Our Remuneration – General Insurance
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Employment Practices Liability Insurance Program EPLI
B5848_EPLI 2/14/06 2:49 PM Page 1 For more information about EPLI … Why your firm needs Employment For instant information on the EPLI program offered through Marsh Affinity Group Services, simply visit Practices Liability Insurance www.proliablity.com/EPLI Think your firm won’t be sued by an employee for wrongful termination … You’ll be able to self-rate, apply for coverage EPLI EPLI and submit your premium payment. Or call discrimination … defamation … failure to make partner … negligent supervision … us at 1-888-601-6667. sexual harassment … or other inappropriate employment conduct? Underwritten by Lloyd’s of London Employment (underwriting syndicates 2623 and Six out of ten employers have faced 623 – Beazley Furlonge Ltd. Rated “A” by Practices employee lawsuits within the past A.M. Best) five years. Beazley / Furlonge – Lloyd’s of London These facts show Beazley Furlonge Ltd. is a large syndicate of Liability it can happen and Lloyd’s of London and a recognized world 67% of all employment cases that leader in Specialty Insurance Services. Beazley how much it will go to litigation result in a judgment for is rated “A” by A.M. Best. For more Insurance cost your firm: the plaintiff. information, see www.beazley.com. Statistics show an Edgewater Holdings Ltd. (Edgewater), a Managing General Agency and consulting Program employer is more likely The average amount paid for out-of-court firm, is a leader in the development and to have an employment settlement is $40,000. delivery of EPLI policies. claim than a property or general liability claim.* Offered by Marsh Affinity Defense of the average EPLI case, through Group Services *Society for Human trial, costs more than $45,000. -
Fidelity Bond and Errors and Omissions Insurance
SELLER/SERVICER RISK SELF-ASSESSMENT FIDELITY BOND AND ERRORS AND OMISSIONS INSURANCE SELLER/SERVICER RISK SELF-ASSESSMENT IN THIS DOCUMENT Fidelity Bond and Errors and • Self-Assessment Checklist • Common Findings and Omissions Insurance Documentation A seller/servicer must have a blanket fidelity bond and an errors and omissions insurance RESOURCES policy in effect at all times in an amount sufficient to meet Fannie Mae’s minimum coverage requirements, maximum deductible requirements, and provision requirements. • Selling Guide A3-5-01, Fidelity Bond and Errors Omissions A fidelity bond is a form of insurance protection that covers policyholders for losses that Coverage they incur as a result of fraudulent acts by specified individuals. Errors and omissions insurance is a type of professional liability insurance that protects companies, their workers, and other professionals against claims of inadequate work or negligent actions. ONE SELLER/SERVICER’S STORY It’s time to renew our professional liability insurance policy. Managing insurance is one of those routine tasks that could use a little more attention – we’ve also found that our documentation is not centralized, creating additional burden on staff to locate the policy and coverage requirements. We know it’s critical to document, monitor, and evaluate our Fidelity Bond and Errors and Omissions coverage, but where do we begin? SELLER/SERVICER RISK SELF-ASSESSMENT FIDELITY BOND AND ERRORS AND OMISSIONS INSURANCE Self-Assessment Checklist REQUIRED FIDELITY BOND COVERAGE The fidelity bond coverage must be equal to a percentage of the greater of the seller/servicer’s annual total unpaid principal balance (UPB) of single-family and multifamily annual mortgage loan originations; or the highest monthly total UPB of single-family and multifamily servicing of mortgage loans that the seller/servicer owns, including mortgage loans owned by the seller/servicer and serviced by others (details below). -
Consumers Guide to Auto Insurance
