Entries tagged: insurance

Five Questions To Ask About Your Company’s Cybersecurity Insurance Policy

By: Jack Harrington, Esq.

Posted: April 26th, 2017

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Companies of all shapes and sizes understand the importance of general commercial liability coverage. But, with the unprecedented rise in cyber attacks—particularly against businesses that collect and store the personal, medical, or financial data of their customers—how many companies have invested in the necessary cybersecurity insurance coverage?  PwC estimates that cyber insurance premiums will reach […]

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Is Your Insurance Company Really on Your Side? Be Sure.

By: Christine Malafi, Esq.

Posted: March 29th, 2017

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    Liability insurance policies provide both indemnification and defense coverage to insureds when they are sued for injuries and/or damages. Insurance policies also contain various exclusions, or exceptions, from insurance coverage. After an insured notifies its insurance company of a lawsuit brought against it, the insurance company investigates the claim and the coverage provided […]

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A New Cybersecurity Reality for the New York Insurance and Financial Services Industries

By: Jack Harrington, Esq.

Posted: February 9th, 2017

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  On March 1, 2017, the New York financial services industry will awaken to a new regulatory regime designed to set minimum standards for the development and functionality of cybersecurity programs.  The New York State Department of Financial Services’ (“DFS”) proposed cybersecurity regulation (the “DFS Rule”) will cover any institution doing business in New York […]

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Sorry for the Delay: The Importance of Giving Timely Notice to Your Insurer

By: Christine Malafi, Esq.

Posted: November 28th, 2016

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When an insured seeks liability coverage under its general liability or commercial liability policy after it has been sued for personal injuries or death resulting from an accident, New York State Insurance Law § 3420(d) requires the insurance company to make its decision to disclaim liability or deny insurance benefits to the insured and provide […]

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No-Fault Carrier Not At Fault for Faulty Billing: Billing Confusion Creates Potential Liability for Healthcare Providers

By: Scott Middleton, Esq.

Posted: June 23rd, 2016

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A recent New York State Court of Appeals decision, Aetna Health Plans v. Hanover Insurance Company (NY Slip Op 04658, June 14, 2016), creates yet another worry for doctors and patients with respect to medical billing and ultimate responsibility for those bills. The issue presented is whether a health insurer that pays for medical treatment […]

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Business Interruption Insurance: Protection Against Suspension of Business

By: Christine Malafi, Esq.

Posted: April 20th, 2015

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Business interruption insurance is designed to protect your business if your business premises is physically damaged and there is a suspension or halt of business activity at that location. It is not typically a “free-standing” insurance policy—rather, it is an additional coverage that can be added to a property damage insurance policy (i.e., fire policy) […]

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Cyber Liability Insurance: What it Protects Against

By: Christine Malafi, Esq.

Posted: March 18th, 2015

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Cyber liability insurance is a risk management tool and a form of protection that a business can purchase to limit economic losses from damages and for liability from a potential hacking.  Most industries in today’s world conduct a lot of business through computers and the internet.  While modern technology helps to promote efficiency and organization […]

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Directors’ & Officers’ Liability Insurance: Something to Consider

By: Christine Malafi, Esq.

Posted: February 25th, 2015

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To protect shareholders, in certain circumstances the law places liability upon corporations and their directors and officers for damages caused by conduct harmful to shareholders or conduct that breaches fiduciary duties. Just the way car owners and homeowners have insurance to protect themselves from potential liability claims against them, corporations and their directors and officers […]

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Additional Insured Status Information

By: Scott Middleton, Esq.

Posted: August 10th, 2013

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So you think you’ve done the right thing by requiring your tenant or a company performing services for you to name your company as an additional insured on its policy. You are then given only a certificate of insurance. You’re on the right track but there’s more to be done. Don’t be satisfied with only this document – you need to see […]

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Delayed Disclaimer: Carrier Who Hesitates May Be Lost

By: Scott Middleton, Esq.

Posted: February 11th, 2012

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Insurers beware, you may be forced to provide coverage for personal injury claims if you wait too long to disclaim coverage of an insured. Insurance Law § 3420(d)(2) requires a liability insurer to give the insured or the injured person written notice of disclaimer of a personal injury claim “as soon as is reasonably possible.” So what exactly does “as soon as […]

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