In our lawsuit-happy society, in which even the spillage of hot coffee can lead to a multi-million dollar settlement, virtually every business needs some form of errors and omissions (E&O) insurance. Also referred to as professional liability insurance, professional indemnity insurance and, in the medical field, malpractice insurance, E&O insurance covers various types of businesses against the costs associated with civil lawsuits. The economy remains strained, however, and business executives…

A New York City comptroller issued a report that showed that the city’s property damage and personal injury claim expenses for 2010 reached almost $521 million. This marks the first time in three decades that there were greater liabilities for the police department than there were for the city’s public hospitals.  That said, when compared to the previous year, the total payout from the city was actually down by 7…

Members of the Casualty Actuarial Society recently attended a conference concerning the effect the new health reform bill could have on the casualty and property industry.  Several concerns over possible effects on the worker compensation system were put to rest, and possible results on lowering medical malpractice suits were discussed. Because worker compensation medical claims are a part of the overall rise in healthcare, many have been concerned about possible…