Professional services exclusion defining engineering or design services as a professional service in a general business insurance policy will exclude coverage for claims sounding in strict liability for damages arising from the defective design of a product, even if the claims would have otherwise been covered by the policys products-completed operations coverage.
Program insurance may not be the wave of the future in commercial lines businesses, but for many companies it is an increasingly larger chunk. The program business, an especially efficient way to underwrite and administer similar risks, has been around for a long time. But according to Hank Haldeman, EVP of The Sullivan Group, a privately held consortium of companies involved in the insurance brokerage business, its growth has accelerated in the past 10 to 15 years. Another example is Michigan-based Meadowbrook Insurance Group, which develops programs for select industries, trade and professional associations, affinity groups and government entities. Delos Insurance Co of New York City writes commercial casualty insurance for auto liability, business owner protection, habitational and s...
This article is based on the 2005 review and evaluation of the growing private-company management liability insurance market. The products for this market combine several lines of coverage for business-practices risks into a single policy. The private-company market is growing faster than the market for publicly owned companies is. It has more carriers and is seeing more innovation. Most management liability products include directors and officers, employment practices, third-party discrimination and fiduciary liability insurance. Following passage of the federal Terrorism Risk Insurance Act, all carriers reviewed in the report started offering terrorism coverage in their management liability policies. As carriers competed for business, though, they were forced to offer prior acts prote...
Restaurants need both adequate insurance coverage and risk management. It's an industry that's going to keep growing -- and so are its risks. Even if the food product in question had passed through multiple intermediate suppliers' hands before it got to the restaurant, the end source -- the brand or restaurateur -- ultimately faces the risk. That's due to the Consumer Product Safety Act of 1972, which placed each link in the US manufacturing supply chain at equal risk for a recalled product. Generally, restaurant insurance is split into three categories. Mandatory coverages, required by state or federal law, include workers' compensation, temporary disability benefits and auto liability insurance. Necessary coverage, which every restaurant should have but is not required by law to purch...
..., and 67-year-old Topps went out of business as a result. "In the restaurant industry, it doesn...
Among the many benefits for lawyers are: liability insurance coverage while handling MVLP cases; invaluable training and skills development for litigators and transactional lawyers; the opportunity to broaden their practice by doing legal work that allows exploration into entirely different areas of law; for some, furthering their expertise in the matters that they routinely handle; honing client-attorney communication skills; networking with in-house counsel and business and community leaders; special opportunities to write, to speak and to become community leaders; handling pm-screened legal cases; access to a pm bono handbook, materials, pleading samples, mentoring assistance and administrative help; individual and firm name recognition; opportunity to receive a statewide pro bono aw...
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