Liability insurance policies allow companies to protect themselves from various risks. Some liability policies are “occurrence-based,” while others are considered “claims-made” policies. Claims-made policies may have an extended reporting period (ERP), which provides some protection after the policy period ends that may be important during times of transition. Occurrence vs. Claims-Made Policies An occurrence policy covers claims stemming from an event that happened during your coverage period. With this type of policy, you will be covered for events that occurred during the policy period – ev ..read more

Discrimination lawsuits against employers are increasingly common in the modern workplace. The U.S. Equal Employment Opportunity Commission (EEOC)reported 81,055 new workplace discrimination charges in FY 2023, up 10.3% from the previous year. Employers can protect themselves from claims of discrimination with employment practices liability insurance (EPLI), which may be available as an endorsement on a business owner’s policy or as a standalone policy. What EPLI Insurance Covers An EPLI policy typically covers the cost of defending against claims as well as settlements or judgments up to the ..read more

Insurance contracts generally require that policyholders provide the insurer with proper notice of a claim and, in many cases, an occurrence that may lead to a claim. Insurance companies insist on notice provisions to protect their interests. Prompt notice of a claim allows insurers to conduct investigations while the witnesses are still available and memories are still fresh, and it permits them to allocate reserves to cover the liability. It is important to understand and comply with your policy’s notice provision, because failure to give proper, timely notice under the terms of your policy ..read more

Commercial general liability (CGL) insurance protects against a broad range of potential claims from third parties that could devastate your business. But while CGL policies cover defense costs and losses for many categories of claims, this type of insurance has significant exclusions. What does CGL Insurance Cover? A CGL policy typically covers all sums that you become obligated to pay – including legal costs, settlements and judgments, up to the policy limit – for claims of bodily injury or property damage arising out of an occurrence, or accident. Many CGL policies also provide coverage for ..read more

Liability insurance policies protect your business against claims brought against you by third parties. Your insurer has a duty both to defend you against claims and to compensate you for losses covered under the policy. Generally speaking, the duty to defend is much broader than the duty to compensate, or indemnify you for your losses. But there are nonetheless limits to your business insurer’s duty to defend. What Liability Policies Cover General commercial liability (GCL) policies generally protect your business against claims of bodily injury, property damage or personal injury (such as li ..read more

A commercial property insurance policy protects against direct physical loss to your company’s property that results from a covered peril. While some types of property policies protect against a specific named peril, many are termed “all risk” policies. But all risk does not, in fact, mean every risk; these policies typically contain several exclusions. One of the most common of these is the mold exclusion. The Mold Exclusion Property policies commonly preclude coverage for damage that is caused by or that results from mold. When mold is the clear and proximate cause of property damage, there ..read more

A commercial property insurance policy protects against direct physical loss to your company’s property that results from a covered peril. While some types of property policies protect against a specific named peril, many are termed “all risk” policies. But all risk does not, in fact, mean every risk; these policies typically contain several exclusions. One of the most common of these is the mold exclusion. The Mold Exclusion Property policies commonly preclude coverage for damage that is caused by or that results from mold. When mold is the clear and proximate cause of property damage, there ..read more

Schwartz, Conroy & Hack recently came to the rescue of a nonagenarian whose long-term care policy lapsed due to her alleged failure to pay the policy premiums. (Spoiler alert: Our client tried to pay the premiums, but the insurance company would not let her.) The cautionary tale below shows why it is important to carefully monitor the insurance accounts of your aging relatives.   Long-Term Care Policies Long-term care insurance covers the costs of nursing home care, home health care and adult daycare for individuals who are no longer able to care for themselves due to physical an ..read more

The purpose of long-term disability insurance is to provide workers with steady income in the event their earnings are curtained by a lengthy period of disability. Many employers procure group long-term disability insurance for the benefit of their employees. But some employers are being offered a group disability policy that contains a disturbing clause that allows the insurer to avoid paying benefits for a year or more.  How Long-Term Disability Works A long-term disability policy typically kicks in after a worker has received 180 days of short-term disability benefits. Disability polic ..read more

Insurance companies require that policyholders provide proper notice of a claim and, in many cases, an occurrence that may lead to a claim. Failure to comply with the notice requirement may result in the insurer being excused from all liability. Therefore, if you are faced with a claim or an occurrence that could result in a claim, it is important to review all of your business insurance policies that may be impacted to understand your obligations with regard to giving notice.  Why Insurers Require Proper Notice of Claim Insurers include notice provisions in their policies to protect thei ..read more