It is likely that most of your commercial accounts have some form of benefit program for their employees and that you are used to adding Employee Benefit Liability Insurance routinely to the General Liability coverage. What about this coverage called Fiduciary Liability? Do you know the differences between the two and when your insured needs one or the other or both? Come to class and find out.
Marjorie Segale, Director of Education for the Insurance Community. Marjorie brings several decades of insurance experience, from producer, agency owner, educator and consultant.
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
Directors and officers (D&O) liability insurance protects directors and officers from legal liabilities arising from their managerial duties. Some key risks include regulatory investigations, shareholder lawsuits, and employment claims. Successful claims can cost millions in legal fees and damages. It is important for companies to carefully consider their D&O coverage needs, key policy terms and exclusions, and ongoing risks from mergers or director retirements. Purchasing adequate D&O insurance can help protect personal assets and support good corporate governance.
Insurance is a promise of compensation for potential future losses in exchange for periodic payments. It protects against financial risks from unexpected or contingent losses. Insurers make money through underwriting risks and collecting premiums, which they invest. When claims are made, adjusters work to settle claims according to the terms of policies. Globally, insurance premiums totaled $4.3 trillion in 2008, with Europe as the largest market. The insurance industry has expanded globally but also faces criticism as sometimes engaging in rent-seeking behaviors.
25 Questions to ask your D & O carrierJeff Otteson
This document discusses important questions that bank directors and officers should ask their Director's and Officer's Liability insurance carrier to ensure they have proper coverage. It lists 25 questions in key areas like policy definitions, limits, prior acts coverage, notice requirements, defense coverage, and exclusions. The document stresses the importance of bank leaders understanding the protections provided by their D&O policy, as their personal assets could be at risk. It recommends reviewing coverage with the board every 2-4 years.
This document discusses key insurance coverages for entrepreneurial companies including property, product liability, cyber risk, intellectual property infringement, and international risks. It also outlines common risks that keep CFOs awake including financial, human capital, intellectual capital, operational risks, regulatory risks, and credit risks. The document then discusses building scalable insurance programs and the importance of management liability insurance including directors and officers liability, employment practices liability, fiduciary liability, and ERISA bonds. It concludes with an overview of privacy and cyber risks and coverages.
Pandemic Risk Insurance Act - Make AvailableJasonSchupp1
Centers for Better Insurance analyzes key regulatory issues facing the insurance industry. This document summarizes concerns around the Pandemic Risk Insurance Act (PRIA) and how it would treat different policyholders unequally. Regular policyholders would see little direct benefit from PRIA, as standard business interruption policies require property damage to trigger coverage. However, large corporations could write their own pandemic policies without needing to prove property damage, potentially receiving large payouts with few restrictions.
This document outlines regulations for micro-insurance in India. It defines key terms related to micro-insurance and sets rules for micro-insurance agents, products, and operations. Micro-insurance aims to provide affordable coverage to low-income families through smaller premiums and policies tailored to their needs. The regulations allow insurers to offer both life and general micro-insurance products and distribute them through micro-finance institutions and self-help groups in addition to agents. Insurers must provide training to micro-insurance agents and adhere to limits on agent commissions.
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
Directors and officers (D&O) liability insurance protects directors and officers from legal liabilities arising from their managerial duties. Some key risks include regulatory investigations, shareholder lawsuits, and employment claims. Successful claims can cost millions in legal fees and damages. It is important for companies to carefully consider their D&O coverage needs, key policy terms and exclusions, and ongoing risks from mergers or director retirements. Purchasing adequate D&O insurance can help protect personal assets and support good corporate governance.
Insurance is a promise of compensation for potential future losses in exchange for periodic payments. It protects against financial risks from unexpected or contingent losses. Insurers make money through underwriting risks and collecting premiums, which they invest. When claims are made, adjusters work to settle claims according to the terms of policies. Globally, insurance premiums totaled $4.3 trillion in 2008, with Europe as the largest market. The insurance industry has expanded globally but also faces criticism as sometimes engaging in rent-seeking behaviors.
25 Questions to ask your D & O carrierJeff Otteson
This document discusses important questions that bank directors and officers should ask their Director's and Officer's Liability insurance carrier to ensure they have proper coverage. It lists 25 questions in key areas like policy definitions, limits, prior acts coverage, notice requirements, defense coverage, and exclusions. The document stresses the importance of bank leaders understanding the protections provided by their D&O policy, as their personal assets could be at risk. It recommends reviewing coverage with the board every 2-4 years.
This document discusses key insurance coverages for entrepreneurial companies including property, product liability, cyber risk, intellectual property infringement, and international risks. It also outlines common risks that keep CFOs awake including financial, human capital, intellectual capital, operational risks, regulatory risks, and credit risks. The document then discusses building scalable insurance programs and the importance of management liability insurance including directors and officers liability, employment practices liability, fiduciary liability, and ERISA bonds. It concludes with an overview of privacy and cyber risks and coverages.
Pandemic Risk Insurance Act - Make AvailableJasonSchupp1
Centers for Better Insurance analyzes key regulatory issues facing the insurance industry. This document summarizes concerns around the Pandemic Risk Insurance Act (PRIA) and how it would treat different policyholders unequally. Regular policyholders would see little direct benefit from PRIA, as standard business interruption policies require property damage to trigger coverage. However, large corporations could write their own pandemic policies without needing to prove property damage, potentially receiving large payouts with few restrictions.
This document outlines regulations for micro-insurance in India. It defines key terms related to micro-insurance and sets rules for micro-insurance agents, products, and operations. Micro-insurance aims to provide affordable coverage to low-income families through smaller premiums and policies tailored to their needs. The regulations allow insurers to offer both life and general micro-insurance products and distribute them through micro-finance institutions and self-help groups in addition to agents. Insurers must provide training to micro-insurance agents and adhere to limits on agent commissions.
- Small and large businesses are increasingly forming "profit center captives" as a way to profit from risk by selling insurance products like warranties to their customers.
- Large companies like Verizon and Walmart have been successfully selling insurance products to customers for years, realizing new profits. These small insurance programs within larger companies are called "profit center captives".
- Profit center captives allow companies to take on third-party risks from customers or other external parties, converting those premiums paid into new revenue streams and profits for the company. They provide benefits like strengthening customer relationships and diversifying revenue.
