Tag Archives: Defense Costs

Podcast on D&O insurance, cybersecurity, cyber liabilities, privacy class actions, and insurance: “Executive Summary Webinar Series: What You Need to Know Before You Walk Into the Boardroom (July 2011)”

I recently joined Priya Cherian Huskins and Lauri Floresca of Woodruff Sawyer & Co. to discuss D&O insurance, cyberinsurance, and insurance coverage for privacy issues, data breaches, cyberattacks, denial-of-service attacks and more.   Lauri and Priya gave an overview of the D&O insurance marketplace, including changes in pricing, availability of limits, and new insurance policies and insurance products.  Then we shifted gears and talked about cybersecurity, cyber liability, and insurance coverage for cybersecurity risks.  We touched on the latest data breaches, privacy claims and class actions, and other cyber incidents to have hit the news and discussed the related insurance coverage issues.  The audio and supporting materials (that Woodruff Sawyer prepared) have been put online as a podcast and supporting PDF, so that you listen, in case you missed the live presentation.

To listen to this podcast, click here.

To view a pdf of the presentation, click here.

Date and Time


 

Tuesday, July 19, 2011


Webinar

11:00 AM – 11:30 AM PST


This webinar is offered free of charge.


Visit Us At:

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Woodruff-Sawyer & Co.

50 California St., 12th Fl.

San Francisco, CA 94111

Before you walk into your next board meeting, what do you need to know when it comes to current D&O liability issues? The “Executive Summary” is Woodruff-Sawyer’s webinar series for CFOs, GCs, Controllers and others who work with boards of directors.  The upcoming session will feature a conversation with Woodruff-Sawyer’s Priya Cherian Huskins and Lauri Floresca, both nationally-recognized insurance experts, and Scott Godes [formerly] of Dickstein Shapiro.Scott [was] the co-leader of Dickstein Shapiro’s Cyber Security Coverage Initiative. Areas of Discussion

  • D&O Market Update
  • D&O Litigation Update

– Newest numbers on D&O suits
– Latest on Supreme Court rulings

  • Lessons from Sony & Citi: What boards should be asking about cyber liability

– Updates on the recent high-profile data security breaches
– Understanding the impact of California’s recent Supreme Court zip code decision
– What should boards do to mitigate cyber risks?

Click here to register for this webinar.

For questions, please email seminar@wsandco.com


Woodruff-Sawyer is one of the largest independent insurance brokerage firms in the nation, and is an active partner of International Benefits Network and Assurex Global. For over 90 years, Woodruff-Sawyer has been partnering with clients to implement and manage cost-effective and innovative insurance, employee benefits and risk management solutions, both nationally and abroad. Headquartered in San Francisco, Woodruff-Sawyer has offices throughout California and in Portland, Oregon. For more information, call 415.391.2141 or visit www.wsandco.com.


Disclaimer:

This blog is for informational purposes only. This may be considered attorney advertising in some states. The opinions on this blog do not necessarily reflect those of the author’s law firm and/or the author’s past and/or present clients. By reading it, no attorney-client relationship is formed. If you want legal advice, please retain an attorney licensed in your jurisdiction. The opinions expressed here belong only the individual contributor(s). © All rights reserved. 2011.

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AgentsOfAmerica.ORG features my post: “Insurance Coverage for Cyberattacks and Denial-of-Service Incidents”

If your business suffered losses from a cybersecurity incident, a denial-of-service attack, or some other computer-, network-, or internet-related event, would you know whether your insurance would cover the losses?  If your insurance company denied your claim, would you know whether the insurance company had done so properly?

Well, if you’d like some additional thoughts on these issues, check out my post at the AgentsOfAmerica.ORG website.  They posted my piece titled, “Insurance Coverage for Cyberattacks and Denial-of-Service Incidents” and also featured it in their newsletter.  In my post, I discuss insurance coverage for cyberattacks, cybersecurity events, denial-of-service (DDoS) attacks, and more.  I note a couple of recent cases finding in favor of insurance for these sorts of events under commercial general liability (CGL) insurance policies as well as new cyber insurance policies.

So head over to the AgentsOfAmerica.ORG site and check out my post to see more!

 

Disclaimer:

This blog is for informational purposes only. This may be considered attorney advertising in some states. The opinions on this blog do not necessarily reflect those of the author’s law firm and/or the author’s past and/or present clients. By reading it, no attorney-client relationship is formed. If you want legal advice, please retain an attorney licensed in your jurisdiction. The opinions expressed here belong only the individual contributor(s). © All rights reserved. 2010.

