TOP TEN INSURANCE TIPS FOR A
CORPORATE LAW DEPARTMENT
http://acc.com
2
Presenters:
Pamela D. Hans, Esq.
Anderson Kill P.C.
(267) 216-2720
[email protected]
Darin J. McMullen, Esq.
Moderator
Anderson Kill P.C.
(267) 216-2708
[email protected]
A. Peter Prinsen, Esq.
The Graham Company
(215) 701-5284
[email protected]
Tip #1: Insurance Is An Asset, Not An
Achievement
x
x
√
Tip #2: Review New Policies As Soon
as They Arrive
• Additional Insured
Certificates
• Reformation
Tip #3: Know Thy Policies
Tip #4: Think Insurance After A Loss
Occurs.
• Look to insurance
coverage following all
lawsuits, claim letters,
product related issues
and financial losses.
• Analyze other sources
of insurance that may
potentially cover a
claim – OPI, direct
actions, etc.
Tip #5: Give Notice Of A Claim Or Loss
As Soon As Possible.
• When you are faced with a claim or loss, notify
the broker, the insurance company, or both as
soon as possible.
Tip #6: When You Make A Claim, Do
Not Accept “No” For An Answer.
• Challenge insurance
company’s denial of
coverage.
• Determination and
persistence often mean
the difference between
coverage and no
coverage.
Tip #7: Cooperation Clause
• Policy may contain:
“Duty to Cooperate”
clause.
• investigation
• defense
• settlement
• must you cooperate?
Tip #8: Policies and Praticalities.
The Policies
Types of Policies
Policy limits
Policy exclusions
Practical Issues
Insurance company financial condition – e.g., Reliance, Home,
INA run-off, etc.
To sue or not to sue
Forum sensitivity
Current and future business relationship with insurance
companies
Tip #9: Lawyers And Risk
Managers Can Be Natural Allies.
• Recognize the
beneficial role of risk
managers.
• Put insurance-related
communications in
writing.
• Assist in the analysis.
Tip #10: Document Settlements
1.
2.
3.
4.
5.
6.
Avoid “buybacks”
Watch the carve-outs
Net Settlement
Allocation
Indemnification of ins co?
Confidentiality provisions: public
company?
Question and Answer
Disclaimer
• The views expressed by the participants in this program
are not those of the participants’ employers, their clients,
or any other organization. The opinions expressed do not
constitute legal advice, or risk management advice. The
views discussed are for educational purposes only, and
provided only for use during this session.
A reminder about the benefits of ACC membership…
• Free CLE, like the one you’re attending right now
• Roundtables
• Networking meetings
• Special events (Spring Fling, Fall Gala, races, etc.)
• Access to ACC resources, including:
• ACC Newsstand (customizable updates on more than 40 practice area)
• ACC Docket Magazine
• InfoPAKs
• QuickCounsel Guides
• For more information or to refer a new member, see your hosts
today or Chris Stewart, [email protected]