Risk mgr. calls cat liability limits 'inadequate.' (Richard C. Heydinger, catastrophic liability insurance)

National Underwriter Property & Casualty-Risk & Benefits Management, June, 1993 by Katz, David M.

With their corporations cutting costs in order to compete internationally, many risk managers have bought catastrophic liability limits that are "inadequate" to cover rising tort exposures, the risk manager of Hallmark Cards says. "I would not be confident with the limits they carry and sleep [well] at night," Richard C.

Heydinger, director of risk management services for the Kansas City, Mo.-based corporation, told the National Underwriter. While U.S. corporations definitely need to remain competitive, many have cut back too much during a time when jury awards are rising, according to Mr. Heydinger. "I'm not sure our limits are keeping up with the real catastrophic values out there," he said. Speaking at the first Bermuda Insurance Symposium in Tucker's...

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