RIMS REPORT: A Risk Management Guide to Reservation of Rights

February 09, 2017

Organizations Realize Value of Insurance by Implementing Swift and Informed Responses to Reservation of Rights Letters
 
NEW YORK (February 9, 2017) —  Understanding, anticipating and properly responding to reservation of rights letters is integral to risk professionals’ ability to protect their organizations and realize the full value of insurance policies, according to a new RIMS Professional Report titled, A Risk Management Guide to Reservation of Rights. 

Developed by members of the RIMS Standards and Practices Council, the report guides risk professionals in understanding the potential implications that reservation of rights letters pose. The report explains the background of these notifications and discusses what to consider when deciding if, when and how to respond. It includes examples of reservation of rights and response letters, while exploring issues regarding claim limitations, communications strategies, litigation, and potential conflicts of interest. 

“It may be surprising when a claim is reported, and an insurer sends the policyholder a reservation of rights letter, potentially limiting coverage,” said RIMS Vice President of Strategic Initiatives Carol Fox. “Knowledgeable and prepared risk professionals can make all the difference in getting the full value from an organization’s insurance policies.”
 
A Risk Management Guide to Reservation of Rights report is available in RIMS Risk Knowledge library at www.RIMS.org/RiskKnowledge.  For more information about the Society and to learn about other RIMS educational opportunities, conferences and resources, visit www.RIMS.org.  

For more information, contact:

Josh Salter, Senior Communications Manager, (212) 655-6059 or JSalter@rims.org

About RIMS

As the preeminent organization dedicated to promoting the profession of risk management, RIMS, the risk management society®, is a global not-for-profit organization representing more than 3,500 industrial, service, nonprofit, charitable and government entities throughout the world. Founded in 1950, RIMS is committed to advancing risk management capabilities for organizational success, bringing networking, professional development and education opportunities to its membership of more than 10,000 risk management professionals who are located in more than 60 countries. For more information on RIMS, visit www.RIMS.org

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