Edwards Angell Palmer & Dodge LLP continues its live blogging from the PLUS D&O Symposium. There were several interesting points discussed during the fourth panel discussion today, including the following:
- The Panel was asked: "What makes a carrier a go-to insurer?" The writers of large, complex risks at the primary level have the people with the knowledge of the industry and decision-makers to get deals done and ability to handle the claims. The pure excess carriers don't have this depth of experience.
- Until a policy issue arises with a carrier that is new to the marketplace, you don't know what to expect from that carrier.
- Clients do business with carriers that match up well with their own business approach.
- There is value to building up a long term relationship, but there could be times when a new fit is right. This long-term relationship should be a mutually-beneficial arrangement as claims come in and renewals are negotiated.
- The Panel felt that the ease of doing business in the US and Bermuda makes it very efficient. For example, one day-trip to Bermuda could result in $300 million in coverage filled out.
- Even in a soft market, there are risks that are hard to place because of the differences in pricing and terms.
- The top coverages sought are for informal investigative costs and privacy and data breach.