CONSUMERS GUIDE TO AUTO INSURANCE PRESENTED TO YOU BY THE DEPARTMENT OF BUSINESS REGULATION INSURANCE DIVISION 1511 PONTIAC AVENUE, BLDG 69-2 CRANSTON, RI 02920 TELEPHONE 401-462-9520 www.dbr.ri.gov Elizabeth Kelleher Dwyer Superintendent of Insurance TABLE OF CONTENTS Introduction………………………………………………………………1 Underwriting and Rating………………………………………………...1 What is meant by underwriting and how is it accomplished…………..1 How are rates and premium charges determined in Rhode Island……1 What factors are considered in ratemaking……………………………. 2 What discounts are used in determining final premium cost…………..3 Rhode Island Automobile Insurance Plan…………………..…………..4 Regulation of Rates……………………………………………………….4 The Tort System…………………………………………………………..4 Liability Coverages………………………………………………………..5 Coverages Other Than Liability…………………………………………5 Physical Damage to the Automobile……………………………………..6 Other Optional Coverages………………………………………………..6 The No-Fault System……………….……………………………………..7 Smart Shopping……………………………………………………………7 Shop for True Comparison………………………………………………..8 Consumer Protection Available...…………………………………………8 What to Do if You are in an Automobile Accident………………………9 Your State Insurance Department………………………………….........9 Auto Insurance Buyer’s Worksheet…………………………………….10 Introduction Auto insurance is an expensive purchase for most Americans, and is especially expensive for Rhode Islanders. Yet consumers rarely comparison-shop for auto insurance as they might for other products and services. Auto insurance companies vary substantially both in price and service to policyholders, so it pays to shop around and compare different insurance companies. This guide to buying auto insurance was developed to help you become a more knowledgeable policyholder and to get the combination of price and service best suited to your needs. It provides information on how to shop for coverage and how insurance premiums are determined. You will also find an Auto Insurance Buyer’s Worksheet in the guide to help you compare premium prices among insurers. -
ERISA Faqs for Welfare Benefit Plans
ERISA FAQs for Welfare Benefit Plans What Is ERISA? ERISA (the Employee Retirement Income Security Act of 1974) is a Federal law which deals with employee benefit plans, both Qualified Retirement Plans (e.g., pension and profit sharing plans) and Welfare Benefit Plans (e.g., group insurance and other fringe benefit plans). The goals of ERISA are to provide uniformity and protections to employees. ERISA imposes certain reporting (to the DOL) and disclosure (to Plan Participants) requirements on employers. ERISA compliance is enforced primarily by the Department of Labor (DOL). However, employee benefit plans may also be regulated by other government agencies, such as the Internal Revenue Service (IRS) and a state’s Department of Insurance. Failure to comply with ERISA can result in enforcement actions, penalties, and/or employee lawsuits. Which Employers Are Subject to ERISA? ERISA applies to virtually all private-sector corporations, partnerships, and proprietorships, including non-profit corporations—regardless of their size or number of employees. Churches and governmental employers are exempted from ERISA’s Welfare Benefit Plan provisions. Which Benefits are ERISA Plans? ERISA generally applies to the following Plans, whether they are fully insured or self-insured: Health, Medical, Surgical, Hospital, or HMO Plans Health Reimbursement Accounts (HRAs) Health/Medical Flexible Spending Accounts (FSAs) Dental Plans Vision Plans Prescription Drug Plans Sickness, Accident, and Disability Insurance Plans Group Life and AD&D Insurance Employee Assistance Plans (EAPs) (if providing counseling, not just referrals) Executive Medical Reimbursement Plans Wellness Plans (if medical care is offered) Long Term Care Insurance Plans Severance Pay Plans Business Travel Accident Plans Copyright © 2011 by ERISA Pros, LLC. -
Tax Risk Insurance: Taking It Captive
taxnotes federal ■ Volume 171, Number 4 April 26, 2021 Tax Risk Insurance: Taking It Captive by Ken Brewer and Albert Liguori Reprinted from Tax Notes Federal, April 26, 2021, p. 549 For more Tax Notes content, please visit www.taxnotes.com. © 2021 Tax Analysts. All rights reserved. Analysts does not claim copyright in any public domain or third party content. TAX PRACTICE tax notes federal Tax Risk Insurance: Taking It Captive by Ken Brewer and Albert Liguori is to explore the U.S. tax implications of that meeting. Behold: captive tax risk insurance!3 In our experiences, the use of tax risk insurance has been most prevalent in the mergers and acquisitions context. But as we mentioned in our last article, we have seen it becoming more common in the context of large corporate groups seeking to manage their global tax risks, regardless of whether they are related to M&A.4 In either context, the use of tax risk insurance lends itself to captive arrangements, for the same reasons that have caused captive arrangements to be desirable for other types of insurance risks. Ken Brewer is a senior adviser and Captive Insurance and the U.S. Tax Implications international tax practitioner with Alvarez & Thereof Marsal Taxand LLC in Miami, and Albert Liguori is a managing director in the firm’s New As an alternative to traditional insurance York office. The authors send special thanks to protection, which is obtained from one or more of Brian Pedersen, managing director at Alvarez & the many underwriters offering that coverage to Marsal Taxand, for his contributions and the public, captive insurance is obtained from a review. -
