ERISA Bonds, Fidelity Bonds or Crime Insurance, Fiduciary Liability insurance, and Employee Benefit Plan Liability insurance are four separate and distinct products that perform four very different functions. It's easy to get these various types of policies mistaken, especially when the names are used interchangeably. Many insurance brokers do not understand their differences and even more consumers are confused.
The past three years have been challenging for financial institutions. As of August 19, 2011, sixty-eight (68) banks have failed. By the end of August 2010, more than 120 banks had failed and 2010 would go on to end the year with 157 bank failures...Although economic trends had appeared to be stabilizing somewhat, the events of July and August 2011 may be a sign of further economic challenges rather than recovery.
Directors and Officers Liability exposures are up and claims are increasing. This article talks about the trend to increase limits on D&O coverage as companies recognize their heightened level of risk.
Directors and Officers Liability insurance is an important product for any publicly traded or large private company. In the current economy, clients are seeing increased claim frequency from Directors and Officers Liability related issues. To better protect the board of directors and the officers, many companies purchase additional limits of Side A coverage.
The economic downturn has not hit all industries equally. Attorney firms specializing in employment litigation have seen something of a boom.
2010 was a very interesting year for employment related litigation. Maintaining compliance with ever changing litigation can be difficult even for the most diligent of companies.
The Executive Liability marketplace for banks began to harden sharply in late 2008. The past 18 months have brought significant price increases and reduced coverage for many customers. This article briefly discusses the issues in the current market.
For private companies, Executive Liability programs typically consist of three key insurance products. These include Directors and Officers liability, Employment Practices liability and Fiduciary liability. Many times, these coverages share a limit of liability. This fact, as well as the unique challenges faced by companies in financial distress can cause the standard Directors and Officers coverage to be inadequate. In these situations, companies should consider adding an additional product: "Side A" coverage. This article will explore the benefits and limitations of these important coverages.
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Monica M. Minkel 303.831.5243
Gary Newlin 303.831.5119