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OnDemand Course

Reading and Understanding a Corporate Insurance Policy

Gain insight into how to understand your company's insurance policies and provide guidance regarding the key coverages available to businesses.

In an era where natural and man-made disasters and accidents are common place and frequently involve liability associated with property damage, injury involving the use of social media and big data, the increased targeting of individual directors and officers, and the growing costs associated with defending and resolving lawsuits, it is imperative for business leaders and owners to be acutely aware of their company's insurance program. A well-managed and thoughtfully procured insurance program commonly provides a defense from a lawsuit where there is potential coverage, provides indemnity for any covered claim, settlement or judgment, and provides coverage for property damage or business interruptions caused by natural disasters. This topic will cover the most common forms of first and third party insurance available for businesses, including property coverage, commercial general liability insurance (CGL), directors and officers liability (D&O), errors and omissions liability (E&O), cyberliability, employment practices liability (EPLI) and fidelity bond/crime coverage. It will explain the core principles of insurance law that you should be mindful of when reading your policy that will inform your negotiation of the terms and conditions of the policy and understanding of the risks covered by the policy. The topic will conclude with an in-depth discussion of how to read and understand your corporate insurance policy, including the most significant terms and conditions, and will emphasize how different areas of the policy may change depending on the type of coverage and risks at issue.

96 minutes
Certificate of Completion
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Leading Types of Corporate Insurance Coverage

  • First Party Insurance - Property, Builder's Risk
  • Third Party Insurance
    • Director andOfficers
    • Commercial General Liability
    • Errors and Omissions
    • Employment Practices Liability
    • Cyber Liability
    • Fidelity Bond/Crime Coverage
  • Primary vs. Excess Insurance
  • Additional Insured Rights

Insurance Principles to Remember When Reading and Understanding Your Policy

  • Grants of Coverage vs. Limitations
  • Contra Proferentum

Understanding Your Corporate Insurance Policy

  • Understanding the Declarations Page: Term, Policy Period, Limits, and Deductible/Retention
  • The Insuring Agreement: Claims Made vs. Occurrence-Based Coverage
  • The Defense Obligation
  • Common Exclusions
  • Key Terms and Conditions: Notice, Cooperation, Consent and Settlement

The Power of Endorsements

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More Program Information

Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

Applications have not yet been submitted for Delaware, Idaho, Kentucky, Maine, New Hampshire, Ohio, Oklahoma, South Carolina, and Wyoming CLE for this course. However, if you are interested in obtaining CLE for any of the listed states or have any additional credit questions please email us at [email protected] or call us at 866-352-9540.

This course was last revised on November 7, 2019.

Call 1-866-352-9540 for further credit information.

  • CA MCLE 1.5
     
  • Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
     
  • WA CLE 1.5
     
  • This program has been approved by the Washington State Board of Continuing Legal Education for 1.5 hours of A/V credit under the Law & Legal Procedure category.
     

To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

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David Cummings

Reed Smith LLP

  • Associate in the litigation practice group in Reed Smith LLP’s Chicago office
  • Practice focuses on representing corporate policyholders in resolving disputes concerning coverage under general liability, property, directors and officers, professional liability, and cyberliability insurance - among other types of coverage - by way of litigation, mediation, and arbitration
  • Representations range from large publicly-traded Fortune 500 corporations to start-ups and mid-market private companies covering industries as diverse as banking and finance, energy exploration and development, mortgage servicing and real estate, manufacturing, consumer retail, gaming, and health care
  • His practice is international, with depth of experience in matters across the country at the state and federal level
  • Recognized in Illinois Super Lawyers - selected to the Rising Stars list, Business Litigation: 2016-2019
  • J.D. degree, cum laude, University of Illinois College of Law; B.A. degree, University of Illinois at Urbana-Champaign
  • Can be contacted at 312-207-6526 or [email protected]
Bradley H. Dlatt

Bradley H. Dlatt

Perkins Coie LLP

  • Associate in the insurance recovery practice in Perkins Coie LLP’s Chicago office
  • Practice focuses on providing insurance counseling to businesses and resolving insurance coverage disputes, including assisting corporate policyholders with mediation, arbitration, and litigation against their liability insurers
  • Presents regularly on insurance coverage issues which have included discussing the insurance implications of the California Consumer Privacy Act and the Illinois Biometric Information Privacy Act
  • Can be contacted at 312-324-8499 or [email protected]
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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  • OnDemand Courses
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  • State Specific Credit Tracker
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Questions? Call 877-296-2169 to speak with a real person.

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Product ID: 406542
Published 2019
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