November 5, 2015

The D&O Insurance Report Card

An annual audit of corporate insurance policies by insurance recovery lawyers has become the norm for most organizations.  This audit helps identify which terms need to be included or excluded from off-the-shelf insurance products.  One of the areas where an insurance audit is most helpful is with D&O insurance policies.  For these, we have devised a proprietary, simple to understand, D&O insurance report card.   

We find that insurance audits also help to get everyone on the right page by jumpstarting important discussions between clients, insurance brokers and underwriters.  These discussions ultimately lead to better more comprehensive coverage. An audit can also function as an educational tool, providing insight into critical (and oftentimes evolving) insurance policy terms and conditions, giving clients the information they need to make prudent choices with respect to coverage. 

In this video, managing partner Brian Friel talks about the value of our auditing system, and how Miller Friel can help your business negotiate the coverage it needs rather than take the coverage it is offered. 

To contact Miller Friel, please give us a call at: 202-760-3160.

The D&O insurance report card

We also provide audits, or scorecards, of insurance policies for our clients.

Another aspect of our insurance advisory services is we provide what we call audits or basically scorecards of insurance policies. And what we find is this works best with professional liability insurance policies. An example is directors and officers insurance which really is a critical aspect and asset of any company, both for the company itself, it’s officers, sometimes even its line of employees, and also its Board of Directors.

The D&O Insurance Report Card

Managing Partner, Brian Friel

So what we do as part of the insurance renewal process, in terms of going out and buying insurance, procuring insurance, from the underwriting community, is we will look at the insurance policies that are being offered in a given year and we have a scoring system, basically an audit. Where we go and look at the policies and compare them to other forms available in the marketplace, either the previous years or currently available that particular year, that particular policy period. And we go through and identify, what we’ve identified as the top 10 to 15 key terms and conditions that these D&O policies should have, and are available in the marketplace. If we don’t see those we are going to mark those, score those and then we present these to our clients and ultimately to the brokers. They look and they see or ask themselves, what am I getting? Am I getting an A program or an A- program or a B+ program or something less? And that really drives, we think, the discussion with their underwriters from that point forward to really try and get a better insurance policy for our clients.

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