Then review the survey of your choice for more points to review.
We provide you with quality information so that when you have a risk management need, you can discuss that need with knowledge. We work with you to create the an insurance program to protect what you most value. When you work with our agency, you get much more than just insurance coverage. You get instant availability to risk management. We provide a variety of products designed to protect your assets, as well as the expertise to design these products to your individual needs.
Introducing Contract Litigation Insurance
CLI insures litigants from the risk of having to pay their adversary’s attorneys’ fees pursuant to a prevailing party provision in a contract or state statute if unsuccessful. Currently underwritten by Zurich, the coverage is entirely new to the U.S. marketplace and the only one of its kind currently available. All businesses or individuals in any industry who are involved in a breach of contract dispute where a prevailing party provision exists in the contract or state statute are eligible.
Many businesses and individuals enter into a contractual agreement for services (“x” for exchange for “y”). Within these contracts, a “prevailing party provision” typically exists. The provision states “should a suit arise out of this contract, the losing party of the suit is required to pay the attorney fees of the winning (or prevailing) party.” Many states have even made the provision law whether or not noted in the contract.
Plaintiffs or defendants may purchase CLI to cover the cost of their adversary’s attorney fees should a summary judgment or trial determine their adversary to be the prevailing party in the lawsuit. Not only does CLI reduce litigants’ financial exposure, it also helps provide more budgeting certainty and increases settlement negotiation power by knowing that their adversary’s attorney fees are covered should the litigant be unsuccessful in the suit.
Click here to learn more about CLI and how it can provide coverage to your clients ONCE LITIGATION HAS COMMENCED.
The Need for Private Company Directors and Officers Liability
Many private company clients probably think they don't need Directors and Officers Insurance. Their objections may even sound fairly reasonable; they are small or they don't have the same exposure as a public company. The fact is private companies face litigation from many different fronts including: shareholders, competitors, customers, suppliers, vendors, banks and other creditors, as well as governmental and regulatory agencies.
4 Things Your Private Company Should Consider
Even though private companies likely do not trade in a public offering, they do have investors who expect to make money on their investment. If those shareholders lose money, they could seek recourse.
Private company directors and officers are usually a lot more involved when it comes to the day-to-day business than their public counterparts, so their decisions are more likely to be called into question.
Private company directors and officers often have a significant amount of their personal wealth tied to the company and D&O insurance can protect the personal assets of the director or officer, his or her spouse's personal assets and the assets of their estate.
Investigations by government and regulatory agencies can generate enormous defense costs – even if no wrongdoing is found. And when wrongdoing is found, settlement values are often severe.
You would probably agree that the most important responsibility of risk professionals is to assure that the policies they put in place for their clients or employers provide coverage adequate to insure their customers' or companies' risks. Yet, gaps still occur -- all too frequently.
Given this fact, it would seem that a list of the top 10 or so coverage gaps or deficiencies for each line of insurance would be a useful tool for making certain that such gaps are avoided.
Here are a few common gaps and deficiencies that might be placed on such a list:
Failure to insure property to value or to arrange agreed amount coverage;
Failure to provide coverage for flood or earthquake even though property is exposed to the peril(s) ; Nonconcurrent policy periods for primary and umbrella liability policies;
Providing no coverage for employment practices or fiduciary liability exposures;
Failure to provide personal hired and nonowned auto liability ("drive other car") coverage for an
executive (or salesperson) who is provided a company car;
Failure to provide additional insured status on a liability policy as required by contract;
Failure to properly cover tail liability exposures in a claims-made liability program;
In the workers compensation policy, failure to schedule all states in which the insured operates.
Fleet Daddy - click the link to the left for information or the Power Point link below for the latest information for fleet management and cost containment tools.
Executive & Professional Liability Recent Data Breaches in the News Wyndham Hotels (02/26/2010) - Hackers steal guest names, credit card numbers, expiration dates and other data from cards' magnetic stripe Open Door Clinic (02/26/2010) - Spreadsheet containing patient information, including Social Security numbers, addresses, telephone numbers exposed on file sharing network Coastal Community Credit Union (02/25/2010) - Dozens of customers debit and credit card numbers, with expiry dates improperly discarded TennCare (02/19/2010) - Mailing error exposes 3900 Social Security numbers to be sent to incorrect addresses Valdosta State University (02/18/2010) - Social Security numbers of up to 170,000 students and faculty exposed on breached server Cardiology Consultants, Inc. (02/17/2010) - Stolen laptop contained 8,000 patients names, dates of birth, and medical record numbers Dairy Queen Corp (02/16/2010) - Point of sale terminal hacked, unknown number of customers card numbers stolen
Please contact us to discuss our Cyber (Privacy and Network Security) Liability solutions.
Pay as you Go Workers Compensation Insurance
This unique program was developed to serve the high risk industries with specialized insurance coverage. A simple solution to the timeless high risk worker’s compensation dilemma - our clients will enjoy flexible, pay-as-you-go workers compensation coverage on an “per pay period” basis.
Call us today to hear more about our program options and this program can benefit your company.
Bob Turner Agency, Inc.
Bob Turner - Risk Management Consultant 406 S Boulder, Suite 600
