Hot Topic: Navigating The Financial Tsunami - ERM401
Tuesday, 2:15 pm - 3:45 pm
Like a tsunami, the U.S. financial crisis has expanded to encompass our global trading partners, customers, suppliers and outsourcers. The ripple effects will negatively impact almost every business, government, charity, consumer, employee and student throughout 2009 and into 2010. As risk managers, internal auditors, continuity planners and executives, we have a responsibility to assure our organizations remain prepared and resilient during adverse conditions. This session takes an enterprise-view of the financial and operational impacts that will most likely affect organizations and provides a series of recommendations to help organizations mitigate risks, survive the next 18 to 24 months and prepare for economic recovery. We’ll address the risks related to insurer insolvencies and discuss key issues such as the steps organizations should take now to mitigate their exposure to an insurer insolvency, what happens to an organization's policyholder collateral during a liquidation proceeding and what guaranty fund recovery may be available if an insurer fails.
Glen Boyls, CBCP, Management Consultant, AMX International, Inc.
Corinne P. Carr, Partner, Sonnenschein Nath & Rosenthal LLP
Hot Topic: Five Questions to Ask Before Switching Insurance Companies - INS205
Wednesday, 9:00 am - 10:30 pm
The Federal government's huge loan to AIG has led many corporate policyholders to take stock of their insurance portfolios and consider changing insurance companies on one or more lines of coverage. While re-examining existing insurance at this point is a matter of due diligence, risk managers should recognize that the decision to switch insurance companies—or stay put—should not be made purely on the bases of price and financial strength. Attractively priced insurance from solvent carriers will not meet the policyholder's needs if it does not pay claims. This panel will examine issues that must be considered if the insurance portfolio is to work as planned, including limits, additional layers, claims handling history, mandatory policy clauses, pre-existing conditions and the pitfalls of a new application process.
Cort T. Malone, Attorney, Anderson Kill & Olick, P.C.
Lori Seidenberg, Vice President, Enterprise Risk Management, Centerline Capital Group
David E. Wood, Partner, Anderson Kill Wood & Bender
Hot Topic: Insurance Coverage for Subprime Mortgage Lawsuits - INS206
Wednesday, 10:45 pm - 12:15 pm
Lawsuits have begun against investment banks, investment advisors, banks, mortgage companies and nearly everyone involved in the securitization of mortgages. Many of those lawsuits may be covered under standard insurance policies already purchased prior to the financial crisis, including D&O, E&O, fiduciary liability insurance or financial institution (FI) bonds. Policyholders seeking protection under these policies need to be prepared to counter typical insurance industry defenses against coverage, including unilateral rescission, the bad acts exclusion and the insured vs. insured exclusion. Learn how these defenses can be effectively countered in many cases by the policyholder.
Bruce Cochran, Director, Corporate Finance, Risk Management, Oracle Corporation
Nicholas J. Conca, Managing Principal, Integro Insurance Brokers
Robert M. Horkovich, Attorney, Anderson Kill & Olick, P.C.
Hot Topic: D&O Insurance During the Economic Crisis - INS207
Thursday, 9:45 am - 11:15 am
Directors and officers (D&O) insurance may be your company's most-valuable insurance asset during this economic downturn. Learn how the economic crisis is revolutionizing the D&O marketplace and how you can take advantage of the upheaval. Insurance companies are adding new exclusions and changing underwriting criteria. Stay a step ahead by knowing what your D&O insurers are thinking, discovering how to negotiate for better terms, discussing whether it's time to switch carriers and learning what precautions to take if you switch. Get checklists of coverage provisions to request and exclusions to avoid. Finally, hear about new D&O insurance products that are designed to help you weather the current economic storm, including DIC policies and how they work.
David F. Conca, Esq., Director, Risk Management, Time Warner Incorporated
Reynold Siemens, Partner, Proskauer Rose LLP
Michael W. Smith, President, AIG Executive Liability
Brian Wanat, Managing Director, Aon Risk Services, Inc.
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