profile)
November 1, 2003... As the top risk manager at Greyhound Lines Inc., Raymond J. McQueen Jr. doesn't just worry about buying enough liability cover for the giant bus line's fleet of 2,400 motor coaches, or property protection from fire and theft. He has to worry...

Safety & workers' comp literature review.
November 1, 2003... All catalogs, booklets and other valuable information listed in this advertising section are available FREE of charge. Just select the appropriate reader service number at www.riskandinsurance.com/r&ilink to request any material described...

The Assurance Agency Ltd.(Executives Moves)
November 1, 2003... Robert L. Barrese has joined The Assurance Agency Ltd. as executive vice president and head of the agency's newly formed large account and alternative risks division. The new division will specialize in developing alternative risk financing...

McQueary Henry Bowles Troy, L.L.P. (MHBT).(Executive Moves)
November 1, 2003... McQueary Henry Bowles Troy, L.L.P. (MHBT), one of the largest independent commercial risk management agencies in Texas, has announced the appointment of Bob Groebe as senior vice president. Groebe joins MHBT to oversee the agency's marketing...

Willis Group Holdings Limited.(Executive Moves)
November 1, 2003... Willis Group Holdings Limited, the global insurance broker, has announced two senior appointments, strengthening its operations in the Pacific Northwest. Chris Engstrom, formerly CEO of the Seattle office, has been promoted to regional...

The PMA Insurance Group.(Executive Moves)
November 1, 2003... The PMA Insurance Group has announced the promotion of Nick Bozzi to assistant vice president, corporate broker development. He is primarily responsible for managing the development of relationships with key national and regional insurance...

Web-based services.(Insurance Coverages)
November 1, 2003... Aetna has announced enhancements to Aetna Navigator, its self-service Web site. In addition to health and benefits information, the password-protected, customized Web site now features the Aetna Navigator Hospital Comparison Tool,...

Cyberrisk prevention.(Insurance Coverages)
November 1, 2003... AIG eBusiness Risk Solutions (AIG eBRS), a unit of the property and casualty subsidiaries of American International Group Inc. (AIG), has improved its NetAdvantage suite of network security insurance and risk management services. The...

Executive benefits policies.(Insurance Coverages)
November 1, 2003... Standard Insurance Co., a subsidiary of StanCorp Financial Group Inc., has introduced executive benefits policies for employers with as few as five key employees. Available for sale in most states, the policies are specifically designed to meet...

Group benefits policies.(Insurance Coverages)
November 1, 2003... Standard Insurance Co. has also announced an executive benefits package plan, available to employer groups of 25 to 1,000 lives purchasing both executive benefits and group LTD policy from The Standard. The package plan enables employers to...

Product recall report.(Reference & Training)
November 1, 2003... Reinsurer GE Frankona Re is now offering an online version of the 15th edition of its product recall reference guide. GE Frankona Re's guide to product recalls contains a compilation of recall transactions across industries and countries dating...

E-mail alert service.(Reference & Training)
November 1, 2003... WorkersCompensation.com, has added a new online service, "infoNation," that sends an e-mail alert on pending changes to state and federal laws and regulations. The Alert links to a brief summary of the change and exact text of the legislation...

Mold Mania.(Reference & Training)
November 1, 2003... The CPCU Society addresses many of the common concerns and questions about toxic mold in an interactive CD-ROM. The program reviews the facts and fiction associated with mold, the dangers mold poses to the public, mold considerations important...

Medicaid processing.(Software & Systems)
November 1, 2003... Adaptis Inc. has released its Oracle-based relational database system for Medicaid administrative processing. Adaptis provides business process outsourcing services--including claims management, member and provider services, reimbursement...

New claims office.(Software & Systems)
November 1, 2003... David Morse & Associates, a national claims administration and independent adjusting company based in Los Angeles, has opened a new claims office in Providence, RI. This office gives DM&A claims coverage throughout Rhode Island and adds to...

Certificate management service.(Software & Systems)
November 1, 2003... ConfirmNet Corp., a supplier of online solutions for enterprise risk management, has introduced an updated version of its TrackCertsNow certificate tracking service. Tiffs latest release enables recipients of insurance certificates to request,...

