Building a Better Ark

Article Abstract:

The Reinsurance Association of America (RAA) has developed a before-the-fact disaster loan plan to aid insurers after a major catastrophy like Hurricane Betsy in 1965. Most Companies and Congress are not interested in a before-the-fact plan. A compromise is being attempted between pre and post funded plans. Reinsurers are strongly supportive of the loan plan. Advantages to the plan include providing and underwriting and pricing climate between strict conservatism and careless underwriting. Repayment of the loan would not be an industry-wide responsibility but rather that of the recipient company. RAA prefers a loan plan to a pre-established fund based on the experience of the riot reinsurance fund. It is unlikely that Congress would pass either type of plan, loan or reinsurance fund, at this time.

Finance, Insurance claims adjustment, Claims adjustment (Insurance)

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On Stage and at Risk

Article Abstract:

The entertainment risk coverages of the surplus lines industry is glamorous, but also the most potentially disastrous. American Insurance Group (AIG) Entertainment Risk covers unusual risk such as low budget movies, television commercials, major motion pictures, training films, and documentaries. They offer producers liability covering errors and omissions. AIG views weather as a growth industry. The 100th birthday celebration for the Brooklyn Bridge in 1983 required close monitoring by AIG underwriters in the planning phase. An entertainment underwriter must be aware of current trends in culture and must understand the potential for technological advances.

Risk (Economics)

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Insurer Held Liable for Safety Advice

Article Abstract:

Liberty Mutual Insurance Company is liable for its safety advice by a North Dakota court under comparative negligence law. Liberty Mutual's loss prevention services program was a basic issue in the lawsuit. The company claims it does not assume liability if a company takes advantage of the loss prevention services. Technicalities prevent an appeal on the part of the insurer.

Safety and security measures, Cases, Employer liability, Negligence, North Dakota, Courts

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