Contents. Preface... xi. About the Authors... xiii

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1 Contents Preface... xi About the Authors... xiii Chapter 1: Managing Insurance Costs..1 Determining Insurance Premiums...1 Insurance Advisory Organizations...2 The Rating Process...2 Loss Costs versus Rates...2 Proactive Approach to Insurance Purchasing...3 Saving Money with Risk Management..4 Risk Identification...4 Risk Management Techniques...4 Risk Avoidance...5 Risk Control...5 Risk Retention...5 Contractual Risk Transfer...6 Insurance...6 Monitoring the Results...6 Summary...6 How To Use this Book...7 Chapter 2: Automobile Insurance...11 Ways To Cut Costs Determine Proper Classifications for Vehicle Use Determine Proper Classifications for Vehicle Location Determine Proper Classifications for Vehicle Use Radius Determine Proper Classifications for Vehicle Weight...14 Importance of Classifications...15 Rating Avoid Premiums on Mobile Equipment Use Contractors Equipment Floater Policies Obtain Personal Vehicle Rating Credits Reduce Recreational Vehicle Premiums Consider Specified Causes of Loss Coverage Use Deductibles...20 Physical Damage Deductibles...20 Liability Deductibles Self-Insure Collision Self-Insure Bodily Injury and Property Damage Liability Obtain Schedule Credits, Dividends, and Deviations Use Experience Rating Use the Suspension of Insurance Endorsement Understand the Stated Amount Approach Discontinue Medical Payments and Personal Injury Protection Coverage Where Possible Discontinue Uninsured/ Underinsured Motorists Coverage Where Possible Think Twice about Rental Car Physical Damage Loss Waivers Reject Accident and Health Coverages on Rental Cars...26 Chapter 3: Commercial General Liability Insurance...27 Personal and Advertising Injury Coverage...27 Medical Payments Coverage...27 Classifications and Rating...27 Ways To Cut Costs Use Proper Classifications Use Lessor s Risk Only Classification...31 v

2 vi Contents 23. Delete Nonapplicable Exposures...31 Truck Drivers and Pilots...32 Clerical Office Employees.32 Overtime Surcharges...32 Sales/Excise Taxes Apply the Executive Officer Payroll Limitation Look Twice at Intercompany Sales Obtain Schedule Credit/ Dividends Use Deductibles Negotiate Premium Credits for Coverage Limitations Use Experience Rating Drop Medical Payments Coverage Obtain Insurance Certificates from Contractors...35 Chapter 4: Umbrella Liability Insurance...39 Coverage...39 Ways To Cut Costs Consider Alternative Primary Limits and Obtain Quotes for Buffer Layers Obtain Competitive Pricing Submit Well-Prepared Specifications Determine the Premium Basis Select Reasonable Umbrella Limits Provide for Automatic Extensions Use Care with Adjustable Rate Policies...45 Chapter 5: Workers Compensation...47 The Workers Compensation System...47 The Workers Compensation Policy...48 Workers Compensation Rating...48 Workers Compensation Classification.50 Review Current Classification(s) and Look for Alternatives...50 Workers Compensation Manuals...51 Other Key Factors Influencing Workers Compensation Costs...51 Experience Rating...51 Risk Control...52 Claims...52 Risk Financing...52 Ways To Cut Costs Obtain Correct Classifications Verify Executive Officer Payroll Limitation Use a First-Aid Folder Consider a Deductible Plan...54 Small Deductible Plans...54 Large Deductible Plans...56 Advantages and Disadvantages of Deductible Plans Take Advantage of Dividends and Flexible Rates...60 Flat Dividends...61 Retention Plans...61 Sliding Scale Dividend Plans...61 Chapter 6: Workers Compensation Experience Rating...65 Experience Rating Overview...65 Experience Rating Period and Eligibility...67 Ways To Cut Costs Review Reserves Prepare a Test Modifier Review Final Modifier Correct Calculation Errors...69 Check Payroll and Losses Used...69 Subrogation Recoveries...70 Noncompensable Claims...70 Duplication of Claims and Transposition of Numbers...70 Improper Limitation of Losses...71 Summary Recognize the Effect of Ownership Changes on Experience Modifiers...72