“LexisNexis® Insurance Law Community Podcast featuring Scott Godes . . . on Cyber Liability Insurance Coverage”

LexisNexis was kind enough to have me record a podcast regarding insurance coverage for cyber liabilities. As LexisNexis states on the Insurance Law Center:

On this edition, Scott Godes discusses the types of cyber liabilities facing companies today, what to do, in terms of insurance, if a cyber incident or data breach occurs and types of policies that provide coverage for a cyber event. Copyright© 2010 LexisNexis, a division of Reed Elsevier Inc. Visit http://www.lexisnexis.com/community/insurancelaw/.

If you’d like to hear the entire podcast, please click here.

Disclaimer:
This blog is for informational purposes only. This may be considered attorney advertising in some states. The opinions on this blog do not necessarily reflect those of the author’s law firm and/or the author’s past and/or present clients. By reading it, no attorney-client relationship is formed. If you want legal advice, please retain an attorney licensed in your jurisdiction. The opinions expressed here belong only the individual contributor(s). © All rights reserved. 2010.

“Insurance Coverage for Intellectual Property and Cybersecurity Risks.”

Can you think of many, or, in fact, any, companies that are risk free when it comes to the areas of intellectual property or cybersecurity?  If you represent companies with risks relating to intellectual property and cybersecurity, what insurance coverage would apply if those risks turned into claims and potential liabilities?  Are you familiar with the developing body of insurance coverage law in those areas?

I’m the author of a forthcoming treatise chapter that answers those exact questions.  It’s the “Insurance Coverage for Intellectual Property and Cybersecurity Risks” chapter of the New Appleman Law of Liability Insurance, Second Edition, to be released in June 2010.  Here’s the chapter’s introduction:

Two developing areas of insurance coverage law are the issues of insurance coverage for intellectual property-based claims and cybersecurity-based claims.  This chapter describes coverages available for such claims.  The chapter first analyzes and details the development of coverage for intellectual property claims through advertising injury found in general liability insurance policies, as well as other coverages.  The chapter then analyzes coverage for cybersecurity claims.  The area of coverage for cybersecurity claims is, relative to most insurance coverage topics, quite nascent, and the chapter considers decisions that should be seen as analogous to this developing topic.  The chapter discusses coverage for cybersecurity claims under general liability, first-party, and other policies, as well as new policies being marketed as specific to cybersecurity risks and claims.

The intellectual property section of the chapter provides a basic overview of various types of intellectual property risks and provides a detailed discussion of how insurance policies apply to those risks.  The chapter explains the legal principles at issue when seeking insurance coverage for such risks and potential liabilities.  The chapter discusses the majority and minority rules for various issues and provides an analysis of the various exclusions that insurance companies have cited when trying to deny coverage for intellectual property claims.

The cybersecurity section of the chapter provides an overview of the new and growing cybersecurity risks faced today and details what insurance policies apply to those risks.  The chapter details how courts have ruled on coverage questions for cybersecurity and computer-related risks and liabilities.  For those areas of the law that are not as well-developed, in light of the relatively new nature of cybersecurity risks, the chapter notes analogous caselaw and how those holdings should apply to cybersecurity claims.  The section also notes issues to consider for companies in the market for new and specialized cybersecurity insurance policies.

This post appeared originally at the Lexis Insurance Law Community.
Disclaimer:

This blog is for informational purposes only. This may be considered attorney advertising in some states. The opinions on this blog do not necessarily reflect those of the author’s law firm and/or the author’s past and/or present clients. By reading it, no attorney-client relationship is formed. If you want legal advice, please retain an attorney licensed in your jurisdiction. The opinions expressed here belong only the individual contributor(s). © All rights reserved. 2010.

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Directors and officers insurance coverage for Stanford Financial Group losses.

The Bureau of National Affairs recently wrote an article about a new court decision discussing directors and officers insurance coverage for officers of Stanford Financial Group.   In the BNA Corporate Accountability Report, reporters Tom Edmondson and Tina Chi discussed the decision Pendergest-Holt v.
Certain Underwriters at Lloyd’s of London
, No. 10-20069 (5th Cir. Mar. 15, 2010).  (BNA has made the full text of the decision available here.)  In the lede, Mr. Edmondson and Ms. Chi explained:

The Fifth Circuit’s recent ruling in Pendergest-Holt v. Certain Underwriters at Lloyd’s of London underscores the importance of the wording of the prerequisite provisions in the conduct exclusions in directors and officers insurance policies, corporate insurance attorneys told BNA in recent interviews.

