Cover-Pro from Philadelphia Insurance Companies

Philadelphia Insurance Companies is offering comprehensive professional liability coverage to a variety of professions including computer consultants, management consultants, career coaches, marketing consultants, interior designers, telecommunications consultants and many more. The policy addresses claims filed by clients resulting from negligent acts, errors or omissions and Personal Injury arising from the provision of Professional Services.

List of Eligible Professions

For more information click here

In their ordinary business relationships with clients, agents are not fiduciaries

The Ohio Court of Appeal recently provided some comfort to insurance agents and brokers regarding their responsibilities to clients with whom they have ordinary business relationships. This case demonstrates that insurance agents and brokers who wish to avoid litigation should make it clear to clients:

-That they are not a fiduciary for the insured.

-That they are simply carrying out the client's instructions and make no guarantees about the adequacy of the insurance.

-That they do not provide expert advice concerning the adequacy of limits.

-That an insured should carefully review the policy wording and declarations to determine that the policy limits are adequate.

-That an insured who is unsure of the adequacy of his or her limits should retain an expert in repair and reconstruction who can determine how much coverage is needed.

-That agents should protect themselves by carefully documenting the nature of their agent-client relationships.

Read more

We'll Believe It When We See It.

D.C. Adopts New Standards for Walkways at Construction Sites

February 6, 2008

D.C. Mayor Adrian Fenty has announced new safety standards to protect pedestrians walking by construction sites.

Fenty says the changes end "the era when sidewalks were blocked for months on end." The new policy requires that construction sites preserve existing walkways as closely as possible. The walkways must either be covered or protected.

Developers are required to submit traffic control plans to the city Transportation Department and receive city permission to temporarily use public space as part of a construction site.

The standards were developed after a study of those used in other cities.

Information from: The Washington Post

Ted looked high and low....

....until he found someone who was reading his blog!

Fiduciary Liability is for Everyone

The fundamental exposure under ERISA liability is for fiduciaries of an ERISA plan. A primary purpose of ERISA is to protect employee benefit plans by establishing standards of conduct, responsibility and obligations for fiduciaries of such plans. Fiduciaries are personally liable under ERISA for breaches of fiduciary duty to an ERISA covered plan. A fiduciary who commits a breach is responsible for any resulting monetary losses to the plan. The fiduciary is also subject to "such other equitable or remedial relief as the court may deem appropriate."

Under ERISA, a "fiduciary" is defined as one who (1) exercises discretionary authority or control over plan management, administration or disposition of plan assets, or (2) renders investment advice for a fee or other compensation. ERISA fiduciary status in this latter category requires,
Ted wants to know who is reading his blog so he has devised this simple experiment.

If you are the first person to email Carol with this message: "I READ TED SAYS" you can claim a prize of $20 cash.

We're waiting.

PS Managers are not eligible to participate!

AIG Enhances Corporate Counsel Policy

The heightened risk of being named in securities litigation has lead corporate counsel to face increasing liability exposures from a variety of claimants. These liabilities may result from legal services provided on behalf of and to their employers, as well as pro bono and moonlighting services. Because the role of corporate counsel continues to change, AIG Executive Liability, a division of the property casualty insurance subsidiaries of American International Group Inc., enhanced its Corporate Counsel Premier (CCP) insurance policy to protect the personal assets of corporate counsel and their staff.

Read more at:

http://www.insurancejournal.com/news/national/2008/01/23/86658.htm

N.Y. Insurance Agency's Computer Hacked to Gain Forged Insurance Docs

Police in New York have arrested a computer consultant who is charged with fraudulently printing an insurance certificate from an agency's computer and using the document for his part-time snowplowing business.

Joseph Mori, 43, of Fishkill, has been charged with insurance fraud and criminal possession of a forged instrument. He was arrested by the New York State Insurance Department's Frauds Bureau, assisted by the Dutchess County Sheriff's Department.

Mori allegedly gained access to the computer system of Kaplan Insurance agency in Wappingers Falls to print the fraudulent insurance certificate. Agency employees discovered the fraud.
Mori reportedly worked as a computer consultant for the agency for approximately 10 years. Aside from allegedly printing the certificate, no evidence was uncovered that Mori had tampered with other agency computer files, Toucher said.

The misdemeanor insurance fraud charge could result in a sentence of up to one year in jail.

Source: New York State Insurance Dept.

Find this article at:
http://www.claimsjournal.com/news/east/2008/01/14/86402.htm