Auto Insurance and How Those Terms Affect Your Coverage
Arkansas Insurance Department AUTOMOBILE INSURANCE Asa Hutchinson Allen Kerr Governor Commissioner A Message From The Commissioner The Arkansas Insurance Department takes very seriously its mission of “consumer protection.” We believe part of that mission is accomplished when consumers are equipped to make informed decisions. We believe informed decisions are made through the accumulation and evaluation of relevant information. This booklet is designed to provide basic information about automobile insurance. Its purpose is to help you understand terms used in the purchase of auto insurance and how those terms affect your coverage. If you have questions or need additional information, please contact our Consumer Services Division at: Phone: (501) 371-2640; 1-800-852-5494 Fax: (501) 371-2749 Email: [email protected] Web site: www.insurance.arkansas.gov Mission Statement The primary mission of the State Insurance Department shall be consumer protection through insurer insolvency and market conduct regulation, and fraud prosecution and deterrence. 1 Coverages Provided by Automobile Insurance The automobile insurance policy is comprised of several separate types of coverages: COLLISION, COMPREHENSIVE, LIABILITY, PERSONAL INJURY PROTECTION, UNINSURED MOTORIST, UNDERINSURED MOTORIST and other coverages. You are required by law to purchase liability protection only. All others are voluntary unless required by a lienholder. LIABILITY Under Legislation passed in 1987 and 1999, it is unlawful for any person to operate a motor vehicle within this state unless the vehicle is insured with the minimum amount of liability coverage: $25,000 for bodily injury or death of one person in any one accident; $50,000 for bodily injury or death of two or more persons in any one accident and $25,000 for damage to or destruction of the property of others. -
How Your Assets Are Protected: Explaining the Insurance Coverage Maze
HOW YOUR ASSETS ARE PROTECTED: EXPLAINING THE INSURANCE COVERAGE MAZE As a client of a Commonwealth Financial Network® Federal Deposit Insurance Corporation (FDIC) advisor, you are covered by several insurance Established in 1933, the FDIC is an independent programs—SIPC, FDIC, fidelity bond, cyber liability, agency of the U.S. government that protects the funds and errors & omissions—that seek to safeguard your depositors place in banks and savings associations. The assets from institutional failure and fraudulent acts. standard insurance amount is $250,000 per depositor, What these programs cover can be confusing, and you per insured bank, for each account ownership category. often won’t find definitions of coverage in one place, Joint accounts owned by two or more persons would so we’ve put together a condensed and consolidated be covered at $250,000 per co-owner. explanation of what they cover—and what they do not. If your cash is swept into and invested in Commonwealth’s Core Account Sweep Programs (CASPSM), your cash Securities Investor Protection position, if in excess of $250,000, is layered into Corporation (SIPC) multiple FDIC-insured banks. If any of these banks Created by Congress in 1970, SIPC steps in whenever were to fail, FDIC would step in to insure the cash a brokerage firm or broker/dealer fails or closes. Fidelity deposit up to the FDIC limits. Clearing & Custody SolutionsSM (FCCS)1 provides clearing, custody, and other brokerage services to Again, the FDIC insurance does not cover securities or Commonwealth (our broker/dealer) through National any market losses in securities; it covers only deposits Financial Services LLC (NFS). -
Coronavirus Insurance Coverage and Claims Guidance
