Tricks of the Trade: Maximizing Your Company's Corporate Liability Coverage and Minimizing Any Obstacles

Learn how to review your current policy and maximize your chances for future insurance recovery.

Most companies understand the need to obtain corporate liability coverage. However, as companies now are embracing global business markets, their potential exposure to claims expands greatly. Thus, it is critical that a company understands what its corporate liability policies actually cover, what limitations may exist, how the policies interact with a company's by-laws and indemnification agreements with its directors and officers, and potential obstacles to obtaining D&O coverage. This topic will discuss how the terms of your company's corporate liability policies work, how to maximize your chances of securing coverage under these policies, and practical considerations after coverage is secured. The information includes the common pitfalls that can impact how much, and even whether, the insurance company must pay these claims, which include how and when to give notice of a claim; getting the defense fees paid by the insurer; how to ensure your company is satisfying its own duties under the insurance policy so that coverage is not limited, or even forfeited; and what to do when your company gets denials or reservation of rights letters from the insurer. While these may appear to be everyday issues when dealing with insurance claims, you will learn how important these issues can be to whether your company obtains insurance coverage and/or is able to maximize the coverage available.