While the Directors and Officers (D&O) insurance market for Initial Public Offerings (IPO) and Special Purpose Acquisition Companies (SPAC) remains challenging in both pricing and capacity, the overall market predictions for public and private D&O insurance are cautiously optimistic as we head into the second and third quarters of 2022. The D&O market remains in a holding pattern with 5% to 10%… Read More »D&O Policy Pricing
The disruption to business and everyday life caused by the coronavirus (COVID-19) pandemic is resulting in an economic impact for every business. With hourly announcements from health agencies calling for social distancing, school closings, business restrictions, and event cancellations, current news reports indicate the crisis will get worse before it gets better. Much of this disruption is likely not covered by insurance.
The two most asked questions we’ve received over the past two weeks have been:
– Where can I buy coverage for the COVID-19 viral pandemic?
– Does my insurance have coverage under my current policy?
We have consulted with specialists across the Property, Casualty and Professional Lines sectors and offer the following COVID-19 update. Please note this is not an interpretation of any policy language and we recommend that you inquire with counsel for specific interpretation and advice on your particular insurance policy.Read More »Coronavirus – Does Your Insurance Cover You?
Non-profits file D&O claims twice as much as for-profits. Learn more about this growing risk and D&O coverage specifically designed to meet the needs of non-profits.
Why D&O Policies are Vital for Non-Profit Organizations
Running one of the 1.5 million non-profit organizations in the United States is a fulfilling and meaningful experience. It also brings significant risks and loss exposures. Every year, non-profit leaders are exposed to Directors and Officers (D&O) claims made against them and the organizations they manage.
With D&O lawsuits on the rise, more and more non-profit organizations are turning to insurance solutions and obtaining Directors and Officers Liability coverage as part of a Management Liability policy.
At Paperless Insurance Services, we have an extensive background in providing coverage for non-profits.
Understanding Management Liability Insurance
One click is all it takes to order goods, exchange payment, and have the items shipped and delivered to a doorstep within hours.
But what happens when that one click is not used to facilitate commerce but rather used to intentionally or even accidentally disrupt a network? When one click releases a malicious code causing an assembly line to come to a screeching halt? When one click transfers millions of dollars to a fraudulent account? When one click by a rogue employee disseminates the contents of personal files to the public? In these instances, who is ultimately responsible?
In recent cases, fingers have pointed directly at the board of directors. Since 2013, several shareholder derivative suits have been filed following network security breaches. Defendants have included Home Depot, Horizon Blue Cross Blue Shield, Target, Wyndham, and Wendy’s. Technology is changing at a rapid pace, and it is clear that consumers and shareholders have high expectations for businesses and those who run them.
Allegations in these network security cases have included breach of fiduciary duty, negligence, breach of implied contract, and violation of various state and federal statutes. Interestingly, most of the aforementioned cases have been dismissed (or settled) – apart from Wendy’s, which is still in its early stages. These dismissals are showing that the plaintiffs are having difficulty: (1) proving corporate mismanagement as a direct cause of harm from a data breach, and (2) showing actual compensatory injuries as a direct result of the breach. Courts have been dismissing cases in which actual damages have not been proven.Read More »Cyber Liability and D&O
Insured vs. Insured Exclusion Directors’ and Officers’ Liability Insurance (“D&O”) policies are, according to most carriers who underwrite the coverage, primarily intended to protect senior managers against claims brought by third parties (including investors) who allege they’ve suffered harm as a result of the way the company is being run. Thus, carriers believe, it’s perfectly logical – and even necessary… Read More »How to Soften the Insured vs. Insured Exclusion in Your D&O Policy
Your priceless collections and exhibits are what pull visitors through your doors. But keeping those visitors safe – as well as your employees, volunteers, building and reputation – is what keeps those doors open. Travelers has years of experience working with museums and cultural institutions. We understand your industry. We can help you with your insurance needs – from protecting your fine art collections, to covering your property risks to providing general liability coverage to workers compensation.
We offer Museums and Cultural Institutions customized product and service offerings. Our Inland Marine division is a Fine Art market leader that provides flexible solutions for your unique needs:
- Local underwriting presence with fine art expertise
- Broad, worldwide coverage at current market value
- Coverage for exhibitions, loans and items while in transit
- High capacity for high-value collections
- On-site risk control consultations to help enhance facility and collection management
- Dedicated fine art claim team committed to proper claim handling for unique valuable objects
- Access to our Special Investigations Group who focuses on theft prevention and recovery of stolen property
Menorahs and Christmas trees light up Main Streets across America during the holidays, but there are risks associated with these decorations. Risk management professionals and insurance agents can help business owners understand how to keep their stores festive yet hazard free during the holidays.
The holidays usually bring several things to a small business – more foot traffic, celebratory decorations and additional staff to help with boosted sales. However, with added customers and distractions, slips and trips are never far away. So when getting into the holiday spirit, you should make safety a priority.Read More »Preparing your business for potential holiday hazards
When working in the real world, businesses can face real world problems.
A U.S.-based church group was stranded in a Haiti crisis zone. Our service provider sent a security detail to escort the group to the Dominican Republic, where they were repatriated safely to the U.S. within 24 hours of the call.
How can we help?
Our international package policy can provide executive assistance services with an optional Natural Disaster Relocation and Repatriation coverage enhancement to assist your employees in their time of need.
Coverage for barber and beauticians professional liability is automatically included for your “employees” under the commercial general liability coverage form. We have the ability to provide professional liability coverage for barbers and beauticians that are independent contractors – this optional coverage is available for $25 per independent operator under the Additional Insured-Independent Operators form -CG T567 (11-03).
The form does require each operator be scheduled. For additional information, contact us via email or call 877-239-0067
Today’s complex economic, regulatory and legal climate leaves little margin for error in running a business. Do you have the necessary comprehensive insurance protection needed to defend against all of the exposures you can face running a business in this environment? Paperless Insurance Services in partnership with A+ rated Hartford Insurance Company is excited to introduce Private Choice OvationSM (Ovation), a new and… Read More »Private Choice Ovation – Comprehensive Insurance Protection