Coronavirus Insurance Coverage and Claims Guidance April 15, 2020 With the exposure of the coronavirus (COVID-19) increasing, organizations are evaluating the potential coverage which may be triggered from their insurance policies. Actual loss situations and a review of individual policy forms will be a crucial step to properly evaluate potential available coverage application. Insurance carriers have the ultimate authority in determining coverage for presented claims. Any suspected COVID-19 related losses should be reported per the policy guidelines. Policyholders should be aware that some policies may require specific time frames from notice of potential claim, such as 48 hours. This document provides factors that will be examined in the event losses related to COVID-19 occur. Coronavirus Insurance Coverage and 2 Lockton Companies Claims Guidance Workers’ compensation Each injured employee situation will be evaluated on its own individual merits. Workers’ compensation insurance covers employees who suffer injury or illness “arising out of or in the course of their employment.” Many factors will need to be considered if presented COVID-19-type claims are work related. These include but are not limited to: • The timing of when the loss occurs: were there reports of previously infected individuals made in this same time period? • The location(s) where the injured worker was present leading up the injury or exposure: was the injured worker within an area where exposure of the virus was present or carried a greater risk? • The activities the injured worker was engaged in leading up to when the loss or exposure took place: was the individual in contact with others or working remotely? • The specific nature of the loss: what further details can be uncovered to provide greater clarity around exposure to the virus as an occupational disease? In most jurisdictions, individuals seeking benefits under workers’ compensation will also need to meet the burden that the coronavirus illness arose out of, or was caused by, conditions “peculiar” to the work. -
Captive Insurance Companies
Estate Planning – August 2011 CAPTIVE INSURANCE COMPANIES Possibilities and Pitfalls With Captive Insurance Companies Profitable family businesses can use captive insurance companies to manage business risk and shift wealth accumulated in a profitable captive from senior to junior generations thereby avoiding inclusion of those funds in the senior generation's estates. Author: KIMBERLY S. BUNTING, J. SCOT KIRKPATRICK, AND KAREN S. KURTZ, ATTORNEYS KIMBERLY S. BUNTING is a shareholder in Chamberlain, Hrdlicka, White, Williams & Martin LLP's Atlanta, Georgia, office. She practices in the areas of commercial and corporate law, and has significant experience with risk management and captive insurance companies. J. SCOT KIRKPATRICK is also a shareholder in Chamberlain, Hrdlicka's Atlanta office. His practice focuses principally on estate and income tax planning for high net worth individuals and their businesses. KAREN S. KURTZ is an associate in the Tax Section of Chamberlain Hrdlicka's Atlanta office, concentrating in estate and gift tax planning and litigation. A captive insurance company ("Captive") is an insurance company formed by a business owner to insure the risks of related or affiliated businesses. A Captive permits a business to manage its risks while potentially providing substantial benefits to that related business. The premiums received by the Captive are invested and thus not "lost" if not used to pay claims in the same sense that commercial insurance premiums are when paid to an unrelated insurer. This one benefit drives the use of Captives for the family business more than any other. Captives may issue property or casualty insurance coverage against a wide variety of possible liabilities. -
Effective with UNDERWRITERS at LLOYD's, LONDON Insurance For
Effective with UNDERWRITERS AT LLOYD'S, LONDON Administered by Hiscox Inc. 520 Madison Avenue 32nd Floor, New York, NY 10022 (646) 452-2353 Insurance for General Liability DECLARATIONS This insurance has been placed with an insurer that is not licensed by the state of Michigan. In case of insolvency, payment of claims may not be guaranteed. Broker No.: US 0001488 RT Specialty of Illinois, LLC Policy No.: MPL1934916.18 500 W. Monroe St., 30th Floor Renewal of: MPL1934916.17 Chicago, IL 60661 1. Named Insured: Stateside APM Address: 6445 Citation Dr Ste F Clarkston, MI 48346-2996 2. Policy Period: Inception Date: 03/31/2018 Expiration Date: 03/31/2019 Inception date shown shall be at 12:01 A.M. (Standard Time) to Expiration date shown above at 12:01 A.M. (Standard Time) at the address of the Named Insured. 