This document discusses insurance coverage for claims arising from the Madoff investment scandal. It notes that many businesses and their directors and officers may receive claims for investor losses related to investments with Bernard Madoff. It recommends that any business with dealings connected to Madoff promptly review applicable insurance policies like directors and officers liability and errors and omissions policies to understand coverage. It also provides examples of claims that may be covered, such as those against directors and officers, hedge funds that invested clients' money with Madoff, and accounting firms that audited feeder funds. It advises businesses to submit insurance claims promptly, be aware of reporting deadlines, and notify insurers of any claims or potential claims.
There are numerous reasons to have directors and officers insurance but before that, you need to know coverage policy and how you will get the cover. To know all these things, go through this presentation.
This form of insurance is fundamentally important for any firm providing consultancy or professional services. Do you receive the right advice and support from your broker? If not contact me to benefit from over 25 years experience in this specialist area.
To Fund or Not to Fund: Non-Qualified Deferred Compensation Plans – Funding O...Fulcrum Partners LLC
Part 2 of 2 in an in-depth look at the Fundamentals of
Nonqualified Deferred Compensation.
MARKET TREND: As individuals continue to struggle with
saving enough for retirement, employer-sponsored retirement
plans remain at the forefront of planning discussions.
SYNOPSIS: Non-qualified deferred compensation (“NQDC”)
plans are a promise by the sponsoring employer to pay part of
an executive’s compensation to the executive at a later date
(e.g., upon retirement or other termination of employment). In
Part 1 of this series (see WRM No. 17-41), we discussed the tax
and ERISA [Employee Retirement Income Security Act of 1974 —
inserted for clarity] rules fundamentals of the two main types of
NQDC plans: (1) defined contribution and (2) defined benefit.
Part 2 reviews a sponsoring employer’s funding options and
financial accounting considerations when implementing a NQDC
plan.
Professional Indemnity Insurance provides cover to professionals when their advice leads to a financial loss or burden - and the client decides to sue for compensation.
(http://optimuminsurance.com.au/Blog/tabid/158/ArticleID/6/The-benefits-of-engaging-an-insurance-broker.aspx) - We ask you to consider the following which should help you make a better informed decision:
(http://goarticles.com/article/Travel-Insurance-for-Seniors/7997087/) - There are so many Travel Insurance Products available online nowadays, however, not all are suitable for senior travellers.
DID YOU KNOW??
Today, the insurance industry in Malaysia offers more than just financial protection; there’re also great job opportunities for you.
Whatever careers you choose in this industry; you’ll enter an industry that offers great career development and growth through training and education.This is great place to start!!
View what career opportunities offered to talented people in the Malaysian insurance industry today.
You can also explore various other careers in insurance, the next question is only – when? The future’s bright. The future starts today!
Take on the adventures now! Go and enjoy the South Africa Safari that brings an enormous amount of exhilaration. At Kanyezi, we offer incredible tour offers.
There are numerous reasons to have directors and officers insurance but before that, you need to know coverage policy and how you will get the cover. To know all these things, go through this presentation.
This form of insurance is fundamentally important for any firm providing consultancy or professional services. Do you receive the right advice and support from your broker? If not contact me to benefit from over 25 years experience in this specialist area.
To Fund or Not to Fund: Non-Qualified Deferred Compensation Plans – Funding O...Fulcrum Partners LLC
Part 2 of 2 in an in-depth look at the Fundamentals of
Nonqualified Deferred Compensation.
MARKET TREND: As individuals continue to struggle with
saving enough for retirement, employer-sponsored retirement
plans remain at the forefront of planning discussions.
SYNOPSIS: Non-qualified deferred compensation (“NQDC”)
plans are a promise by the sponsoring employer to pay part of
an executive’s compensation to the executive at a later date
(e.g., upon retirement or other termination of employment). In
Part 1 of this series (see WRM No. 17-41), we discussed the tax
and ERISA [Employee Retirement Income Security Act of 1974 —
inserted for clarity] rules fundamentals of the two main types of
NQDC plans: (1) defined contribution and (2) defined benefit.
Part 2 reviews a sponsoring employer’s funding options and
financial accounting considerations when implementing a NQDC
plan.
Professional Indemnity Insurance provides cover to professionals when their advice leads to a financial loss or burden - and the client decides to sue for compensation.
(http://optimuminsurance.com.au/Blog/tabid/158/ArticleID/6/The-benefits-of-engaging-an-insurance-broker.aspx) - We ask you to consider the following which should help you make a better informed decision:
(http://goarticles.com/article/Travel-Insurance-for-Seniors/7997087/) - There are so many Travel Insurance Products available online nowadays, however, not all are suitable for senior travellers.
DID YOU KNOW??
Today, the insurance industry in Malaysia offers more than just financial protection; there’re also great job opportunities for you.
Whatever careers you choose in this industry; you’ll enter an industry that offers great career development and growth through training and education.This is great place to start!!
View what career opportunities offered to talented people in the Malaysian insurance industry today.
You can also explore various other careers in insurance, the next question is only – when? The future’s bright. The future starts today!
Take on the adventures now! Go and enjoy the South Africa Safari that brings an enormous amount of exhilaration. At Kanyezi, we offer incredible tour offers.