Diminishing limit policies, which count defense costs against the policy's liability limit, create challenges for insurers, defense counsel, and policyholders. They require insurers to carefully handle claims to avoid exhausting limits and expose them to bad faith claims. Defense counsel may face conflicts of interest as their duty is to the policyholder but costs hurt limits. Policyholders need frequent updates on remaining limits as multiple claims could exhaust aggregate coverage. Insurance agents must ensure clients understand these risks when purchasing diminishing limit policies.
This document discusses micro-insurance practices and prospects in India. It defines micro-insurance and outlines fundamental insurance principles. It describes various micro-insurance product types including loan-linked insurance, health insurance, and long-term insurance. It discusses the micro-insurance supply chain and regulatory framework in India. It also analyzes trends in the Indian micro-insurance industry, including the growing use of bancassurance and savings-linked products. The document concludes by suggesting ways that MicroSave could provide technical assistance and research to further develop the micro-insurance sector.
This document summarizes a research paper on microinsurance in India. It begins by defining microinsurance as insurance for low-income individuals involving modest premiums and benefits. It then discusses the development of microinsurance in India, noting that some programs were started by NGOs and more have emerged due to microfinance activity and regulations requiring insurance companies to serve rural and social sectors. Key points covered include IRDA's 2005 microinsurance regulations, the definition of rural and social sectors, and insurance companies' strategies of partnering with civil society organizations to reach the poor. Supply of microinsurance products is also summarized, finding that most cover life or accident risks with limited health coverage and contract durations of 3-20 years.
The document discusses micro-insurance practices and prospects in India. It introduces micro-insurance and describes common product types like loan-linked insurance, health insurance, and long-term insurance. It also examines the micro-insurance supply chain and popular distribution channels in India like MFIs, NGOs/CBOs, and government programs. Loan-linked life insurance dominates the Indian micro-insurance market.
The document provides an overview of risk and insurance, including:
- The size and performance of the global insurance industry, with world insurance premiums totaling $4.6 trillion in 2012.
- Definitions of insurance, risk, and risk management, as well as the main types of insurance like property, liability, life, health, and disability.
- Key concepts in insurance like risk pooling and the requisites of an insurable risk.
- Brief descriptions of the major types of insurance and related topics like health insurance history, typical health plans, social security, workers' compensation, and financial planning.
This document provides a summary of insurance options for small business owners. It discusses the Business Owner's Policy (BOP), which combines property and liability coverage into one package. The BOP covers buildings, equipment, inventory, and liability for injuries on the business premises or from products. It also describes required auto and worker's compensation coverage in Wisconsin as well as optional policies for health insurance, flood insurance, and umbrella liability insurance that provides additional protection. The document aims to help small business owners understand their insurance needs.
The document provides an overview of the MinistryFirst insurance program, which offers property and liability insurance tailored to the unique risks faced by churches and ministries. Key coverages include property protection for buildings and equipment from perils like fire, wind damage, and falling objects. Liability protection covers legal obligations from injuries or damages caused during ministry activities. The program also includes many optional endorsements to customize coverage, such as for equipment breakdown, privacy violations, worldwide activities, and disaster relief work.
The attached analysis untangles the criteria for triggering Civil Authority Coverage and compares them to COVID-19 orders directed at non-essential businesses. It then measures business income and extra expense coverage against the terms of the new Payroll Protection Program.
This document provides an overview of various types of commercial insurance policies and concepts, including:
- Commercial Package Policies that bundle various coverage parts like general liability, property, and business income.
- The distinction between first-party insurance that pays the policyholder, and third-party insurance that pays others.
- The importance of reading the policy (RTFP) to understand what is and isn't covered, including any sub-limits or exclusions.
- Differences between excess policies, umbrellas, towers of coverage, and how policies may follow-form or have standalone terms.
- Concepts of self-insurance, large deductible plans, captives, reinsurance, fronting
Micro insurance in Indian perspective (By Ashish Sartape)Ashish Sartape
- 90% of Indians lack insurance coverage, highlighting the importance of microinsurance.
- Microinsurance began in India in the 19th century and was nationalized in 1956 before being liberalized in the 1990s.
- Microinsurance is defined as low-cost insurance for low-income individuals and covers products like health, life, crops and livestock.
- Major providers of microinsurance in India include LIC, ICICI Prudential and HDFC Standard.
CBI Comments on FATF Implementation of Corporate Transparency ActJasonSchupp1
Despite the IRS designation of certain captive arrangements in its “Dirty Dozen” of tax fraudsters and an increasingly intense IRS campaign scrutinizing alleged financial abuses by these entities, Treasury's Financial Crimes Enforcement Network (FinCEN) does nothing to close or otherwise control the massive loophole in U.S. financial crime defenses created by an exemption of captive insurance companies from the Corporate Transparency Act.
1) Microinsurance in India has grown rapidly in recent years but over 90% of the population remains uninsured. Key developments include the 2005 microinsurance regulation by IRDA and growth of government schemes like RSBY.
2) Life insurance, especially credit-life, dominates the microinsurance sector in India. New products like Max Vijay are emerging but savings-linked microinsurance remains underdeveloped. Health and crop insurance have also grown but face challenges around implementation and basis risk.
3) Innovations include index-based crop insurance partnerships and programs to expand micro-pensions to informal sectors. However, most microinsurance remains supply-driven and seeks subsidies over designing sustainable customer-centric products. Strategic perspectives and
The document discusses various alternative risk financing strategies such as captive insurance, outlining key factors to consider when selecting a strategy, how captives are formed and structured, regulatory requirements for different captive types, and the multi-step process for establishing a captive insurance company.
Paycheck Protection rogram v Pandemic Risk Insurance ActJasonSchupp1
Now that the Paycheck Protection Program (PPP) has taken form and policymakers begin exploring whether the Terrorism Risk Insurance Act (TRIA) could serve as a model going forward, it is useful to compare the PPP with a hypothetical Pandemic Risk Protection Act (PRIA).
The financing of a future pandemic risk program is the easy part to think through. The only ones with enough money to fund the economy during another COVID-19 scale lockdown are those who can print it. Any private funding within a pandemic risk program would be on the margins at most.
