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:
- 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.
- 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.
- 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.
- 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?
