Cyber
This insuring agreement covers the cost to notify individuals whose information may have been exposed.
What is Breach Response Costs?
This type of claim is excluded under EPL policies, but it is very common. Coverage may be available in a sublimit, or on a standalone policy out of Bermuda.
What is Wage and Hour Coverage?
This is what ESG and DEI stands for. There are now anti-ESG/ DEI movements, and with the new president, that trend may grow/ continue.
What is Environmental, social, governance and diversity, equity, inclusion
The loss where any employee of our insured is duped into transferring money by a bad actor purporting to be another employee, client or vendor.
Bonus +100 points - provide one other name used by insurers for this coverage
What is Social Engineering?
Bonus - Corporate Deception Fraud, Fraudulent Transfer, Business Email Compromise
Fiduciary Liability Insurance covers lawsuits and regulatory investigations related to this aspect of our client's business.
What is their employee benefit plans?
A common exclusion in all policies, but a particular issue for Cyber. We typically request a Cyberterrorism carveback/ exception.
What is The War Exclusion?
The most common type of EPL policy that allows the insurer to choose counsel and control defense, with the Insureds consent.
What is Duty to Defend?
This D&O coverage is offered with a sublimit and no retention. We use an acronym to refer to it.
Bonus +100 - The newer addition that we need to make sure is added to primary and excess policies.
What is Shareholder Derivative Demand or Books and Records Investigation
The Insuring Agreement in the Crime policy that is also called a Fidelity Bond when purchased on its own.
What is Employee Dishonesty?
The federal law that sets out rules and liability that creates much of the exposure for this policy.
What is Employee Retirement Income Security Act (ERISA)?
The time "retention" that applies to Business Interruption Coverage.
What is Waiting Period?
This clause allows the insurer to not cover a portion of settlement if it is above what they could have settled for but the Insured rejected the settlement offer.
What is the Hammer Clause?
For publicly traded companies, this is the name of the three or four letters that represent the company on a stock exchange.
What is ticker symbol
This type of Crime policy is best suited for banks or registered investment advisors who are handling money of others in their day-to-day business.
What is Financial Institutions Bond?
These types of claims are the most common under Fiduciary Liability, as the insurers sometimes put higher retentions for them to balance their higher exposure.
Bonus +100 - the allegation of this type of claim.
What are Fee related claims?
What is that the insured paid too high fees to their third party 401k plan administrator?
The federal law that sets out rules and liability for tracking individuals' preferences when viewing video content.
What is Video Privacy Protection Act (VPPA)?
The type of EPL claim, when brought by someone other than an employee, such as a client, customer, or vendor. Bonus +100 points, what allegations are covered?
What is Third Party EPL Claim, and what is harassment and discrimination?
This is the insuring agreement that covers the entity's indemnification obligation to the individual directors and officers.
What is Side B (or insuring agreement B)
The name of the part of a Crime or Financial Institutions Bond policy that extends coverage for loss due to theft by employees from an employee benefit plan. Bonus +100 points - this is the policy that our clients always think contains this coverage, but it does not.
What is ERISA bond? Bonus - what is the Fiduciary Liability policy?
The name of the filing that our clients are required to make with the IRS and DOL for their employee benefit plans and it shows the plan assets, number of participants and other key underwriting information. Bonus + 100 - what is the website that you can find these on?
What is form 5500?
What is Department of Labor EFast 5500 search?
This insuring agreement covers claims alleging defamation, libel, slander and types of infringement (not including patents).
What is Media Liability Insurance?
The most common reason that EPL claims are denied for coverage. We should always remind our clients of this everytime they renew their EPL insurance.
What is late notice?
This is the key difference between the entity coverage provided in a private company D&O form and a public company D&O form.
What is securities claims coverage only for public companies?
The type of Crime policy that we should request for our clients, where coverage applies when they are aware of the loss and not when it actually happened. Bonus +100 points - the name of the other type of Crime policy where the policy in force at the time of the loss applies for coverage.
What is Loss Discovered?
Bonus - What is Loss Sustained?
Rebecca Dauparas