Emerging Insurance Exposures: Marijuana and Mold Risks Discussion
Explore the evolving insurance landscape with discussions on the challenges and risks associated with insuring marijuana-related businesses and mold claims. Insightful perspectives from industry experts shed light on federal laws, carrier involvement, denial scenarios, and various types of marijuana businesses. Understand the types of mold claims, pollution exclusions, and factors contributing to an increase in mold claims.
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Administrative Details Attendees are in listen only mode. Questions? Please use the Gotowebinar questions feature in the upper right and we will do our best to respond. For panelist questions after the webinar: Linda Ferguson, CPCU- lindaf@roughnotes.com Steven Rockey- SteveR@erslaw.com Matt Davis- matthew_davis@swissre.com Richard Lund Richard_lund@swissre.com No CE or loss control credit for listening to today s discussion. The slides and audio will be available on E&O Happens soon.
Our Panelists: Linda Ferguson, CPCU, is senior vice president of the Technical and Educational Products Division of The Rough Notes Company, Inc. Her 45-year insurance career includes commercial lines underwriting, marketing, product development and management positions in both the field and home offices of national property/casualty insurance carriers. Steve Rockey a principal in Rockey Stratton, P.S. in Seattle. He has been an attorney for 30- plus years in a civil litigation practice, with an emphasis on defense of professional liability claims, including representing insurance brokers and agents. He is a member of the Washington State Bar Association. Matt Davis- Matthew R. Davis is a Vice President and Claims Manager at Swiss Re Corporate Solutions in Overland Park, Kansas, with 26 years of experience working in and for the insurance industry. He joined Swiss Re in 2004, where he has focused his attention on professional liability claims involving both insurance agents and lawyers throughout the United States and Canada. Matt earned a B.A. in Economics/English from the University of Kansas and a J.D. from the University of Texas.
Marijuana: Matt Davis Federal law Banking industry Major carriers won t get involved Marijuana policy coverage Marijuana exposures through traditional carriers
Marijuana: Steve Rockey Racketeer Influenced and Corrupt Organizations (RICO) case in Washington If a claim occurs: Carrier will deny Customer will deny Two types of situations: 1. Insuring a marijuana business 2. Insuring a business tangentially involved in Marijuana
Marijuana: Linda Ferguson Farm Processing Wholesale Retail
Mold: Matt Davis Types of mold claims Pollution exclusions More rain fall = more mold claims
Mold: Steve Rockey Problems deceivingly look small Pollution exclusion
Mold: Linda Ferguson Commercial Property Exclusion Limited aggregate coverage Additional limits available at a cost Personal Lines Exclusion Limited coverage subject to insured s knowledge and action Additional coverage available at a cost
Drones: Matt Davis Personal & commercial uses for drones FAA registrations Cost
Drones: Steve Rockey Coverage concerns Failure to register w/ FAA Key exclusions or limitations
Drones: Linda Ferguson Commercial lines No drone property coverage All aircraft bi/pd liability excluded under CG 00 01. No aircraft pi/ai liability exclusion under CG 00 01. CG 21 09 mandatory exclusion eliminates all drone liability. Coverage available by ISO CGL endorsements Aviation markets can provide both property and liability coverage with aircraft policies. Personal Lines As long as drone meets the definition as a model or hobby aircraft coverage is not excluded. Business use of drone is excluded.
Cyber: Matt Davis Cost of a major cyber attack Effects on the bottom line Social Engineering attacks
Cyber: Steve Rockey E&O problems New products
Cyber: Linda Ferguson Excluded from ISO forms An undefined coverage that is being defined by the insurance companies that are designing the coverage First party coverage Third party coverage
Website: Matt Davis "Insurance can be confusing, let our experts guide you through the insurance maze. Let us be your business partner!" or "... our professionals will work hard to insure that you are fully covered for all those risks that most apply to you we'll produce the most complete plan to safeguard your business."
Website: Steve Rockey Plaintiffs lawyers in E&O claims are quoting from web sites in complaints, depositions, trials, etc. The web page will make the argument for plaintiff s attorney Consumer Protection Act claim Website advertising should be general and not overpromise
Questionnaire Selection Coverage List GENERAL INFORMATION - PERSONAL Is the residence located in a flood plain? ___ Yes ___ No If yes, does the applicant carry flood insurance? ___ Yes ___ No Is the residence located in a known earthquake area? ___ Yes ___ No If yes, does the applicant carry earthquake insurance? ___ Yes ___ No Does the applicant carry firearms or have firearms in the residence? ___ Yes ___ No If yes, complete the firearms supplement. Have there been any water-related (including backup of sewers or drains) losses? ___ Yes ___ No If yes, answer the following: List items damaged by water that remain in the residence. _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ Is there any evidence of water leaking or seeping in the residence? ___ Yes ___ No Are there odors in the residence that could suggest the presence of mold? ___ Yes ___ No Are underground or above ground storage tanks on the premises? ___ Yes ___ No Are flammables, chemicals, or fuel stored on the premises? ___ Yes ___ No If yes, describe the property stored, where it is stored, and procedures to prevent ignition. ____________________________________________________________________________________ ____________________________________________________________________________________ ____________________________________________________________________________________ Is lead paint in the residence? ___ Yes ___ No Are chemicals sprayed on the premises? ___ Yes ___ No
SUPPLEMENT UNMANNED AERIAL VEHICLES (UAV) (Drones) GENERAL UAV-g-1 Describe UAV usage: ___% Inspection ___% Real Estate ___% Media ___% Security ___% Spraying ___% Survey ___% Entertainment (Rodeo) ___% Inventory ___% Other UAV-g-2 Describe Other: ____________________________________________________________________________________ ____________________________________________________________________________________ UAV-g-3 Are the UAVs kept within the operator s vision at all times? ___ Yes ___ No UAV-g-4 If no, please describe: ____________________________________________________________________________________ ____________________________________________________________________________________ ____________________________________________________________________________________ UAV-g-5 Does any group of UAV s operate under uniform command(s) as a team/swarm? ___ Yes ___ No UAV-g-6 If yes, who is responsible for the programming? ____________________________________________________________________________________
Resources: E&O Angle Article: Play it Safe Author: Julie Carter E&O Angle Article: Is Mold Growing Your E&O Exposure Author: David Hulcher E&O Angle Article: Look Sharp Author: Caryn Mahoney Webinar: Standard of Care Webinar: Is your website doing more harm than good? Flyer: Website Do s & Don ts E&O Angle Article- Above and Beyond: When Web Sites Create Additional Duties Author: Dawn Goeres, JD
Panelist Email Addresses: For panelist questions: Linda Ferguson, CPCU- lindaf@roughnotes.com Steven Rockey- SteveR@erslaw.com Matt Davis- matthew_davis@swissre.com Richard Lund Richard_lund@swissre.com Please cc: jim.hanley@iiaba.net, Annette_Ardler@swissre.com
