Insurance Policy Types

Some estimates calculate that over 23 billion “things” were connected through the internet in 2016. This number is projected to rise to over 50 billion by 2020. The broad category is known as the Internet of Things (IoT), and the new technology connects everything, from household devices to cars to industrial machinery, to the internet via enhanced sensors. The exponential growth in connectivity and new product development carry additional risks for companies investing in IoT technology. We offer some ways to protect your interests. Continue Reading Insurance Coverage for a Connected Technical World

Directors’ and Officers’ liability (D&O) coverage is important for any organization as it provides coverage for directors and officers who may be personally liable for suits brought against the company. However, all D&O policies are not created equal. Paying attention to nuances in your D&O policy when placing or renewing coverage can have huge implications if a claim is later brought against directors, officers or the company.

All D&O policies contain exclusions that deny coverage for liability arising from bad acts of the insured such as fraud, dishonesty, criminal acts or intentional misconduct. These exclusions are often invoked by insurers when directors and officers are charged with claims alleging fraud and self-dealing, sometimes prohibiting coverage. Insurance policies with these “bad act” exclusions frequently contain final adjudication language, meaning that the exclusions are only triggered if there is an actual finding of the bad act by either the trial court or by a court in separate coverage litigation. Ensuring that this final adjudication language is in your policy will prevent you from forfeiting your right to millions in potential coverage. Without final adjudication language, an insurer could disclaim coverage for a settlement if the underlying complaint alleged fraudulent conduct.    Continue Reading Key Language for Your D&O Policy

In the fast-paced world of tech startups and business planning, you might not even consider whether your insurance policies could be yanked out from under you. After you have secured basic insurance to protect yourself and your assets against loss and liability, can your insurance company cancel your coverage at any time? Surprisingly, under some circumstances, the answer is yes. But you can protect against this with some advance preparation.

For some forms of insurance—like health, life, auto or homeowner’s insurance—there are statutory limitations on an insurance company’s right to cancel. But, it’s a different story for commercial insurance, purchased to protect your business assets and executives.  Continue Reading Can Your Insurance Company Cancel Your Policy?