The decision discussed the advancement of defense costs under a directors and officers insurance policy that the London insurance market (referred to as Lloyd’s of London in the story).  The story discussed how the court interpreted policy exclusions and limitations, and that the court rejected the insurance company’s interpretation of how the money laundering exclusion applied.

The article also quotes me at the end, providing some pointers and best practices that I gave for policyholders in D&O and other insurance claim disputes.  For example, the article states:

Insureds should also keep in mind that when they want to make a claim under an insurance policy, any
“high-dollar” potential loss, claim, or actual claim will likely cause the insurance company to seek opinions
from sophisticated coverage counsel that represent insurance companies, Godes said. “These insurance
attorneys will advise in terms of what provisions and exclusions may apply,” he said.
Thus, “insureds and policyholders are well advised to take the same approach as these insurance
companies and have counsel involved early so that they can better protect their own rights,” Godes said.

For the rest of my advice, you’ll have to check out the full article.  My firm is hosting a copy of the article online, which can be found here.

Disclaimer:

This blog is for informational purposes only. This may be considered attorney advertising in some states. The opinions on this blog do not necessarily reflect those of the author’s law firm and/or the author’s past and/or present clients. By reading it, no attorney-client relationship is formed. If you want legal advice, please retain an attorney licensed in your jurisdiction. The opinions expressed here belong only the individual contributor(s). © All rights reserved. 2010.

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Can companies that recycle waste into other products ensure insurance coverage?

In Christie Smythe’s article “Innovative Recycling Cos. Battle Pollution Exclusions” for Law360, she discusses whether companies “that recycle waste by converting it into products — turning tires into mulch or turkey offal into biodiesel, for instance” will get coverage for pollution-based claims, even if the policyholders told their insurance companies about the nature of their business.  The story is an interesting tale of companies that convert energy byproducts and agricultural waste into other products and their efforts to get insurance coverage for claims against them.

Ms. Smythe was kind enough to quote me at the end of the article.  I explained a best practice for corporate policyholders, in light of insurance industry practice.  Want to read the quote?  Click on over to the full article to read more.

Disclaimer:

This blog is for informational purposes only. This may be considered attorney advertising in some states. The opinions on this blog do not necessarily reflect those of the author’s law firm and/or the author’s past and/or present clients. By reading it, no attorney-client relationship is formed. If you want legal advice, please retain an attorney licensed in your jurisdiction. The opinions expressed here belong only the individual contributor(s). © All rights reserved. 2010.

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“Issues Confronting Insureds and Excess Insurers in Large-Scale, Long-Tail Claims”

At the 2010 Insurance Coverage Litigation Committee CLE Seminar, which the American Bar Association Insurance Coverage Litigation Committee hosted in Tucson, Arizona on March 4-6, 2010, I filled in for my former colleague, Jim Murray, for the plenary session”Knockin’ on Heaven’s Door:  Perspectives on Litigation and Negotiation of High-Damage Claims in 2010 and Beyond.”  I was joined by William B. Hedrick of Marsh USA Inc., Laura McKay of Hinkhouse Williams Walsh LLP, Gordon McKay of Arcina Risk Group, and Jeffrey M. Posner of JM Posner, Inc.

We had a great discussion about the practical issues facing policyholders and insurance companies when claims reach high level excess policies.  Our topics ranged from the duty to defend, changes in London market insurance in the last few decades, and who handles and pays for claims handling when in high levels of coverage.

The Lexis Insurance Law Center has posted a brief recap of the panel and the supporting materials, in a blog post entitled “Issues Confronting Insureds and Excess Insurers in Large-Scale, Long-Tail Claims.”  You can see the post by clicking here.

Disclaimer:

This blog is for informational purposes only. This may be considered attorney advertising in some states. The opinions on this blog do not necessarily reflect those of the author’s law firm and/or the author’s past and/or present clients. By reading it, no attorney-client relationship is formed. If you want legal advice, please retain an attorney licensed in your jurisdiction. The opinions expressed here belong only the individual contributor(s). © All rights reserved. 2010.

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