• 31
  • Oct2018

What is Product Recall Insurance?

Product Recall Insurance is a special form of insurance, typically purchased by manufacturers and distributors to safeguard against the costs associated with withdrawing a defective, dangerous, or contaminated product from the marketplace.  Coverage is underwritten by a handful of insurers who often provide specialized risk control and consulting services as part of their coverage offering. The

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  • 23
  • Oct2018

Understanding Indirect Loss Costs Leads to an Eight-Fold Improvement in Cost Reduction

  Executive Summary:  In this article we focus on understanding indirect loss costs and how they impact a firm’s bottom line.  Indirect loss costs are well established in the Fortune 500 world, but they don’t get much attention in the middle market, which is a shame.  Indirect costs are just as significant (if not more so)

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  • 05
  • Oct2018

When Should A Private Company Consider Purchasing D&O Insurance?

I get this question a lot, from prospects, clients, and centers of influence.  I understand that for a lot of private company owners, D&O may seem like a “nice coverage to have”, but since it’s not mandated by anyone or required by law the purchasing decision gets deferred, sometimes indefinitely!   I get it, insurance isn’t a

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  • 28
  • Sep2018

The Alternate Employer Endorsement

In today’s gig economy, there are numerous forms of employment which can bring challenges to your workers compensation insurance, and worker injury risk.  The Alternate Employer Endorsement is an important risk transfer tool which should be deployed when non-traditional employment arrangements are engaged in.  Here’s why. If you are an employer who employs workers from a

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  • 25
  • Sep2018

The Diagnostic Insurance Review

Last month we had referrals into two “good sized” companies to discuss their insurance programs, and the similarities shared between those accounts makes for a good discussion on the importance of a Diagnostic Insurance Review or second opinion.  ("Good sized" means both had 25 or more employees and over $10M in annual sales.) The Diagnostic Insurance

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  • 21
  • Sep2018

What is a Wrongful Act in a D&O Policy?

Directors and Officers liability (D&O) insurance is a complex coverage form.  There is no “standardized” policy form in the marketplace - every insurer’s form is different from the next, and two policies from the same insurer can differ greatly with the addition of a variety of endorsements.  That’s why when you purchase D&O coverage you need

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  • 20
  • Sep2018

What is Tail Coverage in a Claims-Made Policy?

There are two predominate classes of policies are written on Claims-Made policy forms which often require a discussion of Tail Coverage: Management Liability (D&O, Employment Practice Liability, Fiduciary, Cyber) and; Professional Liability forms (E&O, Malpractices, Lawyers Professional, Accountants Professionals, etc.) Here's the basics of Claims-Made & Tail Coverage: For a claim to be covered in a claims-made

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  • 19
  • Sep2018

Let’s Talk Sales Podcast

I forgot to post this on my own blog, but back in June I had the pleasure of sharing some time with Rebecca Twomey at Criteria for Success' podcast called "Let's Talk Sales". It was the first podcast I had ever participated in and thought it was a lot of fun - if you'd like to

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  • 19
  • Sep2018

What Happens to a D&O Policy in a Merger or Acquisition?

There is certainly a lot of M&A activity happening in all types of industries and professions these days.  For some firms, merging or being acquired, or being the acquirer is a growth strategy – to get to the next level, for some it’s a survival strategy – with margins squeezed, consolidation helps preserve a livelihood.   One

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  • 17
  • Sep2018

NY Workers Compensation – Employee or Independent Contractor?

We have written about the topic of properly classifying employees in the past, but there is continued crack down by regulatory authorities and insurers about classifying workers properly with regard to NY workers compensation. Under the New York Workers Compensation Board Rules most workers are classified as employees for rating and coverage purposes unless they are

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