April 19, 2023
One of the major misconceptions about Directors and Officers insurance is that it’s only for publicly traded companies or non-profits. Chubb Insurance recently addressed this and other misconceptions: D&O is unnecessary because your business is privately-owned.Privately-owned companies face virtually the same exposures as publicly traded companies, but private company D&O policies can insure much more […]
April 5, 2023
You’ve heard of celebrities who buy insurance on signature body parts — Keith Richard’s middle finger ($1.6 million), Dolly Parton’s Breasts ($3.8 million), Jennifer Lopez’s butt ($27 million) and Mariah Carey’s legs ($1 billion). These transactions take place in what’s called the surplus lines market. Lloyd’s of London (pictured here) is the most famous entity […]
March 22, 2023
Decisions made by the boards of private companies are not immune from public scrutiny. Security holders, employees, customers, suppliers, competitors, and even the government can sue a privately-owned company and its board of directors. Additionally, as leaders of the company, the directors and officers can be found personally liable for their management decisions. D&O policies […]
March 8, 2023
We know what economic inflation is, which is bad enough, but social inflation can make claims costs rise even more, often well exceeding general economic inflation. Social inflation is an indicator of how society is shifting its preferences for determining who is best placed to absorb risk, according to a new white paper by the […]
February 14, 2023
Equipment Breakdown insurance was formerly called Boiler & Machinery insurance. But they changed the name because these policies now cover so much more than boilers and machinery. Insurers introduced boiler and machinery coverage in the mid-1800s to cover valuable steam-powered machinery from explosion or breakdown, and to cover the equipment’s owner from liability for resulting […]
January 31, 2023
How does it apply in a case involving the ransomware payment from a cryptocurrency account? Proximate cause, which refers to the closest/first cause of an accident, is a basic principle of insurance. Although there are several classic examples of how proximate cause works, a case involving cryptocurrency was recently decided based on the principle of […]
December 16, 2022
1. Obtain Retroactive Coverage Many cyber policies are claims-made, meaning they will only cover incidents that occurred during the policy period. Let’s say your cyber policy has an inception date of January 1, 2022, and several days later you discover that three months previously you started having cyber breaches. The incidents that occurred prior to […]
December 2, 2022
A recent survey of risk managers—those charged with identifying, evaluating, and selecting the best techniques to mitigate risk—by Nationwide Insurance revealed that cybersecurity takes up a substantial portion of their budgets. 68% expect these budgets will continue to grow in the coming years. Nationwide’s previous studies have revealed that consumers as well as small to […]
November 22, 2022
In October, Munich Reinsurance Co., the world’s largest reinsurer, announced new stricter policies for investing in and underwriting oil and gas projects, drawing praise from environmental activists. Munich RE has said on its website that as of April 2023 it would not invest or insure projects involving new oil and gas fields or new midstream […]
October 19, 2022
We hope it never happens, but when you suffer a loss, you’ll have to file a claim to receive payment from your insurer. Here’s how the process works, and how to handle it to your best advantage. Step One: Notify Authorities Your first priority is always to prevent further injury and to protect life and […]
