Business Insurance Law and Practice Guide

Business Insurance Law and Practice Guide

Business Insurance Law and Practice Guide is a comprehensive guide for both insurance companies and attorneys who advise businesses of all sizes.  It provides detailed treatment of many different types of insurance, including liability, directors' and officers' liability, excess, property, financial guaranty, suretyship, fidelity bonds, title, ocean marine, employee benefits, life insurance in business, insurance for environmental claims, and reinsurance. It discusses risk management, including risk identification, management and control, and the purchase and administration of insurance; insolvency; and taxation issues. It also covers litigating with an insurance company and risk retention alternatives, such as self-insurance and captive insurance.  Click the chapter links below to learn more, and purchase by chapter.

Chapter 1: Introduction to Business Insurance

This chapter from Business Insurance Law and Practice Guide provides a general overview of the insurance industry, which is among the most heavily regulated industries in the United States. This chapter examines how the insurance industry is structured and how practically every aspect of an insurer's activities, including their licensing, investments, and reinsurance transactions, are regulated by each state. This chapter also includes a detailed discussion of the insurance industry's product--the insurance policy--and its five main components: the declarations, insuring agreement, exclusions, conditions, and endorsements. Furthermore, this chapter discusses the vital role that insurance agents and brokers play in the purchase and issuance of insurance policies.

Chapter 2: Liability Insurance

This chapter from Business Insurance Law and Practice Guide provides an overview of general liability insurance. The chapter includes a detailed discussion of the Commercial General Liability (CGL) policy, which provides coverage for many different types of liability to which a business firm may be exposed, such as liability arising from: (1) the ownership and maintenance of the business premises; (2) the conduct of business operations; (3) the use of the business' products; or (4) the business' contractual relationships. This chapter also examines liability policies that are more narrowly tailored to cover the particular business risk to be insured, including: (1) landlords' liability; (2) shopkeepers' liability; (3) professional malpractice liability; (4) manufacturers' and contractors' liability; and (5) directors' and officers' errors and omissions liability.

Chapter 3: Directors' and Officers' Liability Insurance

This chapter from Business Insurance Law and Practice Guide examines the law governing D&O insurance, which is especially important for the officers and directors of publicly held corporations. This chapter starts with a basic overview of how corporations are structured, with an emphasis on the separation between ownership by the shareholders and control by the management. Next, this chapter explores the bases of liability for corporate officers and directors, including: (1) mismanagement; (2) failure to act; (3) claims arising from operational decisions; and (4) employment, health, and safety. Furthermore, this chapter discusses various shields from liability that the management may rely upon as defenses.

Chapter 13: Workers' Compensation Insurance

This chapter from Business Insurance Law and Practice Guide focuses on the law governing workers' compensation insurance. It reviews the general nature and purpose of workers' compensation and explains that if a worker's injury falls within the coverage of a local workers' compensation statute, the remedy provided in that statute is ordinarily regarded as the exclusive redress of the employee against his employer. This chapter also discusses situations in which the injury to the employee is caused by a third party. The law of most states permits the employer to seek reimbursement for workers' compensation benefits paid either directly from the faulty third party or from the employee, if he or she has obtained a tort recovery.

Chapter 25: Risk Management

This chapter from Business Insurance Law and Practice Guide provides practical guidance on how to devise and implement an effective risk management policy. It examines the key goals of risk management--identification, measurement, control, and reduction of a business' exposure to potential losses. Furthermore, this chapter covers various risk control, loss control, and risk financing measures that a company may undertake as a component of its overall risk management plan, such as separating its loss exposures instead of concentrating them in one location. In addition, this chapter also discusses the development, publication, and distribution of a risk management manual as a method of publicizing a uniform company philosophy to all employees.

Chapter 28: Taxation and Insurance

This chapter from Business Insurance Law and Practice Guide focuses on the relationship between taxation and insurance. While risk of loss is an essential element to all categories of coverage, different tax considerations may arise for life insurance, health insurance, and property insurance. This chapter examines the essential tax questions pertaining to life, health, and property insurance, such as: (1) whether the proceeds of insurance are income; (2) whether interest on loans secured to purchase insurance is deductible; (3) whether the premiums are a deductible business expense; (4) whether the coverage is income to the insured; and (5) whether insured losses are deductible.

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