Insurers of directors backdating claims face girl games about dating

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Insurance companies face major challenges in the ever-changing arena of insurance coverage.

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“But if I had to make one prediction for 2015 and beyond, I would say we’re going to see developments where there will be lawsuits against directors and officers as a result of a data breach, or some other cyber event, at a public company.” James Skarzynski, current president of PLUS and chairman at law firm Skarzynski Black LLC who specializes in D&O and other forms of professional liability coverages, added that cyber is perhaps one of the most significant exposures facing the professional liability insurance community.“Boards that aren’t being proactive about making sure that they have the right procedures and processes in place, the right tools in place, and a game plan to deal with a breach if it were to happen — you’re risking a serious problem, and accusations that you didn’t meet your fiduciary duties,” he said.“So that’s something that’s been a topic of a lot of discussion in the D&O world lately.” Kevin La Croix, executive vice president at RT Pro Exec, a division of R-T Specialty LLC and an insurance intermediary focused on management liability issues, said plaintiffs’ lawyers are trying to figure out what their opportunity is going to be in this area.“In