D&O
Alyssa Wade / Marsh
Alyssa Wade / Marsh
Did the number of securities class actions increase or decrease in 2023, from the prior year.
Increase
Port operations are a vital part of the global supply chain. This upcoming labor event will impact both the East and Gulf ports of the US.
What is the International Longshoremen's Association contract.
This is a driver for cyber risk and contingent business interruption.
What is Digital Supply Chain?
The practice where third party funders provide money to a plaintiff or plaintiff's counsel in exchange for a cut of the proceeds resulting from the underlying litigation or settlement.
What is Third Party Litigation Funding?
On a schedule of values and included with COPE data, this is the correct term for items such as number of stories, year built and roof age
What are Secondary Characteristics or Modifiers.
True or false, in the private company D&O space, insurers provide full limits for anti-trust coverage
FALSE
The M/V Dali was carrying more than 1 million gallons of fuel when it hit this structure.
What is the Francis Scott Key Bridge.
This activity may be excluded from cyber coverage as it has become an underwriting focus.
What is Pixel Tracking
True or False? If an Insurance Company has a combined ratio of 101%, then they can NOT make a profit
FALSE
Insurance companies can make a considerable amount of money on investment income.
The two terms for flooding caused by intense rainfall (flash flooding) and overflow of rivers and streams.
What are Pluvial and Fluvial.
1. Within the last year and a half, the SEC has not adopted which of these disclosure rules for publicly traded companies: a.Cyber disclosures
b.Climate disclosures
c.Artificial Intelligence disclosures
c.Artificial Intelligence disclosures
This area of global supply chain usually does not get much attention, but it refers to an accumulation of cargo in any one location, ocean terminal or vessel.
What is Concentration of Risk.
War exclusions.
What clause has Lloyds focused its attention on and is being revised by carriers?
These are contributing factors that have led to a challenged auto environment.
What are: Distracted drivers, inflation, supply chain issues, higher cost of technology within vehicles
According to FM Global the average cost increase since July 2023 of completed building prices in the Continental U.S.
What is 1.5%?
A relatively new SEC rule prohibits D&O insurance coverage that is paid for by a company to pay for
What is compensation that is clawed back
This term is used when an insurance company denies your cargo claim when there is no physical evidence of loss or damage to the cargo.
What is fear of loss.
Biometrics
What has been the cause of large judgements and is a hot-button issue for underwriters?
How inflation creates both headwinds and tailwinds for the insurance company?
Headwind: Legacy Reserving Pressure / Price Adequacy / Cost to repair and replace
Tailwind: Can lead to increased premium given the higher exposure
This emerging method of transferring risk triggers insurance capital based on independent data describing catastrophic events (examples include windspeed for hurricanes, ground shaking intensity for earthquakes), creating a benefit for insureds via quick access to liquidity.
What is Parametric Insurance?
At the end of June the U.S. Supreme Court overturned this doctrine
What is the Chevron deference (aka Chevron doctrine)
This term is used when referring to any additional tax / duties applied to imports from China where the US feels they are violating fair trade practices.
What are the 301 China tariffs?
Organizations use this practice to manage and understand cyber risk and potentially reduce their premium costs.
What is a Risk Assessment?
The way to secure punitive damage coverage without leaving it up to the specific state jurisdiction?
Reminder: Punitive Damages are the payment that a defendant found guilt of committing a wrong or offense is ordered to pay on top of compensatory damages. They are designed to punish defendants whose conduct is considered grossly negligent or intentional.
What are Offshore Punitive Damage Wraps - Bermuda or London Placements
For insureds seeking a formalized way to manage their retained risk, this regulated solution allows them to be the “underwriter of choice” and provides a mechanism to access reinsurance capital.
What is captive insurance company?