Intercompany transfers of services and noncurrent assets part 1Arthik Davianti
The slides cover the topic of inter-company transfers of services and non-current assets. This topic is part of Advanced Financial Accounting course for third year accounting students. The slides are adopted from Baker, Christensen and Cottrell's (2011) Advanced Financial Accounting book and slides. There are two parts for this topic and this upload is the first one, which covers non-depreciable asset. The slides also discuss down stream and up stream transfer of non-current assets.
SAP Configuration Guide for Functional Modules (Based on IDES)sapdocs. info
Based on IDES, this configuration guide provides steps for functional modules of SAP like FI, MM and SD.
http://sapdocs.info/sap/sd-related-topics/sap-configuration-guide-for-functional-modules-based-on-ides/
If your business has a corporate board or advisory
committee, you should consider protecting your assets with
D & O insurance. Many people think that only publicly traded
companies require D & O Insurance. In fact, public, private,
and even non-profit organization can face D & O litigation
risks.
Directors and officers liability insurance policiesOptimuminsurance
(http://optimuminsurance.com.au/ProductsServices/ProfessionalRisksInsurance/DirectorsOfficersLiabilityInsurance.aspx) - Directors and Officers Liability Insurance provides protection for the personal assets of directors and officers by providing indemnity for loss arising from a claim as a result of a 'wrongful act' committed by them in the course of conducting their business.
Trade Credit Insurance White Paper December 2008jlebendig
Get our most recent white paper...An Overview of Trade Credit Insurance here. Great reading, insightful and it will answer more of your questions. Don\'t have credit insurance yet? What are you waiting for? Contact me to discuss your options for protecting your company.
D&O Insurance - Become a Knowledgeable BuyerCraig Tappel
When serving as a board member for a corporation or non-profit, question the Management Liability policy limits and the coverage. They must be sufficient to protect both the entity and your personal assets.
FiNsure 360 Insurance For Start Up Investment Advisors/Financial Institutionsldag32
A guide to both required and elective lines of insurance and risk management products for start-up Investment Advisors, Hedge & Private Equity Funds
Protecting and Transferring Wealth With Captive Insuranceindmew
Potentially reduce business tax, personal tax, and inheritance tax using a captive insurance company. Family owned businesses can also increase asset protection and increase money passed to future generations.
1. Insurance Coverage & Recovery Practice Group
Page 1 of 2
January 6, 2009
Insurance Coverage for Claims Arising Out of
The Madoff Investment Scandal
We are sending this client alert because many businesses and their
directors and officers are just now receiving (or may in the near
future receive) notice of claims and/or circumstances suggesting the
likelihood of claims against them for investor losses incurred in
connection with investments in funds run by Bernard L. Madoff
(Madoff). Any business that had direct or indirect business dealings
with Madoff would be wise to promptly assess the extent of the
protection afforded by its liability insurance program and, in
particular, its directors and officers liability and errors and
omissions liability insurance policies, and may want to consider
speaking with coverage counsel to avoid potential pitfalls in
pursuing insurance claims.
Among the many types of claims arising out of the Madoff scandal
that may be covered by insurance are:
Claims against directors and officers of business and
institutions that invested with Madoff.
Claims against hedge funds, outside brokerages, and
investment advisers that invested their clients’ funds with
Madoff.
Claims against accounting firms that performed audits on
feeder funds that invested their clients’ funds with Madoff.
It is important for businesses to evaluate and submit insurance
claims promptly and to keep the following recommendations in
mind in order to maximize insurance recovery:
Locate all potentially applicable insurance policies and
review coverages with an insurance coverage lawyer.
Be familiar with cut-off dates in “claims made” insurance
policies. In most states, failure to give notice prior to the
For more information, contact:
Martin M. McNerney
(202) 626-5447
mmcnerney@kslaw.com
John H. Fontham
(202) 626-5543
jfontham@kslaw.com
King & Spalding
Washington, DC
1700 Pennsylvania Avenue, NW
Washington, DC 20006-4706
Tel: (202) 737-0500
Fax: (202) 626-3737
www.kslaw.com
2. Insurance Coverage & Recovery Practice Group
Page 2 of 2
end of the reporting period specified in a claims made policy may be an absolute defense to
coverage. For programs that renew around the beginning of the year, cut-off dates likely are fast
approaching.
Be aware that “claims” are not limited to lawsuits. Insurers will argue that the notice obligation can
be triggered by receipt of a written demand or even a request to toll or waive the statute of
limitations. In the same way, insurance policies may cover not only the costs to defend and resolve
lawsuits, but also the costs to respond to governmental subpoenas or investigations.
Be aware that seemingly obscure claims can later mushroom into significant claims. Don’t put off
notifying your insurance carrier simply because you think a claim presents minimal damages
exposure or can be defeated on the merits.
We work closely with our clients and their risk managers to handle directors and officers and professional
liability insurance claims and have helped many businesses and financial institutions collect from their
insurers for losses arising from these types of claims.
King & Spalding is an international law firm with more than 880 lawyers in Abu Dhabi, Atlanta, Austin, Charlotte, Dubai, Frankfurt, Houston, London, New
York, Riyadh (affiliated office), San Francisco, Silicon Valley and Washington, D.C. The firm represents half of the Fortune 100 and in Corporate Counsel surveys
consistently has been among the top firms representing Fortune 250 companies. For additional information, visit www.kslaw.com.
This alert provides a general summary of recent legal developments. It is not intended to be and should not be relied upon as legal advice.