Coverage for networks and data
|
|
- Norman Gibbs
- 8 years ago
- Views:
Transcription
1 Ventura Santa Maria Bakersfield Salinas CDI LIC. 0E52073, Managing Risk Risk Management Data Loss: A Business Nightmare Winter 2011 As computers, network systems and the Internet have become integral to business, the insurance industry has responded by excluding coverage for certain risks from standard policies, and then developing endorsements and separate policies to cover various threats to software, data and networks. This complicated, ever-changing picture makes it important to review your operations and your insurance annually to make sure your business is adequately protected. Coverage for networks and data is sometimes called cyber insurance. It covers two broad areas: your own data and the data of customers, partners and clients that you interact with. In insurance terms first-party and third-party coverages. Protecting Your Data Most property policies have coverage limits for computer hardware and exclude software and data. Insurance companies offer optional endorsements that increase hardware limits and add coverage usually with small sublimits for: Y Loss of software, programming and data caused by viruses. Y Loss of income and extra expenses due to damaged hardware or software caused by viruses. Y Loss of income due to viral attacks that overload computers and prevent normal business traffic. Y Electronic fraud reimbursement for money stolen through the computer. It is important to work with your IT executives to identify your company s specific cyber risks. The next step is to analyze your current insurance program to understand which risks are covered and which may need additional protection. We are here to help. Data Back-Up Can you place a price tag on your data? Perhaps it s priceless! After a major data loss, insurance may not be able to prevent you from losing customers and perhaps your good reputation. Insurance should not be your first line continued on next page
2 Risk Management of defense. It is crucial to have an IT security program that backs up your data and protects your business. Here are some basic requirements of an ongoing security plan: Y Off-site data back-up. Y Firewalls, anti-spam and anti-virus software. Many companies find that business stops when the computers go down. What happens when your data is lost or corrupted? Can insurance help get you back in business? Y Controlled access to data through user permissions and separation of duties. Y Documentation of each user s access to applications and files. Y Restricted access to data from outside the company s computer network. Y Encrypted proprietary and personal data. Y Controlled access to the physical building and hard-copy files. Third-Party Data If you are an electrical contractor who causes an electrical surge that wipes out your customer s data, your general liability (GL) policy should cover their data loss. However, if you inadvertently transmit a virus to your customer, your GL policy will not cover the loss. Your errors and omissions policy will probably not cover it either, unless it includes specific cyber liability language. Cyber liability is a big issue in the insurance industry. As the Internet becomes a more important business channel, including social media and cloud computing (storing and using data on a vendor s Web site), companies need to review their liability insurance. For instance, any company that has a Web site or uses social media is, in fact, a publisher that may need the protection of a media liability policy. Insurance companies are responding by developing new coverages and redefining existing ones. Here are some key coverages. Y Privacy Liability: Covers losses from failing to protect personal information (i.e., Social Security numbers) and corporate information, as well as costs to repair identity theft and to respond to regulatory agencies. Y Network Security Liability: Covers losses due to a failure in network security such as unauthorized access, virus transmission or destruction of software and data. May also cover business interruption for third parties impacted by the network security failure. Y Internet Media Liability: Covers the company s Web content for infringement, defamation, plagiarism or negligence. May also include coverage for transmission of viruses to your Web visitors. Cyber liability can be bought as a freestanding policy or as part of a professional liability policy. To learn more, please give us a call.
3 Property/Fidelity Preventing Employee Theft For the first time in 2010, businesses reported they were losing more money to theft of electronic data than physical goods, said risk consultancy Kroll Inc. The company, which surveyed business managers from around the world, also reported that most managers surveyed said that the fraud was an inside job by the company s own employees. The following action steps can help you spot employee theft and fraud earlier, and minimize opportunities for theft: 1 Conduct background checks before making job offers. This might help you eliminate the worst candidates; however, most perpetrators of employee theft or fraud have no previous record. 2 Spell out your firm s definition of fraud and theft. For example, some people think it s okay to pad their expense accounts; you have to tell them it isn t. Include a statement that theft or fraud can lead to termination and criminal prosecution. 3 Include your definition in employee handbooks and other communications as appropriate. 4 Discuss theft, fraud, their costs to the company and their consequences to employees in new employee orientations and other employee trainings. 5 Keep a theft and fraud scorecard and publicize it to employees. For example, a retail business might keep tabs on theft of cash or merchandise; a manufacturer might track missing inventory or supplies. A positive score (no losses) reflects well on your workforce, whereas a negative score reflects badly. 6 Encourage employees to report suspected theft by protecting tipsters identity. 7 Install video cameras in storage rooms, equipment rooms and computer facilities. 8 Have a professional security agency review internal security measures. continued on next page
4 Property/Fidelity 9 Use lock-out options for computers and telephones to 10 Review your insurance coverage. Business property policies generally do not cover employee dishonesty; business package policies do, but may limit your coverage to only $25,000. Checklist adapted from Protecting the Company Against Theft and Fraud, www. workforce.com You Need Insurance but What Kind? In addition to a risk management plan, you need some kind of insurance coverage to protect your business from employee theft. Most commercial property policies exclude employee theft; however, you can buy optional crime coverage. Commercial crime coverage is a type of fidelity bond. Fidelity bonds indemnify employers for the loss of money or other property sustained through the dishonest acts of bonded individuals. Often called honesty insurance, bonds provide coverage for intentional acts of fraud, larceny, misappropriation, forgery, embezzlement and other dishonest acts committed by a bonded employee. The acts must also be intended to cause a loss to the employer and financially benefit the bonded person. The bonds are technically a form of surety, but are similar to an insurance policy in format and terminology. Types of Crime Coverage There are four major crime coverage forms available: Y Form A, which covers employee dishonesty Y Form B, which covers forgery or alteration of documents Y Form C, which covers theft, disappearance and destruction, and Y Form D, which covers robbery and safe burglary. Most businesses buying crime coverage will need one or more of these forms. Forms to cover more specialized exposures, such as items in hotel/innkeepers safe deposit boxes, also exist. The Insurance Services Office has packaged these forms into crime packages for specific types of businesses. You can buy them as separate crime policies or attach them to your commercial package policy. Whatever you need coverage for, whether it s money and securities, the contents of safes and more, the property of guests and lodgers, there s probably a plan that meets your needs. Most crime plans exclude coverage for crime or dishonest acts committed by the insured or any partner, seizure or destruction of property by order of governmental authority, indirect or consequential loss, and legal expenses. Most plans cover only workers employed in the U.S., its territories and Canada. What About Data Theft? To be sure your crime coverage will protect you for data theft, read your policy carefully. A broadly drafted policy might provide coverage for electronic data, including data stolen by employees. Some insurance forms also extend coverage to certain computer contractors. We can help you review your operations and coverage to help you minimize exposures to employee theft. Please contact us for more information.
