What’s New: In Brief (April 20, 2009)

The American Institute for CPCU/Insurance Institute of America has joined with the Risk and Insurance Management Society (RIMS) to develop a new course entitled Enterprise-wide Risk Management (ERM): Developing and Implementing.
The course is to be offered through the Center for the Advancement of Risk Management Education (CARME).
Designed for practitioners with strong risk management and business backgrounds, this new advanced ERM curriculum focuses on the practical steps required to develop and implement an ERM program.
RIMS will start offering the course in 2010. A course schedule will be announced later this year.
 
 

Zurich in North America has enhanced its D&O liability insurance, introduced a new campaign to make construction owners aware of existing risk management solutions and enhanced its Employment Practices Liability Insurance (EPLI) coverage.
Enhanced D&O coverage includes an additional level of Side A coverage for retired independent directors (available once all other insurance protection is exhausted).
Zurich is also offering an environmental mismanagement claims extension for traditional management liability exposures such as securities claims, all disclosure claims arising from climate change or global warming, retaliation claims against insured persons and all Side A coverage claims of any nature.
It also offers an enhanced definition of claim, providing, in addition to expanded coverage for securities claims, insurance for shareholder derivative demands, investigations (sublimited) and coverage for Wells notices and Target Letters as Claims.
Zurich has also launched a campaign to make major construction owners aware of coverage that is available to manage construction risks.
They include alternatives to surety bonds that help manage the risk of subcontractor or supplier default. The alternatives are intended to provide comprehensive, consistent coverage for all enrolled subcontractors while enabling general contractors to regain control of their projects if a subcontractor defaults.
Zurich also provides project owners with coverage required when an architect or engineer’s own insurance is not adequate or becomes unavailable for any reason.
Zurich’s EPLI coverage offers new levels of protection for workplace risk, including 100% defense cost allocation, defense cost coverage for breach of contract claims, defense cost coverage for stock option-related claims and third party coverage grant.