Business Rule Management System.(Software & Systems)
November 1, 2003... ePolicy Solutions Inc. announced that it has aligned with ILOG, a provider of enterprise-class software components, to enhance its RightRisk Web services insurance technology by integrating ILOG's Business Rule Management System. RightRisk...

Online payment processing.(Software & Systems)
November 1, 2003... First Data Corp., a global provider of electronic commerce and payment services, and ProxyMed Inc., a provider of electronic health care transaction processing services, will begin marketing FirstProxy, a new suite of solutions that streamline...

Workers' comp audits.(Software & Systems)
November 1, 2003... GuilfordPare, a risk management consulting firm specializing in workers' comp and injury management, has announced the creation of a new corporate division dedicated exclusively to handling the evolving needs of construction industry clients....

The web site guide.
November 1, 2003... Below is a Web site address for the risk management and insurance professional. It represents one of many valuable services available on the Web. Type the URL into your browser to learn more. To list a Web site in future editions of this guide,...

Face to face with Hurricane Fabian: a category 3 storm leaves four dead, vaporizes docks and causes thousands of dollars worth of property damage.(viewpoints)
November 1, 2003... Late on a Thursday night last August, I ate what would be last meal in four days. In the spirit of all-or-nothing-at-all that now permeated the remaining hours before the arrival of Hurrican Fabian, I chose to eat a gallon of...

Flirting with Hurricane Isabel: Isabel swept through Washington D.C. and was blamed for 17 deaths, thousands of property claims and big power outages.(viewpoints)
November 1, 2003... Three days and three nights without the luxury of electricity are my battle scars after Hurricane Isabel paid a visit to the Washington D.C. metropolitan area. Between the night of Thursday, Sept. 18, and dawn on Friday, Isabel was downgraded...

Slicing through the .NET vs J2EE debate: don't obsess over the technical drudgery of one model over the other. The key is to ask hard questions about the needs of your company.(Technology For Risk Managers)
November 1, 2003... When navigating the complexities of the .NET vs. J2EE debate, it is easy to get caught up in what seems like the entrenched religious turf war between competing software vendors expounding the virtues of their chosen platforms. The key to...

The third-party solution: to satisfy the flood of new compliance regulations, insurance carriers are forced to make endless modifications to legacy systems, driving maintenance costs through the roof.(Technology For Compliance Managers)
November 1, 2003... The insurance industry has struggled for decades to use technology to become more competitive and cost efficient, flow many times have we heard of technology systems promising us a "paperless" environment? As insurance carriers continue to...

Online benefits administration mitigates risk and attracts clients.(Technology For Benefits Managers)
November 1, 2003... Web-based employee benefits administration has been a hot topic in the insurance industry, yet carriers have been less inclined to ride this technology wave than have employers or third party administrators. The primary reasons include the lack...

Risk Management software.(Literature Reviews)
November 1, 2003... ATS continues the tradition of innovative RMIS Solutions. True Internet-based and back-office Windows products define the standards that go to the heart of this tradition. In achieving certification as the first RMIS developer to transmit...

Integrated P&C solutions.(Literature Reviews)
November 1, 2003... CSC provides claims, risk and policy management information systems and services for carriers, self-insureds, TPAs, health care providers and corporate counsel to help them control costs. CSC's products process, manage and analyze claims and...

Claims management.(Literature Reviews)
November 1, 2003... File Handler is an integrated, multiline claims management system. File Handler and File Handler.com allow clients the flexibility of using the Internet, intranet and client/server configurations, or a combination of all three. JW Software has...

Safety and W.C. software.(Literature Reviews)
November 1, 2003... PerDatum's PROGNOS product line provides software tools for managing safety, workers' comp, occupational health, and disability programs. Single-user to enterprise solutions include quick and easy data entry features, sophisticated tracking and...

Powering claims management.(Literature Reviews)
November 1, 2003... iVOS[TM], browser-based claims management software from Valley Oak Systems, is designed for multiple lines of insurance. Built on solid, scalable Java architecture, iVOS can be installed on your network or hosted on ours. Features include...

Risk & Insurance magazine.(Literature Reviews)
November 1, 2003... Risk & Insurance is a magazine for risk management executives and other buyers of business insurance. Each issue features news and analyses of such topics as reinsurance, self-insurance, workers' compensation, employee benefits,...