Insurance

Managing risk, ensuring compliance, and safeguarding assets and leadership hinges on these vital documents. Below is a breakdown of each document’s importance and what it entails:

  1. Insurance and Indemnity Policy Schedule: This is a master list of all the company’s insurance policies. It details:
  • Policy Type: (e.g., general liability, property, workers’ compensation, cyber liability)
  • Coverage & Deductibles: Limits to coverage and out of pocket costs.
  • Policy Dates: Start and end dates of each coverage period.
  • Insurer Information: Name and contact information of the insurance provider.
  • Premium Costs: The amount paid for each policy.
  • Exclusions & Limitations: Any specific circumstances not covered.
    • This schedule is vital for understanding coverage gaps, renewal deadlines, and potential risk.
  1. Full Copies of Insurance and Indemnity Policies: It is essential to keep full copies of all insurance policies, including those for:
  • General Liability: Protection from third-party claims.
  • Property: Coverage for physical assets.
  • Workers’ Compensation: Coverage for employee injuries on the job.
  • Cybersecurity: Protection against data breaches.
  • Professional Liability (Errors & Omissions): Crucial for service-based businesses against lawsuits.
  • Product Liability: Essential for companies that make or sells products protection from lawsuits.
  • Business Interruption: Financial protection in the event of unforeseen events.
  • Indemnity Agreements: Delineation of how third-party liabilities are handled.
  1. Insurance Claim Schedule (Current & Past Three Years): A complete record of insurance claims made in the past three years, including:
  • Claim Date: Date the claim was filed
  • Claim Type: (e.g., property damage, liability, workers’ compensation)
  • Claimed Amount: The total amount claimed.
  • Status: (e.g., approved, denied, pending)
  • Resolution: Details of settlement and resolution.
    • This data is crucial for risk assessment, estimating potential premium changes, and identifying claim patterns.
  1. Director & Officer (D&O) Insurance: This insurance protects company leaders from personal liability resulting from their official duties. It covers:
  • Legal Costs: Legal fees stemming from lawsuits against leadership.
  • Settlements & Judgements: Coverage for legal settlements and judgments
  • Claims Coverage: Cases related to fiduciary duty breaches, mismanagement, or regulatory violations.
    • D&O insurance is essential for attracting qualified leaders and safeguarding them from legal risks.

Do you need assistance organizing these documents or assessing if your coverage is adequate?

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