5 Workers Compensation Employers Liability Workers comp policies usually include a special section for employers liability. What additional coverage does it provide and why do you need it? Your workers compensation policy covers the costs associated with an employee s work-related injury or occupational disease. It pays for the worker s medical costs, rehabilitation costs, lost wages and any settlement for permanent disability. The fundamental premise of workers comp is that employers agree to take responsibility for work-related injuries whether or not the injury was the employer s fault. In return, employees give up their right to sue for damages. Workers comp is designed to be no-fault and the exclusive remedy for work-related illness and injury. Nonetheless, some work-related claims fall outside of workers comp coverage. The employers liability section of the workers comp policy adds coverage for these types of claims. Without this coverage, employers would have a significant coverage gap, because commercial general liability policies specifically exclude coverage for work-related injury and disease. Employers liability is a common law or tort liability, and insurance companies handle those types of claims in the same way they adjust general liability claims, including managing and paying for defense. Since states do not require employers liability insurance, you do not have it unless your workers compensation policy explicitly states it includes this coverage in a separate section. Unlike workers comp, employers liability has a defined limit of liability, starting at $100,000 per injury. When Coverage Applies Insurance authority IRMI cites several examples of when employers liability coverage applies: Y Wrongful death: The family of a deceased worker may file a common-law claim seeking damages in addition to the death benefit paid by workers comp. Y Consequential bodily injury: A family member may file a lawsuit for his or her own injury (for instance, a heart attack) that was caused by learning about or dealing with the injured employee. Y Loss of consortium: The spouse of an injured worker may sue for loss of consortium, which means the spouse has lost the services such as sexual relations or continued on next page
6 Workers Compensation the ability to do household chores of his or her spouse. Damages can be awarded even if the spouse is receiving disability payments. Y Third-party liability: If an employee is injured while using equipment that malfunctioned, he or she may sue the manufacturer of the equipment for negligence. The manufacturer may in turn sue the employee s company to recover damages. Depending on the specifics of the claim, either the employers liability or a general liability policy can provide coverage. Y Employees excluded from workers comp: In some states, seasonal and temporary workers can be excluded from workers comp. In other states some small employers do not have to buy comp. In those situations, an employers liability policy can provide protection from employee lawsuits for bodily injury and illness. Monopolistic States In states with monopolistic workers comp funds (North Dakota, Ohio, Washington and Wyoming), employers need to purchase a separate employers liability policy. Organizations headquartered in other states but that have offices in these states need to buy an endorsement to their employers liability policy to avoid having a coverage gap for employees in those states. Not Employment Practices Liability Do not confuse employers liability with employment practices liability (EPL) insurance, which protects employers from employee claims that their legal rights have been violated. EPL protects an organization when employees file claims for wrongful termination, sexual harassment and discrimination. It does not cover bodily injury. Some employers that have not bought EPL insurance attempt to use their employers liability to provide coverage for EPL claims. However, in most cases the insurance does not apply. Even when states define workers comp injury to include mental injury, the broader, workers compensation definition does not necessarily transfer to the employers liability portion of the policy. If you have any questions about your employers liability coverage and how it complements your workers comp coverage please give us a call.
7 Claims Management What to Do When You Get a Reservation of Rights Letter Your organization has just been sued, and you ve notified your liability insurer as required by the policy. You think all s taken care of when you receive a reservation of rights letter from the insurer. What does this mean, and what should you do? In a liability lawsuit, the plaintiff often makes several claims. The policy might cover some and exclude others. By sending you a reservation of rights letter, the insurer is telling you that it has doubts whether your policy covers some or all of the claims. A liability policy obligates your insurer to pay for your legal defense costs in addition to any damages you might be legally obliged to pay for a covered claim. Most states recognize this duty to defend as fairly broad under a commercial general liability policy. If there is a possibility that coverage might apply, the insurer must provide your legal defense. When an insurer receives a claim that might be covered only partially by its policy or not at all, it can do one of the following: 1 Refuse the duty to defend. If the insurer does this and the court later finds that coverage applied, the insurer must reimburse your defense costs, along with settlement costs over which it had no control. 2 Investigate the claim and begin your legal defense. Insurers like to avoid this due to the principle of estoppel, which bars an individual from denying or alleging a certain fact because of that individual s previous conduct, allegation, or denial to the detriment of another. (Black s Law Dictionary) In other words, if your insurer begins investigating or defending your claim, this could lead you to assume it will cover your claim. 3 File a declaratory action, in which the insurer asks the court to determine whether it is obligated to defend the claim. An insurer will seldom do this when it first receives notice of a claim. 4 Send the insured, by certified mail, a reservation of rights letter and proceed with its investigation. This allows the insurer to gather more facts before deciding whether to deny coverage, while preserving its right to do so. Thus, your insurer might defend your liability claim but later deny indemnification (or paying settlements or judgments) if its defense is unsuccessful. continued on next page
