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Risk Transfer – We Have You Covered.

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INDUSTRIES

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Accommodation and Food Services
Agriculture, Forestry & Hunting
Arts, Entertainment & Recreation
Aviation
Construction
Educational Services
Finance & Insurance

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Healthcare & Social Services
Manufacturing
Marine
Mining, Quarrying, & Gas Extraction
NonProfit Organizations
Professional Services – Architects
Professional Services – Office

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Public Adminstration
Real Estate, Rentals and Leasing
Retail Trade
Technology
Trucking & Fleet
Warehousing
Waste Management & Remediation Services

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In a situation where one company merges with another to become a single entity, or when one company is acquired by another, it is imperative that both parties review and update their insurance coverages to ensure all risks are accounted for.  BIG  details the steps your company should take to prepare for a merger or acquisition and defines two types of insurance that may help your company close the deal with confidence.

Perform an Insurance Review

To make sure your company is not blindsided by surprise liabilities after a merger or acquisition transaction, perform the following review:

Additional uncovered liabilities are often discovered in the due diligence process, and the purchase price can be adjusted accordingly or the buyer granted applicable indemnification.

Representations and Warranties Insurance

During a merger or acquisition, certain discrepancies may appear in the way each company has represented itself. These inaccuracies could cause significant liabilities after closing, and those liabilities may not be covered by general liability policies. If indemnification hasn’t been promised, specialty insurance should be considered to cover these potential risks. Representations and warranties insurance protects buyers and sellers of a company against any inaccuracies made in representations and warranties.

D&O Run-off Coverage

If you have a directors and officers (D&O) policy, you know that it protects you from the costs associated with any lawsuits, investigations or other claims brought against you. In a merger or acquisition scenario, the D&O coverage of both entities needs to be examined prior to the completion of the transaction to ensure gaps in coverage will not exist.

D&O policies are typically structured as “claims made,” which means the insurance does not cover the company after the policy expires. This means that if a claim is filed against the seller after the seller’s D&O policy expiration date, the seller will be responsible for paying any charges in full. Depending on the specific contract details, this could mean that the buyer is responsible for footing the bill.

Run-off insurance provides extended D&O coverage (for a selected time period) for any claims that arise after the seller’s policy expires. It should be secured prior to the merger or acquisition transaction closing.

Contact your Bellwether Insurance Group representative at (954) 800-6400 to discuss how you can implement a program to assist you in managing risk transfer.

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954-800-6400

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info@bigins.com

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225 SE 15th Terrace, Deerfield Beach, FL

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