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..
During times of financial distress, the directors and officers of a corporation are often held responsible for implementing business duties that carry personal liability and other risks. Depending on the financial circumstances of the company, a Directors and Officers Insurance Program could be required to protect your clients while navigating the repercussions of the business’ shortcomings. To determine how to manage the business, your client should consider the following.
According to Inside Counsel, state law generally imposes the duty of care and the..
The frequency and severity of cyber-attacks have caused devastating effects on enterprises in recent years. While there has been potential threat from data breaches for decades, businesses are now starting to realize the long term consequences of these attacks. With more motives to shift liability, the Cyber Insurance Market continues to flourish.
According to ABI Research, the market is said to increase to $10 billion by 2020 due to the inherent risks. The same study found that over 900 million..
An economic turnaround is finally evident after an extensive recession. As a result, the construction industry is on track to make an estimated $612 billion in 2015, paralleling the Commercial Construction Professional Liability market.
The Dodge Construction Outlook of 2015 stated that construction profits will increase 9 percent this year from 2014’s $564 billion. However, as advancements are made, business models need to be reworked and professional liability coverage needs to be in place to secure any gaps.
As such, the contractors professional liability market (CPrL) is..
Anthem’s acquisition of Connecticut based Cigna Corporation is just the latest in recent Insurance Mergers and Acquisitions. This particular merger threatened many of the benefits its presence provides in Indiana. However, with its new headquarters set to be based in Indianapolis, the surrounding community looks forward to the positive impacts.
Anthem, the largest health insurer in the state, employs an estimated 5,000 people and provides ample financial contributions for Indiana. The healthcare giant pays about $5.1 million in corporate taxes per year and contributes an additional..
Many employers view employment practices liability as a definitive way to control losses. Although this coverage may seem all-encompassing, it is important for employers to consider the fine print of their policy. For example, a case involving the National Waste Associates vs. Travelers Casualty and Surety Co. resulted in a denial of coverage in a wrongful discharge claim due to small details. It is important to review the provisions of your clients’ policy to help them avoid Employment Practices Liability Risks.
The employer, National..
Experts emphasize that it is a seller’s market for insurance brokers as the commercial insurance sector has steadily increased over the past year. As we approach a soft property insurance market, companies are gearing up for growth in Insurance Mergers & Acquisitions.
Merger and acquisition growth doesn’t seem to be slowing down any time soon. For example, Willis Group Holdings P.L.C. and Towers Watson & Co. released plans to merge in an $18 billion deal. While these mergers are common and occur daily nationwide, the 10..
Data breaches are becoming increasingly popular in today’s highly digitized society. While most consider the financial effects of these cyber-attacks, it is also critical to examine the potential reputational damage a company can endure. Protecting and repairing a company's reputation goes beyond a standard Privacy and Network Security policy; it requires constant due diligence and follow-up on updating security measures.
According to the Better Business Bureau, each data breach victim loses an average of $6,300 and 40 hours of repair time due to..
Professional service businesses rely on the quality of work they provide to their customers in order to thrive. Regardless of the service type, the people who provide the amenity are the backbone to the industry. Because poor project management can cause clients and revenue to be lost, it is important to acknowledge the popular mistakes that are commonly made and how to avoid them. While preparing a business for potential mishaps, be sure your clients’ Professional Liability Insurance Risks are managed.
Miscommunication with Clients- According..
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