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...ity (including products recall), Pollution Liability, Errors and Omissions Lia... current values. Protection of liability reserves from appropriation. Thi...

...l subscription. Risk Management Consultants is located at 1420 Bristol St. N.,...

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... Communications, Inc. and Warren, McVeigh & Griffin, Inc., which retains the copyright. It is excerpted from The Risk Management Letter, a subscription information service of risk and insurance topics. See the Bookstore for a sample free trial subscription . Risk Management Consultants is located at 1420 Bristol St. N., Ste. 220, Newport Beach, CA 92660, (714) 752-1058, fax (714) 955-1929. Login or Register (for FREE) to gain access to thousands of other great articles. Need ... More is less. Though multi-year policies allow for more efficient use of limits than traditional policies do, the limits they provide are spread over several years on an aggregate basis. Such limits might prove inadequate if a loss occurs over many years, such as losses involving pollution or asbestos liability. Under a traditional program, such claims might trigger several years of insurance, resulting in a cumulation of limits. Under the multi-year policy, there's usually no such cumulation. The substantial discrepancy in available limits between these two kinds of policy could ... terms and conditions become more restrictive. Uses limits more efficiently. Over the course of several years, insureds may require lower aggregate limits than the amount they purchase under standard annual policies. For example, a company that historically carries $25 million in D&O liability limits on an annual policy basis would purchase $75 million in limits over the course of three years. That same insured might opt instead to purchase a multi-year policy that provides just $40 or $50 million in aggregate limits over the same period. Although ...

... the event the loss, which is insured, should occur. Accounting Practices Routinely complete major corporation annual audits and issue reports with statements concerning the adequacy of insurance but often neglect to address the lack of a Crisis Management Program or even minimal contingency planning. Risk Management Consultants Perform audits of existing risk management programs as well as provide on-going risk management consulting services and, subsequently, developing findings and recommendations: but recurrently, fail to suggest structuring of a Crisis Management Plan. 1.6 Evolving Crisis Management Discipline Crisis management is an evolving discipline ... , asset conservation, operational continuity, legal compliance and maintenance of revenue production with the ultimate goal of financial survival. Also of concern are loss exposure perils affecting such issues as life safety including evacuation and medical emergency, fire, explosion, earthquake, structural collapse, pollution abatement, flooding, severe weather, workplace violence, civil commotion and bomb threats. In summary, the proposed methodology in a Crisis Management Plan (i.e., Policy Statement, Committee Operation, Manual) generally remains consistent. The factors that vary significantly involve ... Plan Legal Considerations SEC - Securities and Exchange Commission SEC Staff Accounting Bulletin No. 92 (SAB 92), June 1993, requires all companies whose shares are traded on U.S. Stock Exchanges to: 1. Quantify and disclose best estimates of contingent product and environmental liability 2. Explain the basis for estimates and describe any uncertainties in annual and quarterly reports filed with the SEC TSCA - Toxic Substance Control Act of 1976 Requires educating employees for their reporting of exposure and, if employees are dissatisfied with employers procedures and conclusions, the ...

...ency planning. Risk Management Consultants Perform audits of existing risk m... Minimizing lost operating time Pollution loss reduction Reduction of ...

...rsements. A case in point is the pollution exclusion, which has evolved from t...sponsible for the contamination and pollution loss cleanup might not be the pe...