Practical Insurance Guide for In-House Counsel


Summary

This practice note provides a practical guide about insurance for in-house counsel. It explains the theoretical underpinnings of insurance, outlines the process by which insurance is obtained, and describes the basic elements of the commercial insurance structure. In addition, it provides best practices for in-house counsel about how to maximize insurance from procurement to reporting of a claim and details the key elements of an insurance company's response to a claim. The practice note also depicts the several types of insurance that should be considered for a business entity and addresses the fundamental aspects of bad faith and broker liability.