McGriff Risk Issues

News

Wind Versus Water Versus Oil
National Underwriter Company

As the nation and world are mesmerized by the sight of oil gushing from a well on the Gulf of Mexico’s floor, a new fear is arising about the course the oil will take and which areas will be most affected long-term.

Commercial Property & Casualty

Nightclubs
The Rough Notes Company, Inc.

On July 13, 2010, the victims of the 2003 The Station nightclub fire in Rhode Island began receiving payments from a $176 million settlement fund. That fire killed 100 people and injured at least 200 more.

I.I.I. Provides Information on Insurance for Fallen Trees
Insurance Information Institute

To help consumers better understand what is and is not covered regarding trees and shrubs, the I.I.I. has a podcast Understanding Trees and Insurance.

Lessons Learned From Hurricane Katrina Can Help Insure Against Future Disasters As Fifth Anniversary Approaches
Insurance Information Institute

With predictions for a severe 2010 hurricane season, coastal residents should heed the lessons learned from Hurricane Katrina by making sure to have the right type and amount of insurance, according to the Insurance Information Institute (I.I.I.).

Insights on Products... General Liability
Conning Research & Consulting, Inc.

Insurers are exercising restraint regarding coverage expansions to general liability. In the current softer market environment, insurers are responding to competitive pressures by broadening coverage grants to their insureds. With regard to coverage, general liability insurers are driving with a foot on the brake. GL results showed a marked deterioration in 2009, with the industry combined ratio rising from 96.8% in 2008 to 107.3% in 2009.

Difference in Conditions (DIC) Policies
FC&S

There is no standard DIC coverage form. Carriers who are willing to provide the coverage draft their own forms, and some underwriters even may use language that is manuscripted to fit a particular exposure situation. Therefore, policy wording should be carefully reviewed before it is put into place.

Construction

Defective Imported Drywall Update: Who's on the Hook?
Advisen

Legal action is heating up in lawsuits over defective Chinese drywall which was imported mostly during the boom years of 2004 through 2006. The damage and complaints are most widespread in Florida, but they have sparked lawsuits in other states as well.

Insure Construction Projects under Inland Marine Builders Risk Policies
International Risk Management Institute

Project owners sometimes want to provide the builders risk insurance for a construction project under their permanent property policy that covers existing buildings.

Transportation

Drivers Are Not Just Distracted by Cellphones; Texting, Eating, Even Grooming All Prove Hazardous on the Road
Insurance Information Institute

Driver distractions or inattentive driving play a part in one out of every four motor vehicle crashes.

Financial Services (D&O, Fiduciary, EPL)

Worries About The Other Guy’s Greed Spur Questions About D&O Coverage
National Underwriter Company

This fall, the pop culture poster child for greed, Gordon Gekko, returns in a sequel to the movie “Wall Street,” called “Money Never Sleeps.” While Gordon Gekko may be fictional, in reality executives may find themselves sharing their directors and officers liability insurance coverage with someone who, like Gekko, believes that “greed is good.”

D&O Coverage Expanding To Meet Rising Costs Of Regulatory Probes
National Underwriter Company

Despite research reports showing escalating numbers of securities lawsuits filed by government enforcers—such as the U.S. Securities and Exchange Commission—a buyer’s market continues for directors and officers liability insurance.