CLM’s Litigation Management Institute at Loyola University Chicago – School of Law presents, “Course 2: Fundamentals of Risk Transfer” on October 18, 2019
Michael Leahy will be co-presenting “Fundamentals of Risk Transfer” during CLM’s Litigation Management Institute.
Every client, whether they are a consumer, a corporation or a governmental entity, encounters a risk of loss to life, property or earnings. Some of these risks are predictable, the cost minimal and can be appropriately budgeted for out of the client’s regular income or reserves. Others risks are uncertain or occur with some frequency for the Industry but not for the client, and/or are potentially catastrophic. When the latter occurs, they may threaten the standard of living for the client or its ability to continue to operate fiscally. Uncertain, infrequent and/or potentially catastrophic risks need to be measured and planned for nonetheless. As part of this planning, clients may contract with others to assume all or part of an identified risk. Insurance and indemnification agreements are two examples of vehicles to transfer risks.
The typical defense lawyer often has little to no experience with risk transfer agreements or the impact those types of agreements have on the defense of a case or the responsibilities of the lawyer to his/her client. Even if aware of these agreements, the defense attorney may not understand how those agreements should be interpreted. This course will expose lawyers to the fundamental principles of risk transfer via insurance coverage and indemnity agreements as well as helping them to understand excess coverage, reinsurance and captive insurance.
Upon completion of this course, the participant will:
- Know various risk transfer vehicles.
- Understand risk transfer through various types of insurance and explore the language used to accomplish this in various types insurance policies.
- Understand risk transfer through various types of indemnification agreements and explore the language used to accomplish this in various contracts, including, how such agreements affect insurance coverage.
- Understand risk transfer through various types of excess and reinsurance and explore areas such as excess coverage, reinsurance, SIR vs. deductible and captive insurance.