Professional/Management/Employers Liability News

Lehman Exec Defeats Employee Lawsuit Over Retirement Losses

A U.S. federal judge on Friday dismissed a lawsuit by former Lehman Brothers Holdings Inc employees seeking to hold onetime Chief Executive Richard Fuld liable for their retirement plan losses as the Wall Street bank plunged into its 2008 bankruptcy. …

Law Firms Face Large Malpractice Claims as Risks Grow: Study

As law firms adjust to the realities of the current business environment, they continue to fall victim to malpractice claims, which can be costly to defend and may result in enduring reputational damage. A new study by insurance broker Ames …

ACE Report Cautions Multinationals About Rising Professional Indemnity Risks

Increasing numbers of international firms are being exposed to the risk of professional negligence, misrepresentation, or breach of duty claims when operating both at home and abroad, according to a report published by ACE Group. There are increasing numbers of …

Directors & Officers Could Be Liable for Cyber Attacks: Marsh

Directors and officers need to be certain of their responsibilities relating to the prevention or management of a cyber event, or else they run the risk of being held personally liable should an attack against their firm occur, according to …

Beazley Launches Enhanced Management, Cyber Liability Policy for Law Firms

Beazley has launched “Beazley Practice Protect,” an enhanced management liability policy for law firms, designed to confront a rapidly evolving market for counsel and legal services. Beazley Practice Protect covers both law firm partners and non-partner officers such as CEOs …

Premiums, Claims Severity on Rise in Architects & Engineers Market: Survey

For the third consecutive year, most insurers providing professional liability insurance for architects and engineers saw their premium rates increase modestly in 2014, as expectations of larger rate hikes were tempered by steady competition. A new survey by insurance broker …

CNA Expands Specialty Lines Business in Canada

CNA announced that its $2.9 billion Specialty Lines business, specializing in professional and management liability, financial and other specialized property and casualty insurance products and services, will begin offering specialty products in Canada effective January 1, 2015. John Hennessy, president …

XL Group Expands Executive Liability Protection in U.S.

XL Group’s Professional Liability arm has released a new Executive and Corporate Securities Liability policy form to protect companies and their directors and officers from what it terms “an increasingly complex litigation and regulatory environment in the U.S. and around …

Hiscox PRO Adds Admitted Policies, New Coverages

Hiscox has launched enhancements to its Hiscox PRO suite of insurance coverages for professional liability, encompassing a wider variety of professions with new admitted policies for technology, miscellaneous professional, privacy/data breach, home healthcare and standalone general liability products. The additions …

Lloyd’s Underwriter Pioneer Special Risk Expands to New York

Pioneer Underwriters announced that its Pioneer Special Risk (PSR), led by President Gary Dubois, has commenced underwriting via its New York based division. The bulletin explained that “Pioneer Special Risk has been approved as a Coverholder at Lloyd’s for certain …