Gursey | Schneider LLP’s Post

Insurers for years have railed against Third-Party Litigation Funding (TPLF), citing its role in fueling runaway nuclear verdicts. Yet in an amazing demonstration of cognitive dissonance, some insurers are offering judgement preservation insurance (JPI), which guarantees a large share of such awards will still be paid to the plaintiffs and their attorneys if the ruling is overturned. Worse still, a major TPLF funding firm cited in this Carrier Management article states that leading insurers and brokers are actually considering investing in TPLF! To me this represents a huge risk management disconnect, effectively leading to a circular firing squad and if true--would seriously undermine the credibility of industry's crusade against nuclear verdicts. Read my comments at the story link below.

Interesting article

Common types of business insurance and their purposes: #General #Liability Insurance: Protects against claims of bodily injury, property damage, and third-party lawsuits. #Commercial #Property Insurance: Covers damage or loss to physical property, including buildings and equipment. #Business #Interruption Insurance: Reimburses lost income if business is forced to close due to a covered event. #Workers' #Compensation Insurance: Provides medical benefits and income replacement to employees injured on the job. #Professional #Liability Insurance (E&O): Protects professionals from claims of negligence or errors in their services. #businessInsurance #riskManagement

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🚨 Important PSA for insurance policyholders 🚨 First off an insurance policy is a contract between the insurance company and the policyholder. Second, in most, if not every liability policy, there is language on what the policyholder's obligations are in the event of a claim. Third, a policyholder is not allowed to make a settlement offer to another party without the consent of the insurance company and if they do coverage could be jeopardized. Typical language reads something like: "The Company is not liable for any settlement, Defense Expenses, assumed obligation or admission to which it has not consented." Bottom line, if you receive a written demand from another party alert your insurance advisor immediately! Your team at CAL Insurance & Associates, Inc. is here to advise and help.

Excess insurance provides another layer of security should your defence and indemnity costs exceed the primary mandatory limits. As the value of client’s transactions increases over time, so too does the need to secure adequate levels of Errors and Omissions (E&O) insurance. One large claim could quickly erode the primary policy, leaving you or your firm exposed to significant personal liability. https://lnkd.in/gqj36mxK

Are you protected against the unexpected? Insurance isn't just a box to tick—it’s an essential part of business. From legal compliance to safeguarding, having insurance shields your business from financial setbacks. Our partners at Kingsbridge Group have put together a comprehensive guide on what to consider when choosing insurance, including public liability, employer liability, and professional indemnity. Ensure your business is ready for anything.🔐 Read more here: https://lnkd.in/dY7T2m69

Business insurance is designed to protect businesses from various risks. Here are some key types: General Liability Insurance: Covers legal issues due to accidents, injuries, or negligence claims. Property Insurance: Protects your business property against damage or loss. Workers' Compensation: Provides benefits to employees for work-related injuries or illnesses. Professional Liability Insurance: Also known as errors and omissions insurance, it covers claims of negligence or inadequate work. Business Interruption Insurance: Compensates for lost income due to events that disrupt normal business operations.

Understanding the complexities of putting together an insurance program that works for manufacturers is a unique skill set. Business Insurance is arguably the most complex of all insurance products, encompassing and protecting the many aspects of business operations. With options including Property Insurance, General Liability, Professional Liability, Crime and Inland Marine, choosing the right coverage can be overwhelming. With 50 years of experience, McMichael Insurance can help. https://lnkd.in/g2ASiqwx #businessinsurance #businessintelligence #insuranceagent #insurancebroker

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