8 Risk Management Attorneys Veronica M. Bates and Renee C. Callantine caution that different rules apply, depending on location. In many jurisdictions, the reservation of rights may allow the insurer to withdraw from the defense when there is no potential for coverage under the policy. The ROR letters allow insurers to decline indemnifying the insured for any portion of a judgment not covered under the policy. The liability policy also either explicitly or implicitly obligates you to cooperate with the insurer in its conduct of your defense. This allows the insurer to direct your legal defense, including giving it the right to settle. But investigations can also give it facts needed to deny you coverage. For these reasons, a reservation of rights letter indicates a conflict between you and your insurer. If you receive a reservation of rights letter, you will want to protect your coverage rights by doing the following: 1 Read the reservation of rights letter and the policy to which it applies carefully. 2 Respond to your insurer, saying that you disagree. The experts with the John Liner Review recommend asking the insurer to commit to coverage before it begins its investigation. 3 Arrange for your own counsel. Some reservation of rights letters will state the insurer reserves the right to recoup defense costs if the insurer does not owe a defense. Depending on the facts of the case and the jurisdiction, you could indeed be obligated to reimburse your insurer for defense costs if it was later determined coverage did not apply. In a straightforward claim, you have no cause to worry. A reputable insurer will provide a quality defense. It s the gray areas, where coverage might or might not apply, that can cause potential conflicts. For this reason, we recommend thoroughly reviewing your liability coverage on a regular basis. A review can point out gaps in coverage, outdated forms and language, and other problems. For more information, please contact us. Workers Comp The Factors That Determine Your Comp Costs Although workers compensation seems complicated, only three factors affect your workers compensation costs: your rate, your employees job classifications and your experience modification factor. Have you ever wondered how your insurer comes up with your workers compensation premium? Four factors come into play: your business classification, the rate for that classification, your employees remuneration and your experience modification factor. Business Classifications Your rate depends on the primary operations of your business, or its classification. Workers compensation insurers group businesses into different classifications based on the relative hazard they present. Some businesses present more hazards than others. For example, roofers experience more frequent and more costly claims than administrative
9 Workers Compensation assistants, so a roofing business would pay a higher rate than a sales organization. To ensure you don t pay too much for your workers compensation, check the classification listed on your policy to make sure the insurer has appropriately categorized your business by primary operations. An incorrect classification can make a big difference! Payroll Your insurer will calculate your premium by multiplying the rate for your classification by total estimated annual payroll. This includes your employees gross wages and other compensation, before withholding taxes or other deductions. Rates Workers compensation insurers show rates per $100 of payroll. In most states, rating bureaus, which are independent organizations formed by or on behalf of insurers, help determine workers compensation rates. Rating bureaus collect data on claims and costs, including lost-time and medical costs, from member insurers. They then use this information to calculate rates insurers will need to charge to provide mandated benefits without losing money. They publish rates for hundreds of different job categories, shown as rate per $100 of payroll. These rates are based on the relative hazards of each classification. In some states, workers compensation insurers must use the published rates, so you will pay the same rate no matter which insurer you choose. In others, published rates are suggestions only, and individual insurers are free to charge more or less. As with anything else, however, beware rates that vary too much from the norm if an insurer quotes you a rate that seems too good to be true, it might be! Experience Modification Factor If your business qualifies for more than a minimum premium policy, the insurer may apply an experience modification factor. The experience modification factor modifies your rate based on your claims experience. In doing so, it provides employers incentive to control their losses. Insurance companies send information on employers premiums and losses to the applicable rating bureau, which then calculates experience modifications based on paid claims and incurred losses for the experience period, generally three years prior to the last policy renewal date. The resulting experience modification factor generally ranges from.75 to An experience modification of 1.00 indicates your losses reached the expected dollar amount. A number higher than 1.00 indicates that your risk of loss is greater than average, while an experience modification of less than 1.00 indicates your risk is better than average. If you meet the minimum premium levels, keeping your experience modification low can reduce your workers compensation premiums. The most important step in keeping experience modifications low is to reduce your workers compensation claims. Focus on controlling the smaller, more frequent losses--they will impact your experience modifications more than less frequent, larger losses. Next, you ll want to periodically review your payroll and claims information for accuracy. Make sure your payroll data is accurate and your experience modification calculations include data from the proper years. And keep tabs on loss reserves--unused loss reserves affect your experience modification. If you are interested in learning more about how your premiums are calculated, we can review your policy and claims history with you. We can also help you develop loss reduction strategies to keep your costs under control. For more information, please call our office.
As with most things, insurance should be
Insurance Buyers News Property & Liability 300 Montgomery Street Suite 450 San Francisco, CA 94104 415-820-2200 www.pennbrookinsurance.com Insurance Buyers News March/April 2012 Volume 23 Number 2 Data
More informationInsurance basics for nonprofit organizations
Insurance basics for nonprofit organizations Updated: July 2012 This document is intended as general and abbreviated guidance for nonprofit organizations. Because every organization s insurance needs are
More informationWhat A Nonprofit Organization Needs To Know About Insurance. Susan R. Smith. Beehive Insurance Agency, Inc.
the the the GOOD UGLY BAD& What A Nonprofit Organization Needs To Know About Insurance Susan R. Smith Beehive Insurance Agency, Inc. c o n t e n t s Introduction 1 General Liability 2 Professional Liability
More informationWorkers' Compensation Insurance, Crime Insurance, Commercial Umbrella Liability, and Bonds
Workers' Compensation Insurance, Crime Insurance, Commercial Umbrella Liability, and Bonds A. Workers Compensation Laws (a.k.a. State Industrial) can be monopolistic and compulsory (required) in some states.
