A Towers Watson survey has shown that a growing number of corporate officers and directors are looking into the coverage that their companies have or need for protection against possible lawsuits, which indicates that there is an increasing concern over the broad range of risks to which they are exposed. The annual survey, performed by Towers Watson, a worldwide professional services company, was called the “2011 Directors and Officers (D&O) Liability Survey”. It also determined that many American public, private, and nonprofit businesses and organizations have increased their D&O liability…
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Paychex Inc. announces new services for business insurance payments
Leading human resource, payroll, and employee benefit solutions provider, Paychex Inc., has unveiled its new Business Insurance Payment Service, which is now being introduced for Paychex Insurance Agency commercial auto, business owner (BOP), and umbrella products that are sold through Guard Insurance Group, The Hartford, and Travelers Insurance companies. This new service will allow policyholders to choose to have their premiums paid for by Paychex using a monthly pay-as-you-go method that will help to decrease the premium deposit that is generally made up-front. The policyholders will also be able to…
Read MoreLaw firms battle wave of suits with insurance coverage
Though it was once quite rare for a large law firm to face a lawsuit of its own, the frequency of claims being aimed directly at lawyers is rapidly increasing, and the firms are now boosting their insurance coverage to help to protect themselves against costly liability claims. According to legal experts, suing lawyers and their firms got started in the 1980s. This was also especially the case among the law firms that represented collapsed financial institutions in the Savings & Loan crisis, who were targets for FDIC litigation. Today,…
Read MoreDepartment of Health and Human Services seizes control of rate review process in Arizona
Arizona insurance companies are falling prey to federal insurance regulators as the Department of Health and Human Services (HHS) seizes control of the rate review process in the state. Last year, federal regulators began reviewing rates proposals from a company that sought approval for a 40% increase. Regulators decried this as one of the most unreasonable rate proposals they had seen since the passing of the Affordable Care Act and have vowed to fully investigate proposals coming from 32 other health insurance companies. Federal regulators will be reviewing any proposal…
Read MoreThe importance of understanding what business interruption insurance can provide
According to partner Robert Glasser from the Dempsey Partners L.L.C. New York Office, it is very important for a company to assess its needs for business interruption coverage and to do so carefully. That said, while CFOs and risk managers are typically confident in determining many of the insurance needs of their organizations, they often balk in the face of business interruption because they don’t have a structured approach to provide them with the information they require to make their decision regarding this coverage and its limits. Unfortunately, this discomfort…
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