Vlog: Executive Risk Policy — What You Don’t Know May Cost You
How much do you know about Executive Risk insurance policies? Understanding the coverage terms, conditions, and policy mechanics will assist you in avoiding unnecessary roadblocks and preclusions to coverage that may have otherwise been available.
We recently took on these issues to get you answers. In the executive risk video below, you’ll learn about:
1) Notification of Claims
Reporting as soon as possible is one thing, but knowing what constitutes as an executive risk claim is equally important.
2) Duty to Defend Policy
Under a duty to defend policy, the insurance company retains the right and duty to defend a covered claim once it is tendered to the insurer — regardless of whether the claim is groundless, fraudulent, or lacks merit.
3) Subsidiaries vs. Affliates
Transparency and communication are critical to ensure executive risk coverage extends to all entities and related entities if that is the intent.
4) Organizational Changes
An organizational change should be promptly reported to your insurance broker and insurer to ascertain whether it triggers certain provisions within your executive risk policy.
Watch the video below for more information about executive risk.
Want to know more? Download this free Executive Risk Policy Guide: What You Don’t Know May Cost You.
Published on: 02.13.20