The following is a case study about how Kapnick’s Specialty Risk experts provided in-depth consultation of policies to ensure a real Kapnick client fully understood how their management liability coverage would respond in various claim scenarios to mitigate risk and add value to their business.
The following is a case study based on real Kapnick clients about the impact of of insufficient D&O coverage for an individual board member and Kapnick’s collaborative, One Firm solution. THE PROBLEM One of Kapnick’s private clients was invited to join the board of a for-profit company but was concerned
Background: In connection with the COVID-19 epidemic, the U.S. Congress passed the CARES Act in order to provide financial support and relief to businesses and individual citizens. As part of the CARES Act, the Paycheck Protection Program (‘PPP’) was put in place to provide potentially forgivable loans to small businesses (under 500 employees) who were struggling financially due to the economic uncertainty of the pandemic. The PPP loans were administered by local, regional and national banks and the program is overseen by the Small Business Administration (‘SBA’). The Risk: Applicants for PPP loans needed to demonstrate that the loan request…
There is a common misconception that there is no downside for reporting a circumstance which might become a future claim for D&O, E&O, Employment Practices, Fiduciary and Cyber liability policies. However, coverage issues could arise from doing so.