The more interesting questions for such a program are:
What benefits should be available to impacted businesses?
Which businesses should be entitled to claim those benefits?
Who has the infrastructural capabilities to deliver the necessary scale of benefits?
Neither the PPP model nor the PRIA model has good answers to all three questions. However, by comparing these approaches we can begin to see the outlines of what a viable program would look like. The attached is an effort to advance that conversation.
The document outlines strategies for captive insurance for high net-worth clients, including an overview of captive insurance structures and domiciles. It discusses pure captives, group captives, rent-a-captives and protected cell captives. Key considerations for captive insurance include tax strategies under IRS revenue rulings and using captives for estate planning.
Legal Concepts Of Liability Insurance 2010Annette Ardler
THis course addresses liability insurance and the legal concepts associated with it. During the course, students will gain an understanding of the following concepts: Four Types of Exposures: Test for Negligence; Defense and Conditions for Negligence; Duty to Defend; Claims Settlement and Payments by Policy Structure
This document provides an overview of life insurance and SBI Life Insurance Company. It discusses the role and importance of life insurance, including as an investment, risk cover, tax planning, financial planning, and for economic development. It then provides details about SBI Life Insurance, which is a joint venture between State Bank of India and Cardif SA. SBI Life aims to offer a comprehensive range of life insurance and pension products at competitive prices with high customer satisfaction. It leverages SBI's large banking network for distribution. The document outlines SBI Life's mission and growth plans to become a leading life insurer in India.
- Insurance companies provide insurance policies to policyholders in exchange for premium payments. The policies are legally binding contracts where the insurance company agrees to pay specified sums if future events occur, such as death or an accident.
- Insurance companies accept the risk from policyholders in exchange for premiums. They determine which applications to accept and how much to charge through underwriting. Premiums provide stable revenue while payments to policyholders are the major expense.
- There are various types of insurance like life, health, property & casualty, liability, and investment-oriented products. Insurance companies combine these types of insurance in different ways and are regulated at the state level in the US.
This document discusses different types of insurance providers classified as either private insurers or government insurers. Private insurers include stock insurers, mutual insurers, assessment mutual insurers, reciprocal insurers, Lloyd's of London, reinsurers, risk retention groups, fraternal benefit societies, home service insurers, and service insurers like HMOs and PPOs. Government insurers include programs like Social Security, Medicaid, and workers' compensation. It provides details on the characteristics and structures of these different private insurance organizations.
This document summarizes the key principles regarding an insurer's duty to defend under Texas law. It discusses the "eight corners rule" whereby a court analyzes the duty to defend based solely on comparing the allegations in the underlying complaint and the language of the insurance policy. It notes that recent Texas Supreme Court cases have addressed exceptions to the eight corners rule and other issues like when the duty to defend is triggered. The document provides an overview of the burden of proof in duty to defend cases and discusses that facts outside the eight corners are generally not considered.
Presentation regarding the duty to defend under an insurance policy in Texas. Presented at Lorman Education Services seminar - Update on Insurance Issues in Texas (April 2008)
- Small and large businesses are increasingly forming "profit center captives" as a way to profit from risk by selling insurance products like warranties to their customers.
- Large companies like Verizon and Walmart have been successfully selling insurance products to customers for years, realizing new profits. These small insurance programs within larger companies are called "profit center captives".
- Profit center captives allow companies to take on third-party risks from customers or other external parties, converting those premiums paid into new revenue streams and profits for the company. They provide benefits like strengthening customer relationships and diversifying revenue.
Diminishing limit policies, which count defense costs against the policy's liability limit, create challenges for insurers, defense counsel, and policyholders. They require insurers to carefully handle claims to avoid exhausting limits and expose them to bad faith claims. Defense counsel may face conflicts of interest as their duty is to the policyholder but costs hurt limits. Policyholders need frequent updates on remaining limits as multiple claims could exhaust aggregate coverage. Insurance agents must ensure clients understand these risks when purchasing diminishing limit policies.
This document discusses micro-insurance practices and prospects in India. It defines micro-insurance and outlines fundamental insurance principles. It describes various micro-insurance product types including loan-linked insurance, health insurance, and long-term insurance. It discusses the micro-insurance supply chain and regulatory framework in India. It also analyzes trends in the Indian micro-insurance industry, including the growing use of bancassurance and savings-linked products. The document concludes by suggesting ways that MicroSave could provide technical assistance and research to further develop the micro-insurance sector.
This document summarizes a research paper on microinsurance in India. It begins by defining microinsurance as insurance for low-income individuals involving modest premiums and benefits. It then discusses the development of microinsurance in India, noting that some programs were started by NGOs and more have emerged due to microfinance activity and regulations requiring insurance companies to serve rural and social sectors. Key points covered include IRDA's 2005 microinsurance regulations, the definition of rural and social sectors, and insurance companies' strategies of partnering with civil society organizations to reach the poor. Supply of microinsurance products is also summarized, finding that most cover life or accident risks with limited health coverage and contract durations of 3-20 years.
The document discusses micro-insurance practices and prospects in India. It introduces micro-insurance and describes common product types like loan-linked insurance, health insurance, and long-term insurance. It also examines the micro-insurance supply chain and popular distribution channels in India like MFIs, NGOs/CBOs, and government programs. Loan-linked life insurance dominates the Indian micro-insurance market.
The document provides an overview of risk and insurance, including:
- The size and performance of the global insurance industry, with world insurance premiums totaling $4.6 trillion in 2012.
- Definitions of insurance, risk, and risk management, as well as the main types of insurance like property, liability, life, health, and disability.
- Key concepts in insurance like risk pooling and the requisites of an insurable risk.
- Brief descriptions of the major types of insurance and related topics like health insurance history, typical health plans, social security, workers' compensation, and financial planning.
This document provides a summary of insurance options for small business owners. It discusses the Business Owner's Policy (BOP), which combines property and liability coverage into one package. The BOP covers buildings, equipment, inventory, and liability for injuries on the business premises or from products. It also describes required auto and worker's compensation coverage in Wisconsin as well as optional policies for health insurance, flood insurance, and umbrella liability insurance that provides additional protection. The document aims to help small business owners understand their insurance needs.
