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Purchasing insurance for bodily injury and property damage claims seems straight forward enough - that's the intent of a commercial general liability policy. The problem however, is that many companies today provide some degree of professional services, and most liability policies exclude coverage for claims arising from “professional services”. A typical exclusion will read:
This insurance does not apply to any “bodily injury”, “property damage”, “personal and advertising injury” arising out of the rendering of, or failure to render professional services.
The professional services exclusion is included in a range of policies, from liability policies to umbrella policies and D&O policies. Its purpose is logical but its application flawed. Its intent is to shift professional liability related exposures to an appropriate professional liability policy. Understandable enough.
Directors and officers insurance policies are mazes of intricate language that are often difficult to interpret. In order to assist the c-suite and their attorneys perform a proper assessment of their D&O insurance portfolios, we have created a thorough 80 point private company D&O blueprint/checklist (PDF AVAILABLE HERE). For our accompanying EPLI Checklist CLICK HERE.
When it comes to cyber security and insurance, companies have been vocally concerned over finding themselves losing twice – the victim of both a cyber breach and cyber insurance claim declination. First they experience a security event which results in significant damages, then they discover their insurance policy will not respond. From hidden language, to sub-limits, we explore some of the more significant cases and areas in which carriers are declining coverage (or expected to decline coverage) and how to avoid them.
In order to assist the c-suite, their advisors and counsel, GB&A has deployed "Risk Alerts", a curated collection of well published articles discussing recent rulings and decisions, lawsuits, regulatory alerts, news briefs, resources, and featured readings from the world of GRC (governance, risk and compliance).
When it comes to cyber risk insurance, coverage for ransomware related claims is an important component. And with ransom attacks on the rise, it’s more important than ever. But organizations need to be careful not to develop a false sense of security over the simple placement of coverage. Not all ransomware coverage is created equal – as demonstrated below, terms vary greatly.
In the past few years, we have seen cyber criminals deploy a handful of sophisticated insider trading/market manipulation schemes. With huge potential "rewards", these are likely expected to increase in frequency, severity and in intelligence.
In the world of constant cyber intrusions, protecting against theft of digital IP and source code is quickly becoming a top concern for many organizations. Difficult to protect against and near-impossible to insure against, many companies are left having to manage the risk on their own. This means securing against external hackers and internal threats alike (including executives and employees).