Industry:   Banking

Specialty:   Investment Management Firm

Location :   Connecticut

Description: One of our Insureds was issued an Information Document Request (IDR) from the Internal Revenue Service (IRS) for one of their benefit practices. Through their Captive Actual Net Loss Insurance Policy "Administrative Actions" coverage, the Insured was able to recoup “extra expenses” associated with this document request.

Line of Coverage:   Administrative Actions

• An increase in commercial premiums – where renewal prices may be significantly greater than prior years.
• Your client’s loss history warrants more favorable renewal pricing.
• An Increase in deductible limits. For instance, is the existing commercial carrier requiring your client to significantly increase the deductible on their policies? Are self-insured retention layers increasing to unreasonable levels?
• Introduction of new policy exclusions – is a renewal coverage contingent upon acceptance of a coverage exclusion for exposures previously covered?
• Imposition of sub-limit caps – renewal policies may present coverage limitations which are more stringent than prior coverage.
• Carrier non-renewal – if your client is facing a non-renewal of coverage or excess layers; coverage may be unavailable or subject to significant premium increases.
• Clients that need customizable coverages – loss of key customer, loss of key supplier, legislative/regulatory changes and business interruption, to name a few.
• The inability to obtain specialized types of coverage from commercial third-party insurers.