The document provides an overview of the MinistryFirst insurance program, which offers property and liability insurance tailored to the unique risks faced by churches and ministries. Key coverages include property protection for buildings and equipment from perils like fire, wind damage, and falling objects. Liability protection covers legal obligations from injuries or damages caused during ministry activities. The program also includes many optional endorsements to customize coverage, such as for equipment breakdown, privacy violations, worldwide activities, and disaster relief work.
The attached analysis untangles the criteria for triggering Civil Authority Coverage and compares them to COVID-19 orders directed at non-essential businesses. It then measures business income and extra expense coverage against the terms of the new Payroll Protection Program.
This document provides an overview of various types of commercial insurance policies and concepts, including:
- Commercial Package Policies that bundle various coverage parts like general liability, property, and business income.
- The distinction between first-party insurance that pays the policyholder, and third-party insurance that pays others.
- The importance of reading the policy (RTFP) to understand what is and isn't covered, including any sub-limits or exclusions.
- Differences between excess policies, umbrellas, towers of coverage, and how policies may follow-form or have standalone terms.
- Concepts of self-insurance, large deductible plans, captives, reinsurance, fronting
Micro insurance in Indian perspective (By Ashish Sartape)Ashish Sartape
- 90% of Indians lack insurance coverage, highlighting the importance of microinsurance.
- Microinsurance began in India in the 19th century and was nationalized in 1956 before being liberalized in the 1990s.
- Microinsurance is defined as low-cost insurance for low-income individuals and covers products like health, life, crops and livestock.
- Major providers of microinsurance in India include LIC, ICICI Prudential and HDFC Standard.
CBI Comments on FATF Implementation of Corporate Transparency ActJasonSchupp1
Despite the IRS designation of certain captive arrangements in its “Dirty Dozen” of tax fraudsters and an increasingly intense IRS campaign scrutinizing alleged financial abuses by these entities, Treasury's Financial Crimes Enforcement Network (FinCEN) does nothing to close or otherwise control the massive loophole in U.S. financial crime defenses created by an exemption of captive insurance companies from the Corporate Transparency Act.
1) Microinsurance in India has grown rapidly in recent years but over 90% of the population remains uninsured. Key developments include the 2005 microinsurance regulation by IRDA and growth of government schemes like RSBY.
2) Life insurance, especially credit-life, dominates the microinsurance sector in India. New products like Max Vijay are emerging but savings-linked microinsurance remains underdeveloped. Health and crop insurance have also grown but face challenges around implementation and basis risk.
3) Innovations include index-based crop insurance partnerships and programs to expand micro-pensions to informal sectors. However, most microinsurance remains supply-driven and seeks subsidies over designing sustainable customer-centric products. Strategic perspectives and
The document discusses various alternative risk financing strategies such as captive insurance, outlining key factors to consider when selecting a strategy, how captives are formed and structured, regulatory requirements for different captive types, and the multi-step process for establishing a captive insurance company.
Paycheck Protection rogram v Pandemic Risk Insurance ActJasonSchupp1
Now that the Paycheck Protection Program (PPP) has taken form and policymakers begin exploring whether the Terrorism Risk Insurance Act (TRIA) could serve as a model going forward, it is useful to compare the PPP with a hypothetical Pandemic Risk Protection Act (PRIA).
The financing of a future pandemic risk program is the easy part to think through. The only ones with enough money to fund the economy during another COVID-19 scale lockdown are those who can print it. Any private funding within a pandemic risk program would be on the margins at most.
The more interesting questions for such a program are:
What benefits should be available to impacted businesses?
Which businesses should be entitled to claim those benefits?
Who has the infrastructural capabilities to deliver the necessary scale of benefits?
Neither the PPP model nor the PRIA model has good answers to all three questions. However, by comparing these approaches we can begin to see the outlines of what a viable program would look like. The attached is an effort to advance that conversation.
The document outlines strategies for captive insurance for high net-worth clients, including an overview of captive insurance structures and domiciles. It discusses pure captives, group captives, rent-a-captives and protected cell captives. Key considerations for captive insurance include tax strategies under IRS revenue rulings and using captives for estate planning.
Legal Concepts Of Liability Insurance 2010Annette Ardler
THis course addresses liability insurance and the legal concepts associated with it. During the course, students will gain an understanding of the following concepts: Four Types of Exposures: Test for Negligence; Defense and Conditions for Negligence; Duty to Defend; Claims Settlement and Payments by Policy Structure
This document provides an overview of life insurance and SBI Life Insurance Company. It discusses the role and importance of life insurance, including as an investment, risk cover, tax planning, financial planning, and for economic development. It then provides details about SBI Life Insurance, which is a joint venture between State Bank of India and Cardif SA. SBI Life aims to offer a comprehensive range of life insurance and pension products at competitive prices with high customer satisfaction. It leverages SBI's large banking network for distribution. The document outlines SBI Life's mission and growth plans to become a leading life insurer in India.
- Insurance companies provide insurance policies to policyholders in exchange for premium payments. The policies are legally binding contracts where the insurance company agrees to pay specified sums if future events occur, such as death or an accident.
- Insurance companies accept the risk from policyholders in exchange for premiums. They determine which applications to accept and how much to charge through underwriting. Premiums provide stable revenue while payments to policyholders are the major expense.
- There are various types of insurance like life, health, property & casualty, liability, and investment-oriented products. Insurance companies combine these types of insurance in different ways and are regulated at the state level in the US.
This document discusses different types of insurance providers classified as either private insurers or government insurers. Private insurers include stock insurers, mutual insurers, assessment mutual insurers, reciprocal insurers, Lloyd's of London, reinsurers, risk retention groups, fraternal benefit societies, home service insurers, and service insurers like HMOs and PPOs. Government insurers include programs like Social Security, Medicaid, and workers' compensation. It provides details on the characteristics and structures of these different private insurance organizations.
This document summarizes the key principles regarding an insurer's duty to defend under Texas law. It discusses the "eight corners rule" whereby a court analyzes the duty to defend based solely on comparing the allegations in the underlying complaint and the language of the insurance policy. It notes that recent Texas Supreme Court cases have addressed exceptions to the eight corners rule and other issues like when the duty to defend is triggered. The document provides an overview of the burden of proof in duty to defend cases and discusses that facts outside the eight corners are generally not considered.