3. General terms and WCL P0001 CW (09/14) conditions wording: The General terms and conditions apply to this policy in conjunction with the specific wording detailed in each section below. 4. Endorsements: E6015.6 - Lloyd’s Syndicate (3624) Endorsement, E6016.1 - Service of Suit, E6017.2 - Nuclear Incident Exclusion Clause-Liability-Direct (Broad) Endorsement, E6018.2 - Applicable Law Endorsement, E6020.2 - War and Civil War Exclusion Endorsement, E6023.1 - Minimum Earned Premium Endorsement, and E9998.2 - TRIA Not Purchased Endorsement 5. Optional Extension Extended Reporting Period of 12/24/36 months at 75/150/225 percent of the annual premium. Period: 6. Notification of Hiscox Claims claims to: 520 Madison Avenue, 32nd floor New York, NY 10022 Fax: 212-922-9652 Email: [email protected] 7. -
Fidelity and Other Indemnity Protection (12-04) Federal Deposit Insurance Corporation FIDELITY and OTHER INDEMNITY PROTECTION Section 4.4
FIDELITY AND OTHER INDEMNITY PROTECTION Section 4.4 INTRODUCTION Lack of any significant coverage, board of director approval and review, or deficiencies in a bank's loss Risk management is intended to minimize the cost prevention program should be appropriately commented associated with certain types of risk and provide prudent upon in the Report of Examination. protection. The maintenance of appropriate levels of necessary insurance coverage is a key aspect in the risk management process. It deals with pure risks that are FIDELITY INSURANCE PROTECTION characterized by chance occurrence and may only result in a financial loss, as opposed to a speculative risk which Fidelity insurance protection is appropriate for all banks affords the opportunity for financial gain or loss. Such because it insures against certain risks that contain the pure risks are separated into three major exposure potential for significant loss. Section 18(e) of the Federal categories: liability, property, and personnel. Deposit Insurance Act (FDI Act) provides that the FDIC may require such coverage, and if it is not obtained, may There are three stages in the risk management process: risk contract for such protection and add the cost to the bank's identification and analysis, risk control, and risk treatment. deposit insurance assessment. However, such action would Identification and analysis requires a review of all aspects only be taken in rare instances, such as when a bank is able of the bank's present and prospective operations to to obtain protection but refuses to do so. determine where the bank is exposed to loss, including consultation with a reliable insurance professional. -
What Is Fiduciary Liability Insurance and Why Do You Need It?
What Is Fiduciary Liability Insurance and Why Do You Need It? Not knowing the answer could cost you everything. Fiduciary Liability Insurance Policies (FLIPs) are arguably one of the least Who is Considered a Fiduciary? What is Considered to be a Plan? understood insurance products on the market. However, it may be the Any individual included in the plan Employee benefit plans fall into only coverage that adequately protects document by name or title, along two broad categories - retirement people against liability for managing or with anyone who has discretionary plans and welfare plans. Retirement administering an employee benefit plan decision-making authority over the plans include a wide gamut of plans, - from top corporate executives that hire administration or management of a including but not limited to defined investment managers to payroll clerks plan or its assets may be considered benefit pension plans, profit sharing that process enrollment forms. With the a fiduciary under ERISA. Fiduciaries or savings plans such as 401(k)s, rising frequency of expensive and time commonly include the plan sponsor 403(b) plans, stock purchase plans, consuming litigation and regulatory efforts (which is typically the employer), and employee stock ownership in today’s evolving legal environment, the plan trustee and the plan plans (ESOPs). Welfare Plans include employers and plan fiduciaries are administrator, directors and officers medical, dental, life and disability increasingly being held accountable for (including when they appoint other plans. their actions (or failure to act) with respect fiduciaries or retain third party to employee benefit plans. Thus, FLIPs are service providers) and internal an important part of any comprehensive investment committees.