Rupp’s Risk Management & Insurance Commentary

Welcome to the first edition of Rupp’s Risk Management & Insurance Commentary

This commentary will be published each Monday and is designed to stimulate an exchange of ideas between risk management and insurance professionals with the author acting as the facilitator. Topics will include comments on current events as well as challenging and updating established concepts in the industry. The use of a blog format (a contraction of the term “web log”) allows readers to leave comments in an interactive format.

Each weekly edition will include my initial comments on a specific subject, a themed crossword puzzle where you can test your knowledge of industry words, and the updating of Rupp’s Risk Management & Insurance Glossary. Where thirty industry professionals reviewed the original Glossary terms, this time you the blog reader will act as the reviewer and you will have electronic access to the glossary. Of course I remain the final decider of the Glossary terms and definitions.

My background for writing this commentary is fifty years of insurance and risk management experience, including working for a rating bureau, national and regional brokers, a risk management consulting firm, three insurance carriers and running an MGA operation. For those interested in my full bio just press this button.

Commentary – The following commentary topics are currently in the works. If you have a suggestion for a topic, let me know. A current event, such as the oil spill in the Gulf of Mexico may generate a commentary.

• The Changing Face of Insurance Distribution Systems – It will be an update to an article I wrote for the CPCU Society in 1997. You’ll get a chance to see if I guessed right then and what I expect to come in the future.
• Are Insurance Company Ratings Of Any Value – Now that Congress is questioning the value and structure of Bond Rating Agency because of the recent financial crisis, it seems a good time to look the at insurance rating agencies.
• The Impact of Legislation on Insurance Products – Worker’s Compensation, ERISA Fiduciary Liability, Medical Malpractice are just a few of the insurance coverages that have arisen or that have been impacted by legislation. What can we learned by looking back at how legislation impacts insurance services and products.
• Why CSR’s Like Combo Policies – The pros and cons of the new combo policies, with particular interest in the management liability policies.
• What’s an Adequate Limit – A look at what limits you should be suggesting to your clients.
• Why Did the Insurer Settle the Claim that Way – A look at how insurers settle claims and why they make settlements? Are all insurers alike in claims settlements?
• Matching Insurers with Insureds – Recognizing that differences do exist between insurers, is one better than another for your insured.
• Building a Tower – Does it make any difference how you develop a high limits program?

Crossword Puzzles –

Hit this button for the first crossword puzzle. The theme of this puzzle is common risk management and insurance terms. Future puzzle themes include –

• Come and Gone – Do you remember these companies, brokers and organizations?
• Professional Liability Terms ­– From D&O to Med Mal
• Getting Claims Settled – Adjuster Talk
• CSR Language ­– If the CSR knows it, don’t you think you should

Risk Management & Insurance Glossary – An initial insurance and risk management glossary can be accessed by hitting this button. Periodically new words or changes in existing words will be added.

Your recommendations and suggestions as to a new term or the accuracy of an added terms defination will be appreciated. Actually what we will be doing in developing this glossary is not a new idea. Over forty years ago a group of insurance professionals headed by Dr. Edward Overman were doing the same thing by an exchange of an insurance terminology newsletter.