Presentation regarding the duty to defend under an insurance policy in Texas. Presented at Lorman Education Services seminar - Update on Insurance Issues in Texas (April 2008)
The document discusses a case between Borden Inc. and Sons of Thunder (SOT). Borden and SOT had a 5-year contract for Borden to purchase clams from SOT. Borden cancelled the contract after 90 days notice as allowed, but SOT alleged this was in bad faith. The document discusses precedent from a 1917 case and terms like good faith, consideration, and commercial reasonableness. It concludes Borden did not act honestly or reasonably in cancelling the contract.
This 8-page document is a proposal form for personal injury insurance. It requests information from the applicant about their claim, legal representatives, opponent, funding arrangements, costs estimates, and documents being provided. The applicant and their legal representative must sign and date the form. Important notices state that full and accurate information must be provided, AmTrust will rely on the information to assess the application, and any changes require notification. Data protection and declaration sections are also included.
The document discusses issues related to bad faith claims in insurance coverage. It covers identifying bad faith torts and damages, negotiation and settlement techniques, current legislation impacting insurance defense, litigating insurance claims, and avoiding bad faith claims. The topics are presented in sections with questions and answers to follow each section.
The document introduces the concept of insurance by defining it as a way to share risks and losses among a group of people. It discusses key insurance terms like risk, peril, hazard, contracts, premiums and rates. The main functions of insurance are explained as spreading risk among many individuals, providing security, enabling credit, and preventing losses. Different types of insurance like personal, commercial and special risks are also briefly introduced.
This document discusses the increasing problem of insurance fraud and how claims handlers can identify and manage fraudulent claims. It notes that fraud has risen significantly in recent years due to economic conditions creating more opportunities for fraud. The document advocates adopting a strategic, top-down approach to fraud management that involves identifying fraud risks, investigating suspicious claims, and regularly updating fraud indicators based on emerging fraud trends.
ATPI Doctoral Dissertation Defense of Laura A. Pasquini
Department of Learning Technologies, College of Information
University of North Texas
June 12, 2014
The document summarizes the Public Liability Insurance Act of 1991 in India. Some key points:
- The Act makes owners of businesses handling hazardous substances liable to provide relief to people injured or property damaged by accidents caused during the handling of these substances.
- Owners are required to take out insurance policies to cover this liability and must renew them periodically. The minimum insurance amount is based on the business's paid-up capital.
- When accidents occur, the local Collector verifies them and invites claims from affected parties. Claims must be filed within 5 years. The Collector determines awards after hearings and the insurer must deposit the awarded amount within 30 days.
- Failure to deposit results in recovery of the amount from
Cyber Liability - Insurance Risk Management and PreparationEric Reehl
See how Adaptive Solutions is delivering leading cyber risk management solutions through its strategic alliance with Willis Towers Watson and Darklight Technologies.
Chapter 7 Wage and Salary AdministrationEli Santos
The document provides 5 reasons why employees stay at their jobs: 1) Pride in their organization, 2) A compatible supervisor they enjoy working for, 3) Fair compensation and opportunities to learn and grow, 4) Affiliation with colleagues they respect, and 5) Meaningful work that aligns with their interests. It also lists 5 reasons why employees may quit, such as unreasonable workload demands, lack of raises or promotions, not allowing employees input or pride in their work, and constant reorganizations.
Wage and salary administration in hotel industryanubhuti anup
The document provides information on wage and salary administration practices in major hotel chains in India, including Taj Hotels, ITC Hotels, Oberoi Hotels, and Sarovar Hotels. It discusses factors that influence wage structure, job evaluation methods, salary structures for different roles, annual increments, benefits provided, and challenges faced in wage administration. The key aspects covered are salary breakups, incentives, annual appraisals, working hours and leave policies across these hotel chains.
Property & Liability insurance involves the equitable transfer of risk, where many policyholders share the financial losses of a few through premium contributions. P&L insurance company investments total around $789 billion, with most assets invested in securities to pay claims if needed. Net premiums written for all lines were around $300 billion. P&L policies are short-term, and claims payments can vary greatly depending on catastrophes. Various rating systems like schedule, experience and retrospective ratings adjust premiums based on risk factors of individual policies.
The document discusses risk management in insurance, covering various topics such as the field of insurance, types of insurers, and channels of distribution. It describes how insurance can be divided into personal or property coverage, provided by government or private entities, and taken voluntarily or involuntarily. It also outlines some major life insurance, general insurance, and reinsurance companies in Malaysia.
The document discusses globalization and multinational corporations. It describes how globalization is driven by market, cost, government, and competitive factors. It also outlines the size and growth of multinational corporations, their diversity in terms of business models, locations, and organizational structures. The benefits and challenges of multinational investment for both host countries and corporations are presented.
The document discusses risk and return in investments. It defines key concepts such as realized and expected return, ex-ante and ex-post returns, sources and measurements of risk including standard deviation and coefficient of variation. It also discusses the risk-return tradeoff and how higher risk investments require higher potential returns to compensate for additional risk.
The concept of WPM is a broad and complex one. Depending on the socio-political environment and
cultural conditions, the scope and contents of participation change.
International Institute of Labour Studies: WPM is the participation resulting from the practices
which increase the scope for employees’ share of influence in decision-making at different tiers of
organizational hierarchy with concomitant (related) assumption of responsibility.
ILO: Workers’ participation, may broadly be taken to cover all terms of association of workers and
their representatives with the decision-making process, ranging from exchange of information, consultations, decisions and negotiations, to more institutionalized forms such as the presence of workers’ member on management or supervisory boards or even management by workers themselves (as practiced in Yugoslavia).
The main implications of workers’ participation in management as summarized by ILO:
• Workers have ideas which can be useful;
• Workers may work more intelligently if they are informed about the reasons for and the
intention of decisions that are taken in a participative atmosphere
This document discusses employee grievances and grievance procedures. It defines an employee grievance as dissatisfaction with expectations from a company or management. Grievances can arise from poor working conditions, violation of rules/laws, or unfair treatment. Effective grievance procedures allow issues to be addressed at the lowest level first through open door policies or step-ladder procedures involving multiple levels of escalation. Key aspects of a good procedure include simplicity, time bounds, and participation of employee representatives.
