As mentioned in our previous blog posts, directors and officers can be held liable for the losses of a financially distressed company. As such, experts recommend a Directors and Officers Insurance policy in addition to following some guidelines to protect themselves and their company’s future duties.
First and foremost, directors and officers are advised to resist resigning during financially difficult times. Even if a director is to step down, liability for actions taken on their behalf will not dissipate. Further, doing so..
Two criminal defense lawyers were on trial this summer for allegedly prepping their witnesses illegally. Although the Chicago-based attorneys were acquitted of all charges, the issues of Attorney Professional Liability and ethics are being scrutinized nationwide.
U.S. District Court Judge Harry Leinenweber dismissed charges against Beau Brindley and his partner Michael Thompson as he determined that the prosecutors were unable to successfully prove any of the counts against them. According to the Chicago Sun-Times, the charges included perjury, conspiracy and obstruction of justice.
The Norton Rose Fulbright global law firm has released its annual report which notes the benchmarks of company concerns among law professionals. As these takeaways are revealed, parallel Insurance Trends are reflected for legal firms.
Class Actions are the Most Prominent- The 2015 Litigation Trends Annual Survey states “A quarter of all respondents reported at least one class or group action against their companies in the preceding 12 months, with survey participants from the US comprising 80 percent of that number. And 71..
Commercial real estate investment is reaching record highs worldwide; raising concerns the market is going to mimic the 2010 real estate crash. A combination of low interest rates, investor pushing, and deal activity is contributing to a saturated global property market. As sales are skyrocketing, Professional Liability for Commercial Real Estate Agents is critical during this time.
According to The Wall Street Journal, the value of U.S. commercial real estate transactions in the first half of 2015 jumped 36 percent from a year..
Litigation costs associated with lawsuits can cause accountants to be financially liable for hefty damages. As accountants perform a variety of tasks, Accountant Professional Liability Insurance can help to protect your clients’ firms and mitigate costs. In addition, experts recommend using engagement letters in order to clearly define the expected duties.
An engagement letter is the best way to protect a firm against legal claims. Alvin Fennell III, vice president at Aon, and Jeffrey Day of CNA told Accounting Today that since there’s no..
As consumers crave more data, information, and accessibility, insurance carriers have needed to adapt. The desire to drive down costs and provide improved underwriting and risk management strategies has instigated a technology trend paradigm, thus creating new Insurance Trends. The following are ways in which technology is affecting insurers.
Dimensional Marketing- The user experience of the insured is critical in maintaining customer relationships. According to Property Casualty 360, more CMOs and CIOs are investing in technology for marketing automation, omnichannel approaches..
Employment Practices Liability Insurance (EPLI) has grown exponentially over the last 25 years. While the coverage used to be an afterthought, more and more companies are seeing claims, and thus the need for coverage; even as stand-alone policies. As conventional workplace trends are changing, modified insurance techniques need to parallel the shift.
The existence of EPLI policies are commonplace for today’s businesses. A recent Insurance Journal article reported that Advisen found the following: 41 percent of companies with 1,000 or more employees, 34 percent of..
Earlier this month, we discussed the Fiduciary Responsibilities of Directors and Officers as it related to financially struggling companies. As there are multiple risk factors they face, a Directors and Officers Insurance Program is also recommended to protect against the corporate governance liabilities of such companies. In order to ensure the decisions a director makes on behalf of the company are beneficial, these practices are advised to avoid litigation.
Best Practices- The most common protection is the “business judgment rule,” which allows..
Conflicting views of the relationship between legal departments and their representing lawyers is causing discord among both parties. The Inside/Outside Counsel Relationship Survey conducted by the International Association of Defense Counsel (IADC), identified factors such as payment delays, cost management issues and rates as the main concerns, potentially increasing Lawyer Professional Liability risks.
While law firms are apprehensive that their rates are stagnant and payment is being unreasonably delayed, corporate respondents claim inadequate management of expenses and costs in addition to unpredictability is the..
The Securities and Exchange Commission (SEC) has implemented an interpretive rule that protects employees who report whistle-blower complaints directly to their employer from retaliation. While the rule first applied to employee complaints that went directly through the SEC, the protections have been amended. Experts recommend evaluating your clients’ company’s Employment Practices Liability Programs to help to ensure fair and compliant operations.
While the SEC welcomes all employee concerns, they seek to provide incentive for employees to speak directly to their employer in appropriate..
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