This paper presents a survey of legal liability for accidents addressing three general aspects of accident liability. The first is the effect of liability on incentives, both whether to engage in activities and how much care to exercise to reduce risk when so doing. The second general aspect concerns risk-bearing...
Medical group practices have encountered substantial medical liability premium increases in recent years. Studies show that the liability crisis threatens patient access to care, increases the cost of health care, and causes physicians to practice defensive medicine. This paper believes that federal reform of the medical liability system is necessary...
Perhaps the most baffling task when designing your business insurance program is how to select liability limits. While establishing liability limits on property values and business income is typically straightforward, setting the proper limits for automobile liability claims or a product liability claim can be difficult to determine.
American businesses and their insurers are under tremendous pressure from a wide range of new and existing liability challenges. From Enron to asbestos and mold to medical malpractice, the cost of insuring corporate America against a rising tide of lawsuits is rising. This presentation provides a comprehensive overview of some...
This article will provide an overview of the nature of professional liability policy coverage triggers, professional liability policy deductibles and settlement concerns, the forms such professional liability policies take and the rationale behind the existence of various professional liability forms. In order to highlight the importance of a well-negotiated contract,...
Directors and Officers (D&O) liability premiums decreased in late 2003 and early 2004 for the first time since 1999, but claim frequency and severity continued to increase. This illogical turn in the cycle is being attributed to new D&O market entrants. This article outlines the results of the Tillinghast 2004...
One of the basic coverage categories of a homeowner's insurance policy is liability insurance. Liability insurance protects you and other members of your household, including your pets, from accidental bodily injury or property damage for which you are held liable. Liability insurance does not protect you and your household members...
Knowledgeable people think that liability insurance is for accidents. Standardized liability insurance policies-homeowners, auto and commercial general liability-are worded so that the idea of an accident is at the heart of the central coverage. Mostly, liability for accidents is handled through a part of the tort law-the law of negligence....
Fiduciary liability insurance covers pension fund trustees and retirement plan sponsors' directors and officers for claims asserting violations of fiduciary duty under the Employee Retirement Income Security Act ERISA. Monitoring the fiduciary liability insurance market is like watching a rerun of a bad movie. In the wake of the corporate...
Following a lull in recent years, the excess liability and directors and officers liability markets in Bermuda are poised for a resurgence, insurers and brokers on the island say. As in many markets, liability insurers in Bermuda are predicting an en Following a lull in recent...
In December 2001, the Insurance Service Office ISO implemented major changes to its general liability forms and endorsements. Although driven by concern about electronic and Internet-related perils, these revisions also address diverse issues such as the 1995 Montrose Chemical case, construction defects, negligent supervision litigation, additional insureds, worldwide coverage, employee...
This Insurance Services Office stood the commercial liability insurance world on its ear a few years ago when it announced its conclusion that the contractual liability cover of its commercial general liability policy does not necessarily cover the defThis Insurance Services Office stood the commercial liability ...
Asset/liability modeling is a tool that can be used to explore a pension plan’s risks and possible futures. By considering a range of outcomes, plan sponsors get more complete information that can guide decision-making now. Asset/liability modeling is much more than just another actuarial valuation. In this article, it is...
Directors and Officers' liability insurance was originally used primarily by financial institutions for protection against specific "wrongful acts." Over the years, Directors and Officers' liability, or "D&O," insurance has come to be a necessity not only for financial institutions, but all companies whose directors and/or officers may face potential liability...
To resolve automobile claims, adjusters must often rely on intuition and subjectivity when assigning liability. This paper offers an effective, more consistent alternative with PINNACLE, a liability assessment tool, which can help improve the adjuster decision-making process, reduce loss payouts, and improve results. PINNACLE, a liability assessment system developed by...
CHICAGO -- UBS today announced that it has partnered with International Index Company IIC to launch a suite of iBoxx US Pension Liability Indices, a three-index set of benchmarks that seek to mimic pension liability performance. These indices are designed to help plan sponsors, consultants and investment managers construct more...
The benefit-plans service providers are increasingly making use of the limitation of liability clauses. The limitation of liability provisions control the amount of damage a company undergoes with regard to the hefty fees charged by the consultants of the organizations. As a result, the consultants have begun to soften their...
One of the basic principles of insurance is that the premiums paid by the many should cover the costs of the claims made by the few. In today's claims conscious environment however the cost and numbers of claims, particularly liability claims, has risen so sharply that the size of the...
The lawyers market is a very small portion of the total United States casualty or liability insurance market. The estimate of the total United States Liability Insurance Marketplace, the size of the market on an annual basis is itself, a bit of an estimation based on what the authors' think...
Quadrant Insurance Managers and the National Association of Catering Executives NACE have developed an insurance program, underwritten by the Clarendon Insurance Group, for off-premise caterers. The NACE insurance program educates insureds and covers unique losses. The following coverage is offered: liquor liability for caterer, host liquor liability for host, food...
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