With hurricane season approaching, RiskPronet members with clients on the Gulf Coast are waiting to see how carriers will handle potential damage from a combination of water and oil from the Deep Horizon well blowout. "What happens if a hurricane hits and you have a property covered with both water and oil?" one RiskProNet member said at the recent Construction Practice Group conference call. "How can you disassociate oil from water damage when the oil is in the water? This is going to be a major legal issue if there is a significant hurricane this year."
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What´s new in environmental insurance? RiskProNet recently talked about the "hot environmental insurance sales tips for the summer months" with David Dybdahl, CPCU, ARM, president of American Risk Management Resource Network, LLC. Here are some of his suggestions:
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Mesirow Financial was featured recently on the cover of Insurance Journal for its "Strong Attitude Backed by Superior Knowledge." "The strongest aspect of the firm is their knowledgeable team," the magazine said. Every producer specializes in one area, but all work as a team to ensure their clients receive the best service possibly, Norm MINVALID, senior managing director of property and casualty, told the publication.
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New Environmental Protection Agency regulations on housing renovation mean that many construction-related businesses, ranging from electricians to sprinkler contractors, may need additional pollution liability coverage, the Construction Practice Group learned at its recent conference call.
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The recently passed federal health care bill "fails to fix what´s broken," said Janet Trautwein, CEO of the National Association of Health Underwriters and speaker at the recent RiskProNet Employee Benefits Practice Group meeting. "The high cost of health care is the primary problem with our current health care system and unfortunately the ´Patient Protection and Affordable Care Act´ (HR 3590) does little to truly rein in these costs.," she said. "Health care costs are rising at an unsustainable rate, and if we don´t get these costs under control, we will no longer be able to deliver the top-notch medical care that most Americans enjoy today.
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Expect the focus on Chinese drywall to shift to insurance coverage issues, according to members of the RiskProNet Construction Practice Group. Two factors are behind the greater focus on insurance coverage: this month´s federal recommendations that faulty drywall be completely removed and a U.S. District Court decision in New Orleans favoring seven Virginia families in what Business Insurance called "a bellwether trial."
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A mortgage company has 13,411 followers on Twitter, and has cut its pay-per-click Internet advertising budget in half. The marketing director´s wife is in life insurance, and is about to give up local newspaper advertising in favor of Twitter. (See vocabulary at end of the article if you aren´t sure what a Twitter follower is.)
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Topics ranging from agent responsibilities in determining the financial viability of carriers to workplace safety were on the agenda at the recent meeting of the RiskProNet Construction Practice Group in Chicago. The two-day meeting opened with a presentation by Patrick H. Cantilo, partner in the law firm of Cantilo & Bennett, L.L.P., on "Rating Agencies and the Role of the Agent/Broker." (Watch for an article on his presentation in an upcoming newsletter.)
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In the case of an OSHA inspection, three parties have rights: the employee(s), the employer and OSHA. These are the rights, as outlined in a recent presentation to the RiskProNet Loss Control Practice Group by Mark A. Lies, II, a partner in the law firm of Seyfarth Shaw LLP in Chicago.
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What´s the best way to cut costs? Some RiskProNet members have reduced costs by thousands of dollars simply by working smarter. Brenda Grow of SullivanCurtisMonroe recently led a Commercial Lines Practice Group teleconference on achieving internal savings. Here are some of the ideas.
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