Ceo, Director and Officer Liabilities and the Risks of Being SuedKaufman & Canoles
This document discusses various types of liabilities and risks that CEOs, directors, and officers of organizations may face. It covers their basic roles and responsibilities, including standards of conduct around good faith, reasonable belief, and acting in the best interests of the organization. It also discusses defenses like the business judgment rule. The document notes increasing risks from regulations, litigation, cyber threats, and other influences. It provides examples of management liability insurance options and coverage types that can help protect personal assets from lawsuits.
Chapter 22_Insurance Companies and Pension FundsRusman Mukhlis
This document summarizes key topics related to insurance companies and pension funds. It discusses the fundamentals of insurance, types of insurance like life and health insurance, and how insurance companies are organized and regulated. It also covers the different types of pension plans like defined benefit and defined contribution, and how pension plans are regulated in the US by acts like ERISA.
This document discusses trends in fiduciary liability insurance for employee benefit plans. It notes that standard policies now provide expanded coverage, including for pre-claim investigations, settlor functions, voluntary compliance programs, and risks from new legislation. Plans should evaluate if their current coverage is sufficient given these changes.
This document provides an overview of reinsurance. It defines reinsurance as a transaction where one insurance company agrees to indemnify another for part or all of the losses incurred under the policies it has issued. The key purposes of reinsurance are risk transfer and spreading, increasing capacity and stability. Reinsurance can be bought by various entities including insurance companies, Lloyd's syndicates, and captives. It also describes the main types of reinsurance as facultative and treaty, as well as proportional and non-proportional methods. Examples are given to illustrate quota share and excess of loss structures.
General Insurance-Laws and Contract, GIC-Health Insurance-Types, and Features. Fire insurance Contracts and Types, Marine Insurance and Policies, Motor Vehicles Insurance.
Insurance considerations, perils and pitfallswalescva
This document discusses insurance considerations for community organizations taking over management or ownership of community assets from local authorities. It outlines 4 options for transferring management or ownership and the different insurance responsibilities that would apply under each. It then discusses the principal insurance risks to consider, including buildings, contents, business interruption, public and employers' liability, abuse coverage, and management liability. It emphasizes the importance of understanding insurance responsibilities based on the transfer agreement and having appropriate coverage for all operational and governance risks.
ERISA requires fidelity bonds to protect retirement plans from losses due to fraud or theft. An ERISA fidelity bond insures the plan, not individuals, and covers losses from dishonest acts by those handling plan funds. Only fiduciaries handling funds need bonding; the amount is 10% of handled funds up to $1 million. Plans can use assets to pay for bonds, which do not diminish fiduciaries' obligations to the plan. Fiduciary liability insurance differs in protecting fiduciaries from breaches of duty.
The document proposes a financial guarantee program for commercial and mixed-use real estate mortgages in Pennsylvania, whereby a borrower can obtain a mortgage for 100% of a property's value by purchasing a guarantee at around 3% of the purchase price to cover the down payment, allowing lenders to make loans with only their usual 60-80% risk while stimulating the real estate market.
The document discusses Errors & Omissions / Directors & Officers Liability Insurance for hedge funds. It covers what the policy insures (claims from investors, regulators for negligent acts), who is insured (investment manager, individuals, funds), the policy structure (declarations, forms, parts covering investment manager E&O, D&O, fund E&O/D&O), and key details like claims-made structure, prior acts coverage, limits, retentions, defense process, exclusions and underwriting factors.
The document discusses issues with the 401(k) system and potential solutions. It notes that traditional pensions are disappearing, leaving 401(k) plans as the main retirement vehicle. However, 401(k)s have major flaws like high fees and participants' inability to invest well on their own. Congress is looking to improve 401(k) outcomes through new laws. The article argues for a fiduciary standard where registered investment advisors provide low-cost portfolio management for 401(k) participants.
This document outlines 25 reasons to own life insurance through a qualified retirement plan. Some key benefits include using pre-tax dollars to pay premiums, avoiding taxes on death benefits, and using life insurance as an investment within a balanced retirement portfolio. Life insurance can also be used to fund buy-sell agreements for business owners or provide benefits to spouses and heirs in the event of premature death.
Pandemic Heroes Compensation Act - Overview and Key RisksJasonSchupp1
The Pandemic Heroes Compensation Act (HR 6909) as introduced on May 15 draws heavily from the framework established for the September 11th Victims Compensation Fund. The main objective of the program is to efficiently deliver no-fault compensation to essential workers and their family members who have contracted COVID-19. This presentation provides an overview of the proposal and identifies key risks.
Professional Indemnity insurance protects professionals and organizations from financial losses resulting from claims made by third parties due to negligent acts, errors or omissions. It covers damages, settlements and defense costs. Key components of a PI policy include coverage for the firm arising from professional duties, claims made basis, limits of indemnity, and exclusions. Common professions that purchase PI include accountants, lawyers, consultants, engineers and medical professionals. Underwriting considers factors like revenues, claims history, staff experience and largest contracts to determine risk profile and premium.
On May 26, Representative Carolyn Maloney of New York introduced the Pandemic Risk Insurance Act of 2020 (HR 7011).
This proposal draws on the basic framework developed for the Terrorism Risk Insurance Act of 2002. Although nearly two decades old, that program has never actually paid a claim. Accordingly, many of its design features remain (thankfully) untested.
This document discusses the advantages of self-funding employee health insurance plans. Some key advantages include reduced costs from avoiding insurance risk charges and state premium taxes, flexibility to customize benefits to the needs of the company, and improved cash flow by not pre-paying for coverage and holding reserves in interest-bearing accounts. The greatest advantage is complete freedom to structure benefits as the employer chooses. Self-funding also exempts employers from state insurance laws and mandates.
November 2017 Reprint - Actively Manage Your Risk with a Captive Insurance Co...CBIZ, Inc.
Captive insurance companies allow companies to insure and manage their own risks. They provide benefits for commercial real estate companies who deal with risks like workers compensation, general liability, floods, and loss of rents. Captive insurance structures include pure/single parent captives, group captives, and micro-captives. Micro-captives in particular provide tax benefits and flexibility for smaller companies. While captives provide advantages like tailored coverage and tax benefits, they also involve additional costs and regulatory requirements. Commercial real estate companies should evaluate whether a captive insurance company fits with their risk management strategy.
