Search Results for: claims made

How to Buy Directors’ and Officers’ Insurance — For-Profit Edition

Introduction In my insurance consulting work, I'm often asked about directors’ and officers’ insurance, a.k.a. D&O. There is, in many ways, an air of mystery around this kind of policy. Let's get rid of that! First, D&O insurance is protection against a breach of "duty" by the directors and officers. D&O pays for actual or alleged … [Read more...]

Executive Risk/Directors’ and Officers’ Insurance

The directors’ and officers’ insurance policy (D&O) was originally designed to protect the directors and officers from allegations of mismanagement and bad decisions. Over the last twenty years, the policy has evolved to include a wide range of exposures, from fiduciary and entity coverage to employment practices liability insurance. It is … [Read more...]

How to Buy Employment Practices Liability Insurance

IntroductionConsider these events:-An employee claims to have been harassed by a supervisor and threatens to sue.-A customer service clerk who is discharged for chronic performance deficiencies claims age discrimination.-An unsuccessful job applicant alleges racial discrimination.-An employee claims that her supervisor ignored her reports of sexual … [Read more...]

Property Claims Help

The most common bank insurance claim is damage to buildings or business property. Vandals paint graffiti on the side of one of your branch offices. A customer’s vehicle hits the overhang on your drive-up window. An electrical circuit overheats, causing a fire at your administrative center. A windstorm damages the roof of your main … [Read more...]

Workers’ Compensation Claims Help

The workers’ compensation claims process is largely determined by state law. Your insurance company will have forms and procedures to follow to report new incidents. Most have phone or Internet reporting systems. Frankly, the biggest problem I have with my bank clients and workers’ compensation is that you don’t have enough claims to get used to … [Read more...]

Insurance Terms

Accident: An event or occurrence that is unforeseen and unintended. Actual Cash Value: Property insurance valuation method. The replacement cost of property damaged or destroyed at the time of loss, less depreciation. ACV: Actual Cash Value ADA: Americans with Disabilities Act Additional Insured: A person or organization that meets the … [Read more...]

Unique Issues of Claims-Made Policies

Before we get into the directors’ and officers’ policy (D&O) or the employment practices liability policy, let’s review the components of claims-made insurance. Most casualty insurance policies (general liability, automobile, workers’ compensation) pay for events that occur during the policy period. For example, an auto insurance policy will … [Read more...]

What’s Claims Made Liability Insurance

NY State requires the following disclosure on claims made insurance policies - Not a bad description of the issues: In consideration of the premium charged: 1  This is a "claims-made" policy which means, generally, that coverage applies under this policy for only those claims first made against the Insured during the policy period. 2  This … [Read more...]

D&O and Employment Practices Claims Help

We all know when we have had an auto accident. A fire is a clear indication of a property claim. But when do you report a claim under your directors’ and officers’ or employment practices insurance policies? What is a Claim? Here are the definitions of a claim under one insurer’s contract: “Claim” means a director and officer claim, an … [Read more...]

Bank Insurance – Directors’ and Officers’ Insurance

There are no standard D&O insurance policies. Coverage provided varies widely by insurer. Each policy and proposal of coverage must be reviewed and analyzed carefully to determine the best offering based upon the needs of the financial institution. Summary of Coverage Bank directors' and officers' have a fiduciary responsibility to … [Read more...]