[Liability Insurance] Florida Bar RPPTL Insurance & Surety Committee Conference Call - Monday, July 16, 2018, beginning at Noon

Mon Jul 16 07:50:25 PDT 2018

All,

Please find attached some additional materials for today's presentation by
Mr. Goodfellow. Also, please note that we will be holding questions until
the end of the hour today, time permitting.  But if we do not have
sufficient time at the end of the presentation, then Mr. Goodfellow has
agreed to take and respond to questions via email to the group.

Looking forward to talking to you all again soon. Thank you.

Best regards,

Michael

Michael G. Meyer, Esq.
Co-Chair Insurance & Surety Committee, RPPTL Section, The Florida Bar
(813) 924-2983

---------- Forwarded message ----------
From: Michael Meyer <mgmeyer83 at gmail.com>
Date: Fri, Jul 13, 2018 at 4:00 PM
Subject: [Liability Insurance] Florida Bar RPPTL Insurance & Surety
Committee Conference Call - Monday, July 16, 2018, beginning at Noon
To: "liability_insurance at lists.flabarrpptl.org" <liability_insurance at lists.
flabarrpptl.org>

Folks,

This is a reminder for our monthly Insurance and Surety Committee call,
scheduled for *Monday, July 16, 2018 - beginning at Noon*. Our speaker for
Monday’s CLE will be *Steve Goodfellow*, *Ph.D., CPCU, Partner, VP National
Accounts, for Insurance Office of America (IOA).  *As you will recall, he
presented to our Committee at our live, in-person meeting in Naples last
December, and he has graciously agreed to present to us again this month
and complete Part 2 of his presentation on "Devastating Claims – The Most
Dangerous and Common Insurance Coverage Mistakes." Please find below Mr.
Goodfellow's summaries and takeaways for each of the topics in his
presentation.  For everyone's reference, we left off in December at topic
number 5, " Preparation (H)urricane," which is where Mr. Goodfellow will
begin his presentation on Monday - just in time for hurricane season!

Attached are the following: (1) Agenda for Monday’s call; (2) Meeting
Minutes from our last regularly-scheduled meeting on June 18, 2018; (3) Mr.
Goodfellow's PowerPoint presentation and Bio; and (3) the most recent
edition of our committee’s newsletter, *Insurance Matters!*

*Meeting Information*:

*Dial-in Information:**       Dial-in: 888-376-5050*

*Pin: 7854216320#*

*Moderator: 36802# (Moderator Does Not Use Pin Code)*

Please be sure to *call in early* to eliminate “beeps” during the committee
reports. Also, remember to *mute your lines* to avoid unnecessary
background noise during the reports and CLE presentation, but *please do
not put the call “on hold”*.

*Attendance:       *Click here to Record Your Attendance
<https://docs.google.com/forms/d/e/1FAIpQLSdtNn-5TBGuWTAiB8V3s62ID6FA9GyxPtPjuk8TVZP7cgaOlg/viewform>

Click here to See Other Attendees
<https://docs.google.com/spreadsheets/d/1nj8NqxAKjdfh3tmWcLF-9xdob0Cv-w5-5xR2kJ5EQeU/edit#gid=1588124515>

We look forward to the call.

1.)     Sexual Harassment:  Purchase Employment Practices Liability
including Third Party Discrimination and Sexual Harassment!.   Actually,
the better buy is Directors and Officers Liability including this coverage,
even for smaller, privately held companies;

2.)    Family Ties:  Reinforcing the need for Private Directors and
Officers as indicated above;

3.)    The 39 Year Old Claim:  This case emphasized the need to seek
coverage even if the policy is long expired.  However, once again, Private
Directors and Officers coverage may have responded if coverage was not
perfected.  Also, environmental impairment liability would respond if
purchased prior to the sale of the property;;

4.)    Company Owned Autos:  Very common problem when owners choose to have
their company buy the insurance n the family autos.  Must add Broad Form
Drive Other Car Coverage and name every single family member of driving age
by name and insure for liability and physical damage.

*5.)    Preparation (H)urricane:  We didn’t get to this one, but the point
of the discussion is to prioritize the wind and hail coverage purchasing
decisions when Named Storms are an issue, such as in Florida;*

*6.)    Unemployed Employees:  Many companies today using payroll services
(there are many) such as ADT that provide not only payroll services, but
act as a Preferred Employer Organization (PEO).  By contract, every
employee of the client becomes an employee of the PEO for the purposes of
buying worker’s comp and benefits.  In this situation, the client MUST by
an “if any” worker’s comp policy in its own name to cover those uninsured
persons and events such as the case described.*

*7.)    Privacy Breach: explains all of the coverages that are easily
packaged to protect your clients against hackers and cyber extortionists;*

*8.)    SCO hires LMC (Shopping Center Owner hires Larry, Moe and Curly):
We didn’t get to this one, but the moral of the story is that the best
coverage available for the owner/developer is a Construction Wrap, but if
too small, then require the contractor to provide Owner’s and Contractors
Protective coverage.*

*9.)    Miscellaneous Topics;  These are three topics that I feel would be
of vital interest to your committee, two of which would be very intriguing
to the trusts and estates committee:*

*a.       Terrorism:  TRIA, the government program, has not paid 1 cent
since its origin following 9/11/2001.  It’s a terrible buy.  Rather, buy
coverage that includes domestic terrorism with an easily defined trigger.
A few programs, one of which is exceptional.  About the same price as TRIA;*

*b.      Lifestyle Investment:  IOA recently bought a company that has
designed an extraordinary program for helping High Net Worth
individuals create wealth and retirement income through leverage and reduce
the cost of insurance.  Our Chairman used this service and was so impressed
that we bought the company.  The 3rd example shows how it works and still
provides a 19.43% internal rate of return.  This example assumes the
insured is age 50 and dies at 89 after taking $1,100,000 annual income from
age 66 to death.  Premium was only $90,000 per year for 15 years plus
significant borrowing.  The policy itself pays off all loans and interest
at the end of the 15th year; and*

*c.       Retirement Through Insurance Waivers;  IOA presents a captive
program for apartment Owners.  By attaching a page to the lease, the Owner
permits tenants to waive the requirement to provide $100,000 liability
insurance for $11 per month.  $7.00 per month goes into the owners
mini-captive tax free, which can be owned personally.  Example is 5,000
units, 85% participate (typical) producing $6,000,000 plus investment
income for Owner after 20 years.*

Best regards,

Michael

Michael G. Meyer

Co-Chair Insurance & Surety Committee, RPPTL Section, The Florida Bar

Sr. Project Manager/Legal Counsel

*AECOM *Hunt

1201 South Grand Ave.

Los Angeles, CA 90015

Office: (512) 417-5914

Cell: (813) 924-2983

*Confidential: This e-mail contains a communication protected by the
attorney-client privilege or constitutes work product.  If you do not
expect such a communication please delete this message without reading it
or any attachment and then notify the sender of this inadvertent delivery.*
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