D&O Policies and The Coronavirus

Even before COVID-19, insurance for directors and officers (D&O) was experiencing a hard market. Premiums had increased 44 percent in the first quarter of 2020. Over the past few years there has been a steady increase in the number of lawsuits and the size of jury awards in cases involving D&O. And now with the coronavirus in full swing, triple …

Cyber Security and Working Remotely in the Pandemic

Now with so many more people working from home because of the coronavirus pandemic, it’s a good time to review your off-site cyber security working remotely practices. Many — maybe even most — of the people now working from home have probably never worked for you from home before. So, just because you’ve established protocols in the past few years, …

Business Income Insurance and the Coronavirus

During a recent Coronavirus update meeting, President Donald Trump said that he thinks that many insurance companies should be paying business income losses due to the coronavirus pandemic.

Why You Need Employment Practices Liability Insurance (EPLI)

Whether you’re dealing with existing employees or prospective employees during the interview process, every time your business interacts with people it faces the risk of an employment claim. For these situations, you need Employment Practices Liability Insurance (EPLI). Some of the typical claims brought against employers allege: Discrimination (based on sex, race, age or disability, for example) Wrongful termination Harassment …

Why You Should Consider an OCIP for Your Next Building Project

What is an OCIP and how can it help you with your construction project? An Owner Controlled Insurance Program (OCIP) is an efficient, cost-effective way to provide insurance for owners and contractors for a specific building project. Construction jobs often have a lot of liability risks, including property damage or bodily injury to the public, construction errors, and collateral damage …

How to Create a Risk Management Plan

When we think of risk, the first thing that usually comes to mind is insurance. But insurance is just one component of a sound risk management plan. A risk management plan includes insurance, plus all the other strategies you need for dealing with the risks associated with your business or organization. The following steps outline the main components of a …

Equipment Breakdown Insurance Is Much More than Insurance

Equipment Breakdown insurance — formerly called Boiler & Machinery insurance — covers much more than boilers and machinery. Insurers introduced boiler and machinery coverage in the mid-1800’s to cover valuable steam-powered machinery from explosion or breakdown, and to cover the equipment’s owner from liability for resulting property damage or bodily injury. Today, few businesses use steam-powered machinery for business operations, …

What Does Surplus Lines Cover and How Do You Buy It?

Surplus lines insurers handle a broad range of business risks. These are some examples of the types of risk commonly insured by excess and surplus lines insurers: A developer re-building homes and businesses in a hurricane- prone area A new business, especially in an industry that has frequent claims, such as roofers and pawn shops A sports or media celebrity …

How to Insure against Alleged Whistleblowers

Employees file lawsuits against their employers for many reasons. A 62-year-old white male employee with a positive performance record and favorable bonuses was terminated by a foundation. He sued the foundation, alleging he was terminated from his job so that the employer could hide a pattern of discrimination against women and minorities. The employee further alleged violations of the Age …

How to Understand an Insurance Policy

Most people would rather go to the dentist than try to read an insurance policy. Like most things that seem intimidating at first, though, when you break it down, it makes a lot more sense. Here’s how to understand an insurance policy. There are four basic parts to every insurance policy: Declarations Insuring agreement Exclusions Conditions Declarations: The declarations introduce …