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Reading and Understanding a Corporate Insurance Policy

presented by Lorman Education Services
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Reading and Understanding a Corporate Insurance Policy

Workshop Description/Agenda

Gain insight into how to understand your companys insurance policies and provide guidance regarding the key coverages available to businesses. In an era where natural and manmade disasters and accidents are common place and frequently involve liability associated with property damage, injury involving the use of social media and big data, the increased targeting of individual directors and officers, and the growing costs associated with defending and resolving lawsuits, it is imperative for business leaders and owners to be acutely aware of their companys insurance program. A wellmanaged and thoughtfully procured insurance program commonly provides a defense from a lawsuit where there is potential coverage, provides indemnity for any covered claim, settlement or judgment, and provides coverage for property damage or business interruptions caused by natural disasters. This topic will cover the most common forms of first and third party insurance available for businesses, including property coverage, commercial general liability insurance (CGL), directors and officers liability (DO), errors and omissions liability (EO), cyberliability, employment practices liability (EPLI) and fidelity bondcrime coverage. It will explain the core principles of insurance law that you should be mindful of when reading your policy that will inform your negotiation of the terms and conditions of the policy and understanding of the risks covered by the policy. The topic will conclude with an indepth discussion of how to read and understand your corporate insurance policy, including the most significant terms and conditions, and will emphasize how different areas of the policy may change depending on the type of coverage and risks at issue.

Leading Types of Corporate Insurance Coverage • First Party Insurance – Property, Builder's Risk • Third Party Insurance – Director andOfficers – Commercial General Liability – Errors and Omissions – Employment Practices Liability – Cyber Liability – Fidelity Bond/Crime Coverage • Primary vs. Excess Insurance • Additional Insured Rights Insurance Principles to Remember When Reading and Understanding Your Policy • Grants of Coverage vs. Limitations • Contra Proferentum Understanding Your Corporate Insurance Policy • Understanding the Declarations Page: Term, Policy Period, Limits, and Deductible/Retention • The Insuring Agreement: Claims Made vs. Occurrence-Based Coverage • The Defense Obligation • Common Exclusions • Key Terms and Conditions: Notice, Cooperation, Consent and Settlement The Power of Endorsements

Bradley H. Dlatt with Perkins Coie LLP, and Kevin B. Dreher with Reed Smith LLP

AIPB ,CLE (Please check the Detailed Credit Information page for states that have already been approved) ,CPE ,Additional credit may be available upon request.

Who Should Attend

This live webinar is designed for presidents, vice presidents, directors, business owners and managers.

Additional Information

Training Provider: Lorman Education Services

Course Topics: Business Skills Training > People Management

Training Course Summary: Reading and Understanding a Corporate Insurance Policy

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