The Vital Importance of Accurate Insurable Values
By Kory Dogs, Managing Director
CBIZ Valuation Group
Currently, there is a marked disconnect between insurance values and replacement values. In fact, insurance industry analysts Marshall & Swift/Boeckh estimate that 75% of commercial and residential insurable values could be upward of 30% less than their actual replacement costs.
Recent changes in the insurance industry and the macroeconomic landscape have brought this issue to the forefront, unearthing the perils of under- or overvaluing assets for insurance purposes.
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Florida Supreme Court Expands Governmental Entity Liability
Public Entity Legal Solutions
On April 6, 2006 the Florida Supreme Court, in Aravena v. Miami-Dade County, ruled the unrelated works exception to workers’ compensation immunity from suit applied to a case which involved the death of a school crossing guard as a result of the work of the same county’s traffic signal repair personnel. The jury reached a wrongful death verdict in favor of the crossing guard’s husband and ultimately, the County appealed. The Third District Court of Appeal ruled in favor of Miami-Dade County. The Supreme Court of Florida granted review of the Third District’s decision.
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Thought Provokers: Things to Consider For Your Insurance Program
Recently at an RM101 seminar for Central Florida PRIMA, I spoke on the definitions of basic terms used in our industry I was asked to follow up on those ideas for publication in Preferred Info . After giving it some thought I found it difficult to determine which area of risk management would interest you, the reader, so I thought I’d put the pressure on you. Therefore, here is a list of items you might want to look into and/or consider for your particular program:
- How much is enough or necessary?
- Should I insure all my property?
- Is PML (Proximate Maximal Loss) a consideration? Is my property confined or spread out; claims-made or occurrence, replacement or actual cash value; self-insured or insured?
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Professional Development Opportunities Continue
December 5-8, 2006
Public Risk Underwriters® and PGIT® continue the promotion of professional development courses by offering a tutorial class and exam for the Associate in Risk Management (ARM) designation program. The ARM program teaches the in-depth knowledge needed to assess and respond to the numerous hazard risks your organization faces.
The ARM 56 – Risk Financing session addresses insurance as a risk financing technique; reinsurance and self-insurance retrospective rating plans and captive insurance companies; finite and integrated risk insurance plans; capital market products; forecasting accidental losses; accounting and income tax aspects; claim administration; and, allocating management costs.
The tutorial class and exam are open to Public Risk Underwriters clients, PGIT members, and previous class participants. Mr. Bill Mason, Risk Manager, City of Sunrise, and PRIMA Board Member, is the instructor. The class is open for up to 30 participants. To find out more, or to see if you qualify as a participant, please contact Cindi Price, Director of Member Services, at firstname.lastname@example.org.
Risk Advisory Board Expands Activities
Reneé Stockwell, Chair
Risk Advisory Board
City of Bradenton
On behalf of the Risk Advisory Board, we are pleased to announce the following members who have volunteered their nvaluable time and expertise by serving on one of our newly formed committees. Read entire article...
Florida's Property Market - What to Expect Today (Tomorrow's a different story!)
Vice President, Underwriting
Public Risk Underwriters®
In China, 2006 is the Year of the Dog. In Florida, 2006 may be the Year of Property Terms Tightening. While the vast majority of public entities in the state renew either July 1st or October 1st, a few early year renewals are shedding some light on what is shaping up to be possibly the hardest market in Florida’s history. Read entire article...