Claims-made insurance and the coverage gap

Article Abstract:

The insurance industry's Commercial General Liability program, introduced in January 1986, offers a 'claims-made' form of coverage that shifts the responsibility for corporate risks from the insurance carrier to the manufacturer. Under past 'occurrence' policies, manufacturers are covered forever against claims arising from a defective product; under claims-made insurance policies, the amount of claims the insurer will pay is set at an aggregate limit. A claims-made policy may initially be less expensive than an occurrence policy; however, each new claims-made policy will have to have the same retroactive date in order to avoid gaps in coverage, and since each new policy will therefore cover a longer period of time, premiums will become increasingly expensive. 10

INSURANCE CARRIERS, Management, Economic aspects, Insurance industry, Product liability, Products liability, Products liability insurance, Product liability insurance

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Firms Bolster D & O Coverage

Article Abstract:

Customer lawsuits against directors and officers are rapidly rising. Some businesses are taking advantage of bargain prices. Coverage restrictions and prices are expected to rise. Diversified companies are most often sued, with most suits being filed by stockholders. Extensive differences exist in the coverage that is available. Tables are included.

Officials and employees, Cases, Stockholders, Insurance policies

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'Floater' Coverage Enables Firms to Insure Artwork Up to Replacement Value

Article Abstract:

Floater insurance coverage for art collections has become more comprehensive. Policies exist that cover vandalism and damage from transportation. Full replacement value is also available on special policies. Loss control expertise is offered as a competitive advantage for some insurance companies.

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