The document discusses various aspects of insurance companies, including their key operations. It begins by describing how insurance companies handled claims from the 2005 Mumbai floods. It then discusses the main operations of insurance companies, including rate making, underwriting, production (sales), claims settlement, reinsurance, and investments. Insurance companies collect premiums, pay claims, and invest premiums to earn income. They distribute policies through agents or direct selling. Reinsurance allows risks to be shared between insurers.
In this presentation we will deal with Insurance organizations, their operational structure, insurer’s function and key business terms used in this sector.
To know more about Welingkar School’s Distance Learning Program and courses offered, visit:
http://www.welingkaronline.org/distance-learning/online-mba.html
Financial Guarantee 1[1] Music [Recovered] 5 01 09BPANGEL13
The document proposes a financial guarantee program for commercial and mixed-use real estate mortgages in Pennsylvania. It would provide down payment guarantees through surety bonds or policies, allowing borrowers to obtain full financing from lenders rather than pay a large down payment themselves. The program would benefit borrowers by avoiding draining their cash, lenders by enabling full loans with minimal added risk, insurers through premiums, and the state via increased real estate transactions stimulating the economy.
Similar to Fiduciary Liability & EBL - They are not the same (20)
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
The Rise and Fall of Ponzi Schemes in America.pptxDiana Rose
Ponzi schemes, a notorious form of financial fraud, have plagued America’s investment landscape for decades. Named after Charles Ponzi, who orchestrated one of the most infamous schemes in the early 20th century, these fraudulent operations promise high returns with little or no risk, only to collapse and leave investors with significant losses. This article explores the nature of Ponzi schemes, notable cases in American history, their impact on victims, and measures to prevent falling prey to such scams.
Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
1. Bernie Madoff: Perhaps the most notorious Ponzi scheme in recent history, Bernie Madoff’s fraud involved $65 billion. Madoff, a well-respected figure in the financial industry, promised steady, high returns through a secretive investment strategy. His scheme lasted for decades before collapsing in 2008, devastating thousands of investors, including individuals, charities, and institutional clients.
2. Allen Stanford: Through his company, Stanford Financial Group, Allen Stanford orchestrated a $7 billion Ponzi scheme, luring investors with fraudulent certificates of deposit issued by his offshore bank. Stanford promised high returns and lavish lifestyle benefits to his investors, which ultimately led to a 110-year prison sentence for the financier in 2012.
3. Tom Petters: In a scheme that lasted more than a decade, Tom Petters ran a $3.65 billion Ponzi scheme, using his company, Petters Group Worldwide. He claimed to buy and sell consumer electronics, but in reality, he used new investments to pay off old debts and fund his extravagant lifestyle. Petters was convicted in 2009 and sentenced to 50 years in prison.
4. Eric Dalius and Saivian: Eric Dalius, a prominent figure behind Saivian, a cashback program promising high returns, is under scrutiny for allegedly orchestrating a Ponzi scheme. Saivian enticed investors with promises of up to 20% cash back on everyday purchases. However, investigations suggest that the returns were paid using new investments rather than legitimate profits. The collapse of Saivian l
Madhya Pradesh, the "Heart of India," boasts a rich tapestry of culture and heritage, from ancient dynasties to modern developments. Explore its land records, historical landmarks, and vibrant traditions. From agricultural expanses to urban growth, Madhya Pradesh offers a unique blend of the ancient and modern.
New Visa Rules for Tourists and Students in Thailand | Amit Kakkar Easy VisaAmit Kakkar
Discover essential details about Thailand's recent visa policy changes, tailored for tourists and students. Amit Kakkar Easy Visa provides a comprehensive overview of new requirements, application processes, and tips to ensure a smooth transition for all travelers.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Confirmation of Payee (CoP) is a vital security measure adopted by financial institutions and payment service providers. Its core purpose is to confirm that the recipient’s name matches the information provided by the sender during a banking transaction, ensuring that funds are transferred to the correct payment account.
Confirmation of Payee was built to tackle the increasing numbers of APP Fraud and in the landscape of UK banking, the spectre of APP fraud looms large. In 2022, over £1.2 billion was stolen by fraudsters through authorised and unauthorised fraud, equivalent to more than £2,300 every minute. This statistic emphasises the urgent need for robust security measures like CoP. While over £1.2 billion was stolen through fraud in 2022, there was an eight per cent reduction compared to 2021 which highlights the positive outcomes obtained from the implementation of Confirmation of Payee. The number of fraud cases across the UK also decreased by four per cent to nearly three million cases during the same period; latest statistics from UK Finance.
In essence, Confirmation of Payee plays a pivotal role in digital banking, guaranteeing the flawless execution of banking transactions. It stands as a guardian against fraud and misallocation, demonstrating the commitment of financial institutions to safeguard their clients’ assets. The next time you engage in a banking transaction, remember the invaluable role of CoP in ensuring the security of your financial interests.
For more details, you can visit https://technoxander.com.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Dr. Alyce Su Cover Story - China's Investment Leadermsthrill
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
The Impact of Generative AI and 4th Industrial RevolutionPaolo Maresca
This infographic explores the transformative power of Generative AI, a key driver of the 4th Industrial Revolution. Discover how Generative AI is revolutionizing industries, accelerating innovation, and shaping the future of work.
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
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3. Presents Monthly Webinars Free to
Community Members.
Community webinars are archived on the
Community homepage under the right hand
tab titled: Webinar Archive
www.InsuranceCommunityUniversity.com
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4. In addition the community has unique
business networking opportunities.
Enjoy the Weekly Newsletter on a specific
topic with a tip of the week; claim; quiz flash
and articles
www.InsuranceCommunityUniversity.com
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5. One Flat Fee per Office includes
Monthly webinars approved for CE in California
for a total of 28 hours
Test and Learn
Audio Presentations on insurance topics
Checklists
Power point presentations for client and/or peer
training
www.InsuranceCommunityUniversity.com
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6. Marjorie L.
