Here are some key quotes from my latest podcast with Kimberly Patlis Walsh, President and Managing Director at Corporate Risk Solutions:

“Nobody really wants to be a part of the insurance world. So having a navigant who can really help you put it in layman’s terms and understand what is actually happening has proven quite helpful for a lot of our investment firm clients.”

“The insurance marketplace is comprised of a lot of different parties all advising different insureds and the insured could be an investment firm. It could be their respective portfolio asset that they may be investing into, so a stand-alone operating company in any industry sector.”

“Typically, [the insured] would go to an intermediary. That intermediary is typically a retail broker. That retail broker represents that company. So they go out to all the insurance companies, or the “insurance capital” out in the marketplace.”

“So more often, the most important insurance that they would obtain would be their director and officer and errors and omissions, so their professional services as an investment advisor, and manager.”

“Telling the story differently to differentiate your risk and your company against the market – the broader market or your competitors – single-handedly determines how the insurance carrier perceives you. In which case [it determines] how they price out your insurance, and what type of capacity they’re going to commit to giving you.”

“I think that one of the broadest misnomers that came out of Coronavirus as it broke. . . [is that] every company out there and their respective investors all believed, ‘Oh, here it is, on my property policy, I’m going to have coverage because I’ve now experienced the business interruption caused by something completely out of my control.’”

“Where we see that coming out is advising clients that it may be the right time to think about putting a placeholder [claim] into these policies, even if you have full exclusions on them. * * * Making sure that you are turning over every rock, that you have the maximum opportunity to recover on your insurance policies, as well as having the maximum opportunity to gain any type of backstop via the government, whether that’s state or federal.”