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Product ID: 406542EAU

Reading and Understanding a Corporate Insurance Policy

OnDemand Webinar (95 minutes)

Gain insight into how to understand your company's insurance policies and provide guidance regarding the key coverages available to businesses.In an era where natural and man-made disasters and accidents are common place and frequently involve liability associated with property damage, injury involving the use of social media and big data, the increased targeting of individual directors and officers, and the growing costs associated with defending and resolving lawsuits, it is imperative for business leaders and owners to be acutely aware of their company's insurance program. A well-managed and thoughtfully procured insurance program commonly provides a defense from a lawsuit where there is potential coverage, provides indemnity for any covered claim, settlement or judgment, and provides coverage for property damage or business interruptions caused by natural disasters. This topic will cover the most common forms of first and third party insurance available for businesses, including property coverage, commercial general liability insurance (CGL), directors and officers liability (D&O), errors and omissions liability (E&O), cyberliability, employment practices liability (EPLI) and fidelity bond/crime coverage. It will explain the core principles of insurance law that you should be mindful of when reading your policy that will inform your negotiation of the terms and conditions of the policy and understanding of the risks covered by the policy. The topic will conclude with an in-depth discussion of how to read and understand your corporate insurance policy, including the most significant terms and conditions, and will emphasize how different areas of the policy may change depending on the type of coverage and risks at issue.


Bradley H. Dlatt, Perkins Coie LLP Kevin B. Dreher, Reed Smith LLP


Leading Types of Corporate Insurance Coverage

• First Party Insurance - Property, Builder's Risk

• Third Party Insurance

- Director andOfficers

- Commercial General Liability

- Errors and Omissions

- Employment Practices Liability

- Cyber Liability

- Fidelity Bond/Crime Coverage

• Primary vs. Excess Insurance

• Additional Insured Rights

Insurance Principles to Remember When Reading and Understanding Your Policy

• Grants of Coverage vs. Limitations

• Contra Proferentum

Understanding Your Corporate Insurance Policy

• Understanding the Declarations Page: Term, Policy Period, Limits, and Deductible/Retention

• The Insuring Agreement: Claims Made vs. Occurrence-Based Coverage

• The Defense Obligation

• Common Exclusions

• Key Terms and Conditions: Notice, Cooperation, Consent and Settlement

The Power of Endorsements