3 Contents vii Chapter 7: Property Insurance...75 Property Insurance Rating...75 Characteristics of the Property...76 Loss History...77 Coverage...77 Deductibles...77 Limits of Insurance...78 Ways To Cut Costs Consider Higher Deductibles Obtain Coinsurance Credits Invest in Fire Loss Prevention...80 Fire Extinguishers...80 Sprinklers...80 Hood Systems for Painting Booths...81 Alarm Systems...81 Insulate Columns of Steel Buildings...81 Install Fire Doors...81 Safe Storage of Volatile Materials...82 Fireproof Cabinets and Off-Site Storage of Duplicates of Important Records...82 Fire Hydrants Consider Underwriters Laboratory-Approved UL 90 Roofing Investigate Other Rate Credits and Surcharges Use the Business Interruption Reporting Form Report Proper Builders Risk Values...83 Chapter 8: Insurance Industry Relationships...85 Agent/Broker Compensation...86 Arranging Coverage and Determining Premiums...86 Ways To Cut Costs Choose a Knowledgeable Agent or Broker Use a Limited Number of Agencies/Brokerages Use a Written Scope of Engagement Maintain Communication Know Your Underwriter Use Consultants...94 Chapter 9: Claims...97 The Importance of Claim Reserves...97 Understanding Claim Reserves...97 Reserve Realities...98 The Claims Adjusting Process...99 Ways To Cut Costs Request Advance Payment of Property Claims Retain Public Adjusters for Large Property Losses Have Periodic Meetings with Insurance Company Adjusters Obtain the Right To Approve Workers Compensation and Liability Claims Payments Audit Claims Departments and Adjusting Firms Maintain Loss Records Manage Litigation Costs Aggressively Chapter 10: Risk Control Ways To Cut Costs Preloss Obtain Senior Management Support for Risk Control Allocate Costs on a Loss- Sensitive Basis Involve Workers in the Safety and Risk Control Process Motivate Safe Work Habits with Incentives Use Prehire Measures To Control Claims Communicate with Workers before Injuries Investigate Near-Miss Incidents...111

4 viii Contents 76. Commission an Independent Safety Program Audit Ways To Cut Costs Postloss Use Medical Bill Reviewers Use Managed Care Arrangements Implement Visitation and Returnto-Work Programs Chapter 11: Risk Financing Importance of Insurance Cash Flow..117 Rating Plans Ways To Cut Costs Carefully Select Retrospective Minimum and Maximum Factors Negotiate the Agent s Commission Outside the Rating Plan Negotiate Other Retrospective Rating Factors Loss Limitation Factors Loss Conversion Factors..122 Tax Multipliers Explore a Paid Loss Retrospective Rating Plan Consider Other Cash Flow Programs Negotiated Deposits Deferred Premiums Compensating Balance Plans Interest on Reserves Workers Compensation Deductible Programs Examine the Self-Insurance/ Captive Option Advantages and Disadvantages of Self- Insurance and Captives Consider Alternative Risk Financing Facilities Group Captives Self-Insured Trusts, Pools, and Risk Retention Groups Risks of Group Programs.129 Summary Chapter 12: Saving with Competitive Proposals To Shop or Not To Shop Bidding Methods Ways To Cut Costs Don t Bid Too Frequently Allocate Insurers to the Agents/ Brokers Allow Adequate Time To Secure Proposals Provide Adequate Information Don t Bid Excess and Surplus Lines Coverages Among Agents Chapter 13: General Recommendations Insurance Cycles Ways To Cut Costs Consolidate Effective Dates Maximize Purchasing Power with One Insurer Buy Package Policies Consider Multiyear, Noncancellable Policies Prepare or Verify Premium Audits Prepare It Yourself Verify the Auditor s Work Defer Premiums Develop a Comprehensive Insurance Database Prepare Early for Renewals Hire a Risk Manager Implement Contractual Risk Transfer Programs...148

5 Contents ix Appendix A: A Dozen Important Coverage Considerations Coordinate Liability Policies Coordinate Automobile and General Liability Coordinate Coverage Triggers Coordinate Primary and Umbrella Coverage Beware of Joint Venture Liability Schedule All Insureds, Comply with Additional Insured Requirements..153 Don t Overlook Additional Insured Requirements Report Acquisitions Consider the Implications in Advance Promptly Report Potential Claims Extend Notice of Cancellation Buy Adequate Policy Limits Liability Limits Report Adequate Property Values Review Property Valuation Clauses..157 Buy All Risks Property Insurance..157 Named Perils Coverage All Risks Coverage Don t Overlook Time Element Exposures Business Income Coverage Extra Expense Coverage Leasehold Interest Consider Directors and Officers, Fiduciary, and Employment Practices Liability Insurance Directors and Officers Liability Insurance Fiduciary Liability Insurance Employment Practices Liability Insurance Evaluate Environmental Liability Exposures and Coverage Insurance Coverage Appendix B: Evaluating Insurer Solvency Costs of Insurer Insolvency Personnel Time Duplication of Premiums Unplanned Retention State Guaranty Associations Disruptions in Cash Flow Premium Increases Errors and Omissions Claims Identifying Financially Troubled Insurers Contributing Factors Underwriting Practices Investment Practices Accounting Practices Managerial Practices Sources of Information Rating Services Making Use of Insurer Ratings Summary Appendix C: IRMI s Tips for Soft and Hard Markets Tips for Dealing with a Soft Market..181 Tips for Dealing with a Hard Market..182 Glossary Insurance Acronyms and Abbreviations Insurance Definitions Index...203

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