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Article Excerpt
Risk management challenges in 2004 include dealing with litigation, with a still hard insurance market in some areas, and the need to monitor insurer solvency, according to a cross-section of risk managers from several industries.
Tort reform is on the mind of Roger Andrews, director of risk management for Cynthiana, Ky.-based E.D. Bullard Company, a manufacturer of personal protective equipment. Mr. Andrews wants to see further limitations placed on forum shopping, class actions and recruitment of plaintiffs by personal injury law firms.
"We are a relatively small company, yet we are involved in thousands of product liability suits, which consume about 90 percent of my time," said Mr. Andrews. He added that Bullard gets dismissed from these cases about 75 percent of the time, but still has to incur defense costs.
"For instance, we were named in a few hundred asbestos cases in California, Illinois and Michigan, but never had to pay anything," Mr. Andrews noted. Nevertheless, the exposure remains, and Mr. Andrews said that he will continue to closely monitor the role that manufacturers will have to play in the asbestos reforms...
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