More informationDomestics, Contractors, and the Homeowners Policy
Domestics, Contractors, and the Homeowners Policy Along with an increase in the number of dual income households comes an increase in the number of people who avail themselves of a domestic servant. Whether
More information(1) Commercial Crime Insurance or Employee Fidelity Bond
INSURANCE (A) GENERAL CONSIDERATIONS This document presents the minimum insurance requirements as set forth by the United States Trustee Program (USTP). A standing trustee must purchase property insurance
More informationThe Nuts & Bolts of Insurance for Nonprofits
The Nuts & Bolts of Insurance for Nonprofits www.steelbridgeins.com 888.647.4777 It s more than what you need. It s what you deserve. Purchasing insurance for a nonprofit organization can be a confusing
More informationTHE ADDIS GROUP. This Just In OSHA cracks down on. Workers Compensation Winter 2011 Volume 21 Number 1
A Susquehanna Company THE ADDIS GROUP 2500 Renaissance Boulevard King of Prussia, PA 19406-2772 (610) 279-8550 Fax (610) 279-8543 www.theaddisgroup.com Workers Compensation Winter 2011 Volume 21 Number
More informationCAMBRIDGE PROPERTY & CASUALTY SPECIAL REPORT
CAMBRIDGE PROPERTY & CASUALTY SPECIAL REPORT INSURANCE COVERAGES FOR TECHNOLOGY COMPANIES This Special Report was written by Daniel P. Hale, J.D., CPCU, ARM, CRM, LIC, AIC, AIS, API. Mr. Hale is Vice President
More informationBusiness Insurance Terminology
Business Insurance Terminology Knowledge Is Power To understand your business policy, it is helpful to have a grasp of basic insurance terms. As a Trusted Choice, independent insurance agency, we are dedicated
More informationNonProfit 101. Notes: Session 1B: Insurance, What you do not know can hurt you! From Survivability to Sustainability. June 10, 2015 Session 1B page 1
Session 1B: Insurance, What you do not know can hurt you! Notes: June 10, 2015 Session 1B page 1 Session 1B: Insurance, What you do not know can hurt you! Notes: June 10, 2015 Session 1B page 2 June 10,
More informationPublic charities are all 501(c)(3) but have various missions. Each mission carries significant risks and innocuous risks. Amount of risk depends upon:
Public charities are all 501(c)(3) but have various missions. Each mission carries significant risks and innocuous risks. Amount of risk depends upon: Scale of operation: revenue, assets, staff. Town,
More informationHow To Insure An Investment Advisor
SPOTLIGHT ON Insurance and Bonding Considerations for Registered Investment Advisors The contents of this Spotlight have been prepared for informational purposes only, and should not be construed as legal
More informationSmall Business Insurance Basics
Small Business Insurance Basics WHAT INSURANCE SHOULD MY BUSINESS HAVE? Most businesses need to purchase at least the following four types of insurance: Property Insurance Liability Insurance Business
More informationCHAPTER 2 APPOINTMENT AND QUALIFICATIONS OF THE STANDING TRUSTEE AND GENERAL REQUIREMENTS
CHAPTER 2 APPOINTMENT AND QUALIFICATIONS OF THE STANDING TRUSTEE AND GENERAL REQUIREMENTS The United States Trustee is authorized by law to appoint one or more individuals to serve as standing trustee
More informationTools Conference Toronto November 26, 2014 Insurance for NFP s. Presented by Paul Spark HUB International HKMB Limited
Tools Conference Toronto November 26, 2014 Insurance for NFP s Presented by Paul Spark HUB International HKMB Limited Topics Insurance Policies Basics Directors and Officers Liability Insurance Commercial
More informationJoe A. Ramirez Catherine Crane
RIMS/RMAFP PRESENTATION Joe A. Ramirez Catherine Crane RISK TRANSFER VIA INSURANCE Most Common Method Involves Assessment of Risk and Loss Potential Risk of Loss Transferred For a Premium Insurance Contract
More informationNorth Carolina Interlocal Risk Management Agency (NCIRMA) Workers Compensation and Employers Liability Insurance Policy
North Carolina Interlocal Risk Management Agency (NCIRMA) Workers Compensation and Employers Liability Insurance Policy WORKERS COMPENSATION AND EMPLOYERS LIABILITY INSURANCE POLICY QUICK REFERENCE Beginning
More informationTAC RMP Coverage Enhancements Presented by: TAC RMP Risk Management Consultants
TAC RMP Coverage Enhancements Presented by: TAC RMP Risk Management Consultants Mike Strawn Victor Uvalle Robert Ruiz Todd Kisel Agenda Review coverage changes Auto Liability & Physical Damage Coverage
More informationWith property insurance you can buy either actual cash value or replacement cost insurance.
1 of 6 12/9/2010 10:52 PM Introduction to Property Insurance Tips & Considerations Concerning Property Insurance Introduction to Liability Insurance Tips & Considerations Concerning Liability Insurance
More informationEmployment Practices Liability Insurance and Insurance Coverage for Employee Dishonesty
Employment Practices Liability Insurance and Insurance Coverage for Employee Dishonesty Michael Conley, Esq. (267) 216-2707 mconley@andersonkill.com AAPA Port Administration and Legal Issues Seminar Baltimore,
More informationInsuring Innovation. CyberFirst Coverage for Technology Companies
Insuring Innovation. CyberFirst for Technology Companies TECHNOLOGY IS EVERYWHERE. SO ARE THE THREATS. protection that goes well beyond a traditional general liability policy. CyberFirst CyberFirst is
More informationWORKERS CO MPENSATION AND EMPLOYERS LIABILITY INSURANCE POLICY
WORKERS CO MPENSATION AND EMPLOYERS LIABILITY INSURANCE POLICY ABCDEFGHIJ In return for the payment of the premium and subject to all terms of this policy, we agree with you as follows: GENERAL SECTION
More informationWORKERS COMPENSATION AND EMPLOYERS LIABILITY INSURANCE POLICY
WC 00 00 00 A (Ed. 4-92) WORKERS COMPENSATION AND EMPLOYERS LIABILITY INSURANCE POLICY PLEASE READ THE POLICY CAREFULLY. QUICK REFERENCE BEGINNING ON PAGE INFORMATION PAGE GENERAL SECTION... 2 A. The Policy...
