The strength of a lagged connection is very variable due to differences in the wood species, moisture content, bolts, design of the connection, etc. The best way is to make a test connection and tighten it with a torque wrench until the bolt breaks. Then use 50-75% of the breaking torque value on the actual connection.
Or, tighten just until the lags touch the wood (or metal) surface, then just a little more by feel. If you feel the torque decrease, you have stripped the wood and the strength of that connection will be lower - add another bolt.
If possible, I would highly recommend throughbolts (for maximum strength) instead of lags unless the I-beam is going on top of the joists.
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