Alliant's Public Entity Group maintains the Insurance Requirements in Contracts (IRIC) Manual as a service to the public sector and PRISM members. The manual is reviewed annually for any updates or changes to suggested insurance requirements. The newly released Version 2024.1 includes the following modifications:
- Litigation Financing: A new addition in the Emerging Trends section addressing the trend we are seeing of private equity financing litigation teams taking cases to trial that would have likely settled otherwise
- Efforts to Help the Unhoused Community: New FAQ in the beginning of the manual to add guidance to municipalities facing increased homelessness
- Cyber Risks: In Exhibit 7 of Chapter 4, clarifications have been made regarding the recommended insurance requirements for agreements involving information technology
- International Insurance Requirements: A new portion has been added to Chapter 7 regarding foreign travel and contracting with international vendors both inside and outside of the United States
- Security Guards: An addition has been made to provide guidance on contracts with security guards both armed and unarmed
- Verification of Coverage Process and Service Providers: A section has been added to Chapter 9 which includes instructions to make sure that vendor insurance complies with the recommended IRIC contract language
- Case Studies: Two case studies have been added that demonstrate the real-life consequences that we try to avoid through proper contracts (SIR case study in Chapter 1, Exxon case study in Chapter 2).
For questions or additional information, contact Dan Howell, Senior Executive Vice President, Alliant Insurance Services, Inc