More informationWORKERS COMPENSATION AND EMPLOYERS LIABILITY INSURANCE POLICY
WORKERS COMPENSATION AND EMPLOYERS LIABILITY INSURANCE POLICY In return for the payment of the premium and subject to all terms of this policy, we agree with you as follows: General Section A. The Policy
More informationUS Youth Soccer Workshop St. Louis, MO March 3, 2007
Directors & Officers Liability Insurance Q&A Session: Enhancements to make this coverage work for you US Youth Soccer Workshop St. Louis, MO March 3, 2007 Presented by: John Spiotta Bollinger, Inc. Tony
More informationCyber-Technology Policy Comparisons
Cyber-Technology Policy Comparisons ABA Insurance Internet/Electronic Banking Liability Insurance Policy (04/01) January, 2011 Endorsements Topic ACE Computer & Technology Products and Services Professional
More informationTHE 9 THINGS YOU MUST KNOW ABOUT PROPERTY AND GENERAL LIABILITY INSURANCE
BUYING SELLING AND LEASING of INVESTMENT REAL ESTATE THE 9 THINGS YOU MUST KNOW ABOUT PROPERTY AND GENERAL LIABILITY INSURANCE A Special Report Prepared By the HollywoodCommercialRealtor.com Copyright
More informationGALLAGHER CYBER LIABILITY PRACTICE. Tailored Solutions for Cyber Liability and Professional Liability
GALLAGHER CYBER LIABILITY PRACTICE Tailored Solutions for Cyber Liability and Professional Liability Are you exposed to cyber risk? Like nearly every other business, you have probably capitalized on the
More informationWORKERS COMPENSATION GLOSSARY
WORKERS COMPENSATION GLOSSARY ACCIDENT An unplanned and unexpected event which occurs suddenly and at a definite place resulting in injury and/or damage. ACCIDENT FREQUENCY The rate of the occurrence of
More informationTHIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY PRINTERS ERRORS AND OMISSIONS LIABILITY COVERAGE
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY PRINTERS ERRORS AND OMISSIONS LIABILITY COVERAGE This endorsement modifies insurance provided under the following: BUSINESSOWNERS LIABILITY
More informationReview of Directors and Officers Liability Insurance
LEGAL ALERT February 13, 2012 Review of Directors and Officers Liability Insurance On December 1, 2011, we sent the attached memorandum to our clients and friends concerning our recommendation that a review
More informationTHE INVESTMENT INDUSTRY S GUIDE TO INSURANCE COVERAGE AND TERMS
4th Edition THE INVESTMENT INDUSTRY S GUIDE TO INSURANCE COVERAGE AND TERMS A handy, quick-reference source for directors, officers, investment advisors, hedge funds, securities broker/dealers, mutual
More informationGuide to Commercial Insurance
Guide to Commercial Insurance Introduction Operating a successful business today requires knowledge in many different areas, and one of the most important things to consider are the types and amounts of
More informationCCI s Must-Have Insurance Policies for Doctors
CCI s Must-Have Insurance Policies for Doctors As a doctor, you help diagnose and treat injuries or illnesses. By examining patients, assessing their medical histories, prescribing medications, and ordering
More informationCITY COUNTY INSURANCE SERVICES TRUST WORKERS' COMPENSATION COVERAGE AGREEMENT
CITY COUNTY INSURANCE SERVICES TRUST WORKERS' COMPENSATION COVERAGE AGREEMENT Various provisions of this agreement restrict coverage. Read the entire coverage agreement carefully to determine rights, duties,
More informationINDEMNIFICATION AND INSURANCE REQUIREMENTS FOR LOS ANGELES COUNTY SERVICE AGREEMENTS
INDEMNIFICATION AND INSURANCE REQUIREMENTS FOR LOS ANGELES COUNTY SERVICE AGREEMENTS Include Section I and Section II.(A. - F.) in all County service agreements. I. Indemnification: Contractor shall indemnify,
More informationA GUIDE TO PURCHASING LAWYER S PROFESSIONAL LIABILITY INSURANCE IN VIRGINIA
A GUIDE TO PURCHASING LAWYER S PROFESSIONAL LIABILITY INSURANCE IN VIRGINIA Presented By The Virginia State Bar's Special Committee on Lawyer Malpractice Insurance May 2008 The Need For Professional Liability
More informationBrief #09.00. Latest Revision: 01/2011. Business Insurance
Brief #09.00 Latest Revision: 01/2011 Business Insurance Planning and operating a business must include adequate insurance coverage for the individual entrepreneur and/or company providing the product
More informationNo. FA 1.20 Page 1 of 8 Effective Date: 08/31/15. Original Signed by Tom Hooker Executive Director, Governance, Risk, and Compliance
TEXAS STATE TECHNICAL COLLEGE STATEWIDE OPERATING STANDARD No. FA 1.20 Page 1 of 8 Effective Date: 08/31/15 DIVISION: Fiscal Affairs SUBJECT: Insurance AUTHORITY: Minute Order# 63-08 PROPOSED BY: TITLE:
More informationINSURANCE INDUSTRY PROFESSIONAL LIABILITY COVERAGE UNIT THIS IS A CLAIMS MADE POLICY. PLEASE READ CAREFULLY.
INSURANCE INDUSTRY PROFESSIONAL LIABILITY COVERAGE UNIT THIS IS A CLAIMS MADE POLICY. PLEASE READ CAREFULLY. I. INSURING AGREEMENTS A. INSURANCE OPERATIONS COVERAGE. We will pay on behalf of the insured
More informationBusiness Insurance. AKD Consultants Adam Dworkin CPA 188 Whiting Street Suite 10 Hingham, MA 02043 781-556-5554 Adam@AKDConsultants.
