Mold claims likely to spread - Risk management plan needed to minimize risk: Panel; RIMS 2003.(Spotlight: Risk & Insurance Management Society Inc.)

Byline: DAVE LENCKUS

CHICAGO-While losses resulting from toxic mold claims likely will not rival asbestos-related losses, contractors, property owners and property managers should have a risk management plan in place to prevent claims and minimize losses, according to a panel of experts.

``Frankly, we're probably past the worst in terms of run-away verdicts; however, we certainly are not past the worst in terms of the number of claims,'' warned attorney Daniel A. Berman, a partner with Wood, Smith, Henning & Berman L.L.P. of Los Angeles.

Because mold is now excluded from most commercial insurance policies, every dollar spent on ``investigating, remediating and eliminating a mold claim means that's going to come off your bottom line,'' said attorney Stephen J. Henning, another partner with Wood, Smith.

Messrs. Henning and Berman and other toxic mold experts offered their risk management advice during a session at the Risk & Insurance Management …