Segale, AFIS, CISC, RPLU, CIC, CRIS, ACSR
, CISR
Insurance Community Center, LLC
6 Director of Education
10. No obligation to provide benefits
When provided, must do so within the law
Most employers today provide some form of benefits
• Group health insurance
• Dental insurance
• Pension, retirement or profit sharing programs.
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11. Balance need for skilled
Employees have little to
staff with risk attached
lose by suing
to providing benefits
• New laws and new • If they win their
regulations creating case, lawyer fees are
additional unknown almost always
risk assigned by the court
• Increased # of lawyers
entering this field
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12. Employers may • Section 409 of this
not be aware of federal law imposes
personal liability
the risk imposed upon many persons
upon them by within the
ERISA organization
All employers face
this expensive
litigation
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13. The plan sponsor (employing company)
The company management
• Executive officers or managing employees
• Board of directors
Investment committees
The plan administrator
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14. Named fiduciaries
The plan trustee
HR administrator/manager
Investment manager(s)
Consultants, including Accountants and Attorneys
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16. Establishes the Makes changes
plans to the plans
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17. Exercises
Has
discretionary
discretionary
authority or Gives
authority over
control over the investment
plan
plan advice for a fee
administration
management or
or
plan assets or
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18. An individual may have either one
or the other or both roles
Class action suits typically name all
parties connected to an ERISA plan
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19. The Fiduciary Liability policy requires that a
claim must include a demand for damages
arising out of the insured’s breach of
FIDUCIARY duty or administrative duties –
does not include settlor duties
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20. Welfare benefit plan includes
Medical plans
Disability benefit plans
Vacation plans
Pension benefit plan is any plan that
Provides retirement income to employee
Defers income to periods beyond termination
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21. Frequent loss
Denial of benefits
Improper reimbursement
Miscalculation of benefits
Surviving spouse did not receive proper benefits
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22. Severe loss
Plan fiduciaries imprudently offered employer
stock and/or misrepresented risk of investment
Excessive plan fees
Promised benefits were cut
Change in post-retirement medical benefits
Premiums charged for insurance were excess
Fiduciaries failed to scrutinize cost vs. benefit
ratio properly
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25. Errors and Omissions coverage
for negligent errors or
omissions in administration of
employee benefit plans
Typically a Claims-Made and
Reported type of coverage
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26. Pays only the benefits that
should have been paid had
no error or omission occurred
Often provided as a
coverage addition to the
Commercial General
Liability policy
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28. This is ISO’s language - most insurers’ forms follow similar language
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29. 1.Insuring Agreement
a. We will pay those sums that the insured
becomes legally obligated to pay as damages
because of any act, error or omission, of the
insured, or of any other person for whose acts
the insured is legally liable, to which this
insurance applies. We will have the right and
duty to defend the insured against any "suit"
seeking those damages.
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30. b.This insurance applies to damages only if:
(1)The act, error or omission, is negligently
committed in the "administration" of your
"employee benefit program";
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31. The amount paid shall not exceed, and will be
subject to, the limits and restrictions that
apply to the payment of benefits in any plan
included in the "employee benefit program".
This is a critical restriction and can leave a
gap between the financial loss to the
employee and the coverage amount
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34. Broad definition of insured
Broad definition of employees
Broad definition of “administration”
Broad definition of “employee benefit plan”
Group life and medical expense plans, as well as
pension and retirement plans, are within the
scope of the law
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36. “Insured” is variously defined as a trust or
employee benefit plan, any trustee, officer or
employee of the trust or employee benefit
plan
The employer (company)
Any other individual or organization
designated as a fiduciary
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38. Advising
Counseling
Giving notice to employees
Providing plan interpretations
Handling records
Effecting enrollment
Terminating or canceling employees,
participants, or beneficiaries under any plan
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39. Any benefit plan, whether or not subject to
ERISA sponsored for the sole benefit of the
“employees”
Fringe benefits and excess benefit plans
New or proposed plans – automatic coverage
All plans – US or foreign
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40. To include written demand for monetary or
non-monetary or injunctive relief
A criminal proceeding
A formal administrative or regulatory
proceedings
A fact-finding investigation by the DOL,
USPBGC, or any similar authority located
outside the US
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41. Duty to defend
In addition to limit
Some policies include within the limit
Twelve-month or longer discovery period
The cost for an ERP should be shown in the policy
The discovery clause should be bilateral
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42. Specific language extending coverage to
managed care liability claims
Specific language extending coverage to
HIPAA claims, fines and penalties and COBRA
claims
Punitive damages and exemplary damages
where permitted by law
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43. Automatic coverage for voluntary settlement
Often a sub-limit
Pollution coverage extension
Waiver of recourse provisions (no provision
for recourse by insurer against fiduciary)
Non-cancelable except for non-payment of
premium
90 Days notice of non-renewal
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45. Fiduciary Liability Employee Benefit
Covers Liability Covers
A mistake, error or
Damages and omission in
defense costs handling of
arising out of a administrative
“wrongful act” matters
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47. The Federal Code refers to the necessity of a
fidelity bond to cover the employee plan
assets against fraud or theft
An ERISA Bond may be provided separately
or the plan may be listed as a Named Insured
on the Employee Dishonesty Insurance Policy
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48. Federal law requires the plan sponsor to
carry employee dishonesty coverage that
extends to protect the plan assets from any
person handling the plan assets.
A TPA providing employee dishonesty coverage
for their employees should be viewed as a
contractual obligation and not fulfillment of the
above obligations
www.InsuranceCommunityUniversity.com
49. $1,000 minimum limit per plan
10% of plan assets up to
$500,000 coverage
$1,000,000 coverage if the plan contains the plan
sponsor’s stock
No deductible
One year discovery period for loss
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50. ERISA requires the fidelity coverage to be
purchased and reported
ERISA does NOT require the purchase of
Fiduciary Liability insurance, but the law
allows the purchase of this coverage
Fiduciary Liability can include the EBL
administrative coverage
EBL will NEVER include the Fiduciary Liability
coverage
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51. This area is developing law around the
country in both state and federal courts
Help your client understand that their risk is
great and growing
ALWAYS offer Fiduciary Liability IN WRITING
Get a rejection signed
Give them insurance guidance but don’t step
over the line into the area of law
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