In-house counsel should develop a good relationship with a competent insurance broker to ensure that the best possible tailored policies are purchased to suit the organisation's needs.
Insurance continues to be an important part of risk management for most companies. It is, however, a legally complex area and the consequences of getting it wrong can be significant. In the first part of this article we outline, at a high level, some of the key features of common insurance policies purchased by organisations, and include some practical guidance on notifying and settling a Claim and renewing a policy.
What policies should a company have?
Many of the insurances commonly purchased cover the Insured’s liability to third parties and are underwritten on a claims-made basis. This means that the policy will respond where a Claim has been made by a third party against the insured alleging that the insured is legally liable.
