Risk Management & Insurance

Overview

Our Risk Management & Insurance Law attorneys focuse on assisting in the selection of appropriate risk management plans and insurance protection for companies, officers, and directors. The proper insurance mechanism is a major asset of a successful company and merits attention equal to the company’s profit and loss analysis. Without the appropriate risk management plan and insurance protection, a company's bottom line can be adversely affected and they may be forced to steer funds earmarked for profit-ventures to pay for unexpected and substantive costs. There are numerous options in a risk management plan, many of which depend upon the company’s business and market goals. Professionals in the insurance consulting industry should be used to assist in choosing the appropriate plan and protection, and the group’s attorneys have extensive experience counseling clients across the industry.

Representative Matters

  • Corporate Plant Explosion — Counseled international company regarding insurance matters and claim submission to its first-party property carriers regarding multimillion-dollar plant explosion in California. Claim involved business interruption, extra expense, code, salvage and rebuild issues. Coordinated with accountants, general contractors, building owners and others to work toward final claim submission and optimization of insurance reimbursement for corporation.
  • Fire Loss at Manufacturing Site — A five-alarm fire at manufacturing plant in Chicago lead to submission of loss to corporation's first-party insurer. Counseled corporate client on insurance coverage issues, submission of claim, retention and coordination of necessary third-party professionals. Provided opinion on future necessary insurance matters to work toward optimal coverage for corporation on property matters including extra expense and code issues. Worked with the City corporate counsel on building code issues. Coordinated all aspects of fire loss and insurance reimbursement for client.
  • $15 Million Coverage Litigation — Obtained $15 million jury verdict and judgment in Illinois Federal Court on behalf of corporation against reinsurer that refused to pay on a corporate claim. The reinsurer was found to have acted in bad faith and thus responsible for punitive, as well as compensatory, damages.
  • Multimillion-Dollar Result for Corporation — Obtained multimillion dollar result on behalf of
    corporation in California Federal Court against the London Market for reinsurance coverage owed arising out of a comprehensive general liability policy. The litigation resulted in a seminal decision from the Federal Court that ordered the London Market to post a bond, since it is a foreign entity, when filing its answer to our complaint in the amount of the potential judgment. The insurer defendant was forced to post the amount of the potential judgment our corporate client might receive against it at the beginning of the litigation.
  • Corporate Captive Counseling and Creation — Instrumental in organizing and forming all facets of both on-and off-shore captives for single corporate, homogeneous and heterogeneous corporate industries. Captives are corporate owned and run entities which essentially allow the corporation to control insurance expenses and to provide the necessary coverage protection.
  • Corporate Claim for Business Interruption — Represented corporate members in a claim against their insurer for damages sustained because of interruptions in its telecommunication services. We successfully negotiated a substantial settlement that enabled the corporation to recover costs without litigation.
  • Banckruptcy Asset Collection — Spearheaded collection of insurance funds to enhance debtor assets including the use of “cut through” provisions to reach reinsurance
  • Corporate Asset Protection — Reviewed Fortune 100 company's risk management programs and opined on insurance gaps in both type and extent of coverage. Worked with officers and directors to obtain new and broader products and services to work toward proper asset protection of company. Created a risk management chart that allowed for a more accurate response from risk managers to claims against corporation collections of insurance, corporate officers and directors and damage to corporate property.
  • IP Coverage for Corporation — Obtained insurance coverage and defense expense
    reimbursement for a corporate client sued in an intellectual property matter. Successfully obtained agreement from insurer to pay for corporation's chosen counsel.
  • Director's and Officer's Protection — Represented corporate officers and directors in review and expansion of their D&O insurance protection. Successful negotiation with insurer on expansion of insurance protection for both D&O and corporate entity insurance coverage.
  • Director's and Officer's Coverage — Obtained coverage on behalf of CEO / Director of public company's major subsidiary for successful defense of $400+ million post-bankruptcy creditors' suit for breach of fiduciary duty, mismanagement and fraud with defense counsel selected by client.
  • Director's and Officer's Coverage — Obtained coverage on behalf of outside director / audit committee chairman for defense and settlement of $10+ million post-bankruptcy creditors' suit for breach of fiduciary duty with defense counsel selected by client.
  • IP Coverage for Consumer Products Manufacturer — Obtained coverage on behalf of international manufacturer / distributor of seasonal light products and its U.S. and Chinese LLC members, for defense and settlement of $30 million suit for trademark / trade dress infringement and false advertising with defense counsel selected by client.
  • Product Liability Coverage Counsel — Regular counsel to international manufacturer / distributor of industrial grease and lubricants products for coverage of end-user product liability claims for property damage and bodily injury.
  • CGL Coverage for Food Packager — Obtained coverage on behalf of packager of sugar products for contamination during packaging process that required destruction of large quantities of finished product.
  • Insurance Review for Food Packager — Comprehensive review and charting of property and casualty, general liability, business interruption and other coverages in effect for international brands food packager.
  • Work-out Counsel to CNA Insurance Co.— Special counsel to CNA for modification of insurance program acquisition agreement to address likely impact on previously acquired real estate errors and omissions coverage line and reserves in the event financially distressed seller of coverage program filed for Chapter 11 bankruptcy protection.