The Facility Emergency Coordinator is the representative of a facility subject to environmental regulations (such as a chemical plant) that participates in the emergency notification process at the Local Emergency Planning Committee (LEPC).
Factory firms is a term used to describe large law firms that are very billing oriented, with a heavy emphasis on teams of attorneys who handle cases almost on the assembly line.
Optional auto reinsurance is a form of property casualty (P&C) reinsurance that is a hybrid of optional and contractual insurance. The ceded risk border is transferred to the reinsurer, who has limited rights to waive individual risks.
The optional-binding contract is a hybrid of the optional and contractual approaches. This is a contract under which the primary insurer may or may not assign individual risks. However, the reinsurer must assume all transferred risks.
Facultative reinsurance is a form of reinsurance in which each risk that the ceding company wishes to reinsure is offered to the reinsurer and contained in one transaction. The presentation, acceptance and agreement arising therefrom is required for each individual risk that the ceding company seeks to reinsure. That is, the ceding company enters into an individual reinsurance agreement for each policy that it will reinsure. However, the reinsurer is not bound to accept each or every submission.
The fee waiver exception is a standard exception to the fiduciary liability policy that excludes coverage of claims caused by a fiduciary’s failure to collect contributions owed to a pension or retirement plan. Impact most often occurs in union-sponsored multi-employer plans. However, since the collection of contributions to pension and benefit plans from companies participating in a multi-employer plan is an activity under the control of the policyholder, such claims are excluded because the insurers do not intend to provide “financial guarantee insurance”. However, many of the forms provide protection against allegations that insured individuals have failed to collect the premiums due under the benefit plan.
Failure to Fund under ERISA The Exception is a standard exception to fiduciary liability policies that excludes coverage of claims arising from alleged failure to fund under the guidelines prescribed by the Employee Retirement Security Act (ERISA). The basis for the exclusion is that it is against public policy to provide coverage for willful violation of federal law. However, most fiduciary liability policies provide protection against such allegations.
The denial of insurance exception is an exception found primarily in directors and officers (D&O) liability policies and, to a lesser extent, in public officer liability policies. This exclusion excludes coverage of claims against insured persons where claimants suffer losses as a result of refusing to purchase coverage, provided such coverage was available. The rationale for this exception has been criticized by many, as deliberate self-insurance, even if an organization suffers significant losses, is often a smart business decision, especially in the long run. However, in recent years, underwriters have become more willing to waive this exemption on the condition that insurers provide a summary of the entity’s insurance program.
Fair Access to Claims (FAIR) plans are public insurance plans that make property insurance available to those who cannot get it on the voluntary market. The specifics of each plan vary from state to state, but all plans require licensed property insurers to participate in the pool and share profits and losses.