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Douglas Barlow, a Canadian executive at equipment manufacturer Massey Ferguson, once said, “All management is risk management.” Mr. Barlow made his remark in 1962 and it could never be more true than it is today. Risk assessment and risk management should be omnipresent concerns for all general counsel. Everyone assumes that their businesses are insured and that, in the event of a calamity, insurance will be available to respond. This may be � and probably is � true, but there can be serious limitations on the availability of coverage for certain events. Knowing the scope of available coverage in the event of a catastrophic event is critical to risk assessment and planning. But effective risk management involves more than simply maintaining an adequate insurance program. The best risk managers � and every general counsel should get involved in the risk manager role to the extent possible within the company � constantly keep their eyes open to changing circumstances that may present new or increased risks � and prepare accordingly. The insurance industry itself, whose business depends on accurate risk forecasting, often provides important cues to business leaders in this regard. Or they could be red flags, in the case of the industry’s recent actions with respect to global warming. A great deal of attention has lately been paid to the issue of global warming. From former Vice President Al Gore’s movie “An Inconvenient Truth” to Tom Brokaw’s recent television special, the topic has been featured prominently in the media and popular culture. While the issue is somewhat politicized, no one seems to disagree that global warming, as an environmental phenomenon, is occurring. And the insurance industry is recalibrating its risk assessments accordingly. Lloyd’s of London in June published a very sobering report, “360 Risk Project � Series 1, Catastrophe Trends,” which discusses the impact of climate changes on risk assessment. Its observations and conclusions include:

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