Handling Insurance Renewals: Avoiding Traps in Policy Wording, Reducing Exclusions & Notice of Circumstances

All companies know the importance of having a good insurance broker to manage the process of renewing their corporate insurance. But many overlook the importance of having an experienced policyholder-side attorney to work in conjunction with the broker to identify potential traps in the policy wording, and to make recommendations to ensure the broadest possible coverage.

The COVID-19 crisis caused immediate, massive business income losses and will inevitably lead to all types of litigation for many years to come. Given these high stakes, insurers are approaching renewals with higher prices and new exclusions, so policyholders must take extra steps to protect their interests.

Policyholder counsel will need to understand the new exclusions and be able to suggest strategies that policyholders can employ to maximize their coverage. The most crucial is the submission of a notice of circumstances under the existing coverage before the window in which to do so is closed. The panel will discuss the pros and cons of whether to submit a notice of circumstances and how to make such notice as effective as possible.

Listen as this experienced panel, which includes a broker and a coverage lawyer, shares their perspectives on the challenging issues facing corporate policyholders heading into renewal. Insurance coverage litigation frequently boils down to a relatively small number of key provisions; this webinar will identify those provisions and recommend how to improve them from the perspective of the policyholder.