AKD Consultants Adam Dworkin CPA 188 Whiting Street Suite 10 Hingham, MA 02043 781-556-5554 Adam@AKDConsultants.com Business Insurance Page 1 of 6, see disclaimer on final page Business Insurance What
More informationAPIP - Cyber Liability Insurance Coverages, Limits, and FAQ
APIP - Cyber Liability Insurance Coverages, Limits, and FAQ The state of Washington purchases property insurance from Alliant Insurance Services through the Alliant Property Insurance Program (APIP). APIP
More informationDATA BREACH COVERAGE
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ THIS CAREFULLY. DATA BREACH COVERAGE SCHEDULE OF COVERAGE LIMITS Coverage Limits of Insurance Data Breach Coverage $50,000 Legal Expense Coverage $5,000
More informationNEW MEXICO SELF-INSURERS' FUND WORKERS' COMPENSATION AND EMPLOYERS' LIABILITY PLAN
NEW MEXICO SELF-INSURERS' FUND WORKERS' COMPENSATION AND EMPLOYERS' LIABILITY PLAN In return for the payment of the premium and subject to all terms of this Policy, we agree with you as follows. GENERAL
More informationCyber and data Policy wording
Please read the schedule to see whether Breach costs, Cyber business interruption, Hacker damage, Cyber extortion, Privacy protection or Media liability are covered by this section. The General terms and
More informationWhat are the main liability policies you should consider for your commercial business?
A PUBLICATION BY: GODFREY MORROW GODFREY INSURANCE MORROW AND INSURANCE FINANCIAL AND SERVICES FINANCIAL LTD. SERVICES LTD. 2012 What are the main liability policies you should consider for your commercial
More informationCyber-insurance: Understanding Your Risks
Cyber-insurance: Understanding Your Risks Cyber-insurance represents a complete paradigm shift. The assessment of real risks becomes a critical part of the analysis. This article will seek to provide some
More informationTHE HIGHEST DEGREE OF PROTECTION FOR PRIVATE EDUCATION. Prepare. Protect. Prevail. With The Hartford ṢM PRIVATE EDUCATION INDUSTRY INSURANCE
THE HIGHEST DEGREE OF PROTECTION FOR PRIVATE EDUCATION. Business Insurance Employee Benefits Auto Home Prepare. Protect. Prevail. With The Hartford ṢM You make decisions every day that require a higher
More informationIDC Member Insurance Program brought to you by LMS PROLINK Ltd.
IDC Member Insurance Program brought to you by LMS PROLINK Ltd. Protecting You and Your Clients LMS PROLINK Ltd. Tel 416.644.7717 480 University Avenue, Toll Free 800.663.6828 Suite 800 Toronto ON Fax
More informationEmployment Practices Liability Insurance
Employment Practices Liability Insurance Claims Scenarios Type of Claim: Federal Lawsuit Cause of Action: Disability, Discrimination/Wrongful Failure to Hire Type of Insured: Marketing Firm Facts: An applicant
More informationVIRGINIA ACTS OF ASSEMBLY -- 2015 SESSION
VIRGINIA ACTS OF ASSEMBLY -- 2015 SESSION CHAPTER 585 An Act to amend and reenact 38.2-2206 of the Code of Virginia and to amend the Code of Virginia by adding in Article 7 of Chapter 3 of Title 8.01 a
More informationUnderstanding Professional Liability Insurance
Understanding Professional Liability Insurance Definition Professional liability is more commonly known as errors & omissions (E&O) and is a form of liability insurance that helps protect professional
More informationPUBLIC ENTITY RISK MANAGEMENT AUTHORITY MEMORANDUM OF WORKERS COMPENSATION AND EMPLOYERS LIABILITY COVERAGE
PUBLIC ENTITY RISK MANAGEMENT AUTHORITY MEMORANDUM OF WORKERS COMPENSATION AND EMPLOYERS LIABILITY COVERAGE FOR THE PERIOD JULY 1, 2015 TO JUNE 30, 2016 EFFECTIVE: JULY 1, 2015 PUBLIC ENTITY RISK MANAGEMENT
More informationCHAPTER 1. Wyoming Workers Compensation. Workers Compensation Programs Benefit Injured Workers and Employers
CHAPTER 1 Wyoming Workers Compensation Workers Compensation Programs Benefit Injured Workers and Employers Injured workers receive medical and lost wage benefits, regardless of fault. Employers receive
More informationTHE STATE OF FLORIDA...
TABLE OF CONTENTS I. THE STATE OF FLORIDA... 2 A. FREQUENTLY CITED FLORIDA STATUTES... 2 1. General Considerations in Insurance Claim Management... 2 2. Insurance Fraud... 5 3. Automobile Insurance...
More informationGlossary of Insurance Terms
From the Insurance Bureau of Canada (IBC) Accident: An event that happens by chance and is not expected in the normal course of events, which results in harm to people, damage to property or equipment,
More informationSo Your Client Wants to be an Additional Insured
So Your Client Wants to be an Additional Insured Insurance provisions are of prominent importance to most clients when negotiating contracts with designers, contractors and other parties working on their
More informationSTOP GAP EMPLOYERS LIABILITY COVERAGE
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY. STOP GAP EMPLOYERS LIABILITY COVERAGE This endorsement modifies insurance provided under the following: COMMERCIAL GENERAL LIABILITY COVERAGE
More informationWEB HOSTING AGREEMENT
WEB HOSTING AGREEMENT This agreement is entered into as of the day of , BETWEEN WHEREAS TOTAL WEBSITE SOLUTIONS INC (hereafter known as Provider ) with its place of business for the
More informationDefense of State Employees: LIABILITY AND LAWSUITS. UNCW Office of General Counsel January 2010
Defense of State Employees: LIABILITY AND LAWSUITS UNCW Office of General Counsel January 2010 COMMON CAUSES OF ACTION (or what could we be sued for) Tort claims Contract claims Discrimination/Harassment
More informationAN EMPLOYER S GUIDE TO WORKERS COMPENSATION IN NEW JERSEY
AN EMPLOYER S GUIDE TO WORKERS COMPENSATION IN NEW JERSEY I. WHAT IS WORKERS COMPENSATION?... 2 II. WORKERS COMPENSATION BENEFITS... 3 III. INSURANCE REQUIREMENTS... 4 Types of Coverage Definition of Employee
More informationCloud Coverage. Authors. Introduction. First-Party Coverage Issues. Cloud Computing Purchasers
Cloud Coverage Transcending the Cloud A Legal Guide to the Risk and Rewards of Cloud Computing Cloud Coverage Authors Richard P. Lewis, Partner rlewis@reedsmith.com Carolyn H. Rosenberg, Partner crosenberg@reedsmith.com
More informationBEST BUY FOR BUSINESS GEEK SQUAD OFFICE SUPPORT PLAN TERMS OF SERVICE 1. ACKNOWLEDGMENT AND ACCEPTANCE OF TERMS OF SERVICE
BEST BUY FOR BUSINESS GEEK SQUAD OFFICE SUPPORT PLAN TERMS OF SERVICE 1. ACKNOWLEDGMENT AND ACCEPTANCE OF TERMS OF SERVICE Thank you for purchasing the Best Buy for Business Geek Squad Office Support Plan
More informationINSURANCE COVERAGE AND TEMPORARY STAFFING
INSURANCE COVERAGE AND TEMPORARY STAFFING Todd M. Raskin, Esq. Amy S. Thomas, Esq. Mazanec, Raskin & Ryder Co. LPA April 2011 In today s economic climate, the last thing any business wants to hear is that
More informationEMPLOYEE BENEFITS LIABILITY COVERAGE FORM
EMPLOYEE BENEFITS LIABILITY COVERAGE FORM THIS FORM PROVIDES CLAIMS MADE COVERAGE. PLEASE READ THE ENTIRE FORM CAREFULLY. Various provisions in this policy restrict coverage. Read the entire policy carefully
More informationEMPLOYMENT-RELATED PRACTICES LIABILITY ENDORSEMENT
POLICY NUMBER: CL CG 04 57 07 09 THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY. EMPLOYMENT-RELATED PRACTICES LIABILITY ENDORSEMENT This endorsement modifies insurance provided under the
More informationEMPLOYMENT PRACTICES LIABILITY INSURANCE SUPPLEMENTAL APPLICATION
EMPLOYMENT PRACTICES LIABILITY INSURANCE SUPPLEMENTAL APPLICATION NOTICES: THE EMPLOYMENT PRACTICES LIABILITY COVERAGE PART/ENDORSEMENT PROVIDES THAT THE LIMIT OF LIABILITY AVAILABLE TO PAY JUDGMENTS OR
More informationCOVERAGE SECTION 3. FIDELITY COVERAGE
COVERAGE SECTION 3. FIDELITY COVERAGE I. EMPLOYEE DISHONESTY COVERAGE - BLANKET The Insurer will pay for loss of, and loss from damage to, Covered Property resulting directly from the Covered Cause of
More informationEMPLOYMENT PRACTICES LIABILITY ENDORSEMENT
ENDORSEMENT NO: This endorsement, effective 12:01 am, policy number forms part of issued to: by: THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY. EMPLOYMENT PRACTICES LIABILITY ENDORSEMENT
More informationISO? ISO? ISO? LTD ISO?
Property NetProtect 360 SM and NetProtect Essential SM Which one is right for your client? Do your clients Use e-mail? Rely on networks, computers and electronic data to conduct business? Browse the Internet
More informationThe Voluntary, Community and Social Enterprise Sector - an insurance guide for individuals and organisations
The Voluntary, Community and Social Enterprise Sector - an insurance guide for individuals and organisations Contents Foreword Introduction 1. Section 1 - Insurance required by law 1.1 Employers liability
More informationQuick Guide to Workers Compensation
Quick Guide to Workers Compensation What Is Workers Compensation Insurance? Workers compensation insurance covers businesses for their statutory and legal obligations for employee expenses that are a direct
More informationProfessional Practice 544
February 15, 2016 Professional Practice 544 Tort Law and Insurance Michael J. Hanahan Schiff Hardin LLP 233 S. Wacker, Ste. 6600 Chicago, IL 60606 312-258-5701 mhanahan@schiffhardin.com Schiff Hardin LLP.
More informationFORM 14 BROKER-DEALER FIDELITY BOND
FORM 14 BROKER-DEALER FIDELITY BOND (State of Colorado) Most broker-dealer firms rely on our Fidelity Bond Program to protect their assets. Here s why: Our Fidelity Bond Program is designed specifically
More informationIntroduction to Directors and Offi cers Liability Insurance
CHAPTER 1 Martin J. O Leary Introduction to Directors and Offi cers Liability Insurance The following is a brief, general overview of coverage afforded under the Directors and Officers Liability Insurance
More informationSMALL COMMERCIAL INSURANCE
SMALL COMMERCIAL INSURANCE Copyright 2015 by The Hartford. All rights reserved. No part of this document may be reproduced, published or posted without the permission of The Hartford. Agenda 1. The Basics:
More informationINFORMATION SECURITY & PRIVACY INSURANCE WITH BREACH RESPONSE SERVICES
INFORMATION SECURITY & PRIVACY INSURANCE WITH BREACH RESPONSE SERVICES NOTICE: INSURING AGREEMENTS I.A., I.C. AND I.D. OF THIS POLICY PROVIDE COVERAGE ON A CLAIMS MADE AND REPORTED BASIS AND APPLY ONLY
More informationFLORIDA PERSONAL INJURY PROTECTION
POLICY NUMBER: COMMERCIAL AUTO CA 22 10 01 08 THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY. FLORIDA PERSONAL INJURY PROTECTION For a covered "auto" licensed or principally garaged in,
More informationWorkers Compensation and Seniors
Chapter 10 Workers Compensation and Seniors Gregory B. Cairns, Esq. Cairns & Associates, P.C. SYNOPSIS 10-1. Workers Compensation 10-2. Benefits Available 10-3. Filing a Workers Compensation Claim 10-4.
More informationRodger J. Boyd, Deputy Assistant Secretary for Native American Programs, PN. Insurance Requirements under the IHBG Program
RECEPIENT GUIDANCE No. 2014-03 (R) March 20, 2014 PROGRAM: Indian Housing Block Grant FOR: FROM: TOPIC: Tribal Government Leaders and Tribally Designated Housing Entities Rodger J. Boyd, Deputy Assistant
More informationReducing Risk. Raising Expectations. CyberRisk and Professional Liability
Reducing Risk. Raising Expectations. CyberRisk and Professional Liability Are you exposed to CyberRisk? Like nearly every other business, you have likely capitalized on the advancements in technology today
More informationIN THE COURT OF COMMON PLEAS OF PHILADELPHIA COUNTY FIRST JUDICIAL DISTRICT OF PENNSYLVANIA CIVIL TRIAL DIVISION
IN THE COURT OF COMMON PLEAS OF PHILADELPHIA COUNTY FIRST JUDICIAL DISTRICT OF PENNSYLVANIA CIVIL TRIAL DIVISION COPLEY ASSOCIATES, LTD., DECEMBER TERM, 2005 Plaintiff, NO. 01332 v. COMMERCE PROGRAM ERIE
More informationWhen the big test comes, will your insurance provider have the right answers?
When the big test comes, will your insurance provider have the right answers? ForeFront Portfolio SM for Not-for-Profit Educational Institutions Five Insurance Solutions for Critical Educational Risks
More informationIndemnity and Insurance Provisions in Commercial Contracts
Survey Says: The Feud Over Insurance and Indemnity Provisions in Business Contracts Indemnity and Insurance Provisions in Commercial Contracts Kenneth M. Gorenberg Stefan R. Dandelles Indemnity and insurance
More informationINFORMATION SECURITY AND PRIVACY INSURANCE WITH ELECTRONIC MEDIA LIABILITY COVERAGE. I. GENERAL INFORMATION Full Name:
INFORMATION SECURITY AND PRIVACY INSURANCE WITH ELECTRONIC MEDIA LIABILITY COVERAGE NOTICE: COVERAGE UNDER THIS POLICY IS PROVIDED ON A CLAIMS MADE AND REPORTED BASIS AND APPLIES ONLY TO CLAIMS FIRST MADE
More informationCarriers support the independent life brokerage agency system. As stated by one major Carrier in its promotional materials for consumers:
CONTRACTS FOR THE INDEPENDENT LIFE BROKERAGE AGENCY By Steven John Fellman, GKG Law Washington, D.C. General Counsel, National Association of Independent Life Brokerage Agencies III. Chapter III: RESPONSIBILITY
More informationManagement liability - Employment practices liability Policy wording
Special definitions for this section Benefits Claim Defence costs The General terms and conditions and the following terms and conditions all apply to this section. Any compensation awarded to an employee
More informationPUBLIC ENTITY POLICY LAW ENFORCEMENT LIABILITY COVERAGE FORM OCCURRENCE COVERAGE
A Stock Insurance Company, herein called the Company PUBLIC ENTITY POLICY LAW ENFORCEMENT LIABILITY COVERAGE FORM OCCURRENCE COVERAGE Various provisions in this policy restrict coverage. Please read the
More informationWorkers Compensation and Jones Act Crew Coverage
Workers Compensation and Jones Act Crew Coverage Issue Due to recent court cases, it has become apparent that it is possible for an injured aquaculture worker to sue their employer in federal court under
More information64th Legislature AN ACT INCREASING MOTOR VEHICLE LIABILITY INSURANCE MINIMUM REQUIREMENTS FOR
64th Legislature HB0375 AN ACT INCREASING MOTOR VEHICLE LIABILITY INSURANCE MINIMUM REQUIREMENTS FOR PROPERTY DAMAGE; AMENDING SECTION 61-6-103, MCA; AND PROVIDING AN APPLICABILITY DATE. BE IT ENACTED
More informationChapter Two Liability Coverage
Chapter Two Liability Coverage How Does a Business Become Liable for Injuries to Others? When we say a business is liable for injuries to others, we mean that they are legally responsible for them. It
More informationCyber Insurance and Your Data Ted Claypoole, Partner, Womble Carlyle and Jack Freund, PhD, InfoSec Mgr, TIAA-CREF
Cyber Insurance and Your Data Ted Claypoole, Partner, Womble Carlyle and Jack Freund, PhD, InfoSec Mgr, TIAA-CREF October 9, 2013 1 Cyber Insurance Why? United States Department of Commerce: Cyber Insurance
More informationTo: Our Valued Clients From: Agency Name Re: Gap Letter
To: Our Valued Clients From: Agency Name Re: Gap Letter From time to time, we mail a notice to our clients (past, current, and potential) called a Gap Letter. The purpose of this letter is to inform you
More informationAFB s My Online Banking Rules
AFB s My Online Banking Rules Rules and Regulations The Bank will make available an online banking system, known as "My Online Banking," which will enable the User to gain direct computer access to account
More informationFrequently Asked Questions Auto Insurance
STATE OF WISCONSIN Frequently Asked Questions Auto Insurance OFFICE OF THE COMMISSIONER OF INSURANCE PI-233 (C 03/2015) The Automobile Insurance Policy (page 1) Wisconsin's Financial Responsibility Law
More informationGUIDELINES FOR PURCHASING INSURANCE ELCA LEADERS
GUIDELINES FOR PURCHASING INSURANCE For ELCA LEADERS Developed By Willis is pleased to provide the following information to help ELCA congregations and synods in evaluating different insurance programs
More informationGENERAL LIABILITY - PUBLIC AND PRODUCTS LIABILITY
GENERAL LIABILITY - The General Terms and Conditions and the following terms and conditions all apply to this section. SPECIAL DEFINITIONS FOR THIS SECTION Bodily injury Defence costs Denial of access
More informationProfessional Indemnity Insurance Specialist Supplier Presentation
Bespoke Ready-Mix insurance Professional Indemnity Insurance Specialist Supplier Presentation EXCLUSIVE FOR MEMBERS OF THE SOUTHERN AFRICAN READY MIX ASSOCIATION ("SARMA") So what is a Professional Indemnity
More informationYour Guide to Purchasing Insurance
Your Guide to Purchasing Insurance Church insurance needs may be broken down into the following six distinct areas: I. Property, II. Liability, III. Crime, IV. Automobile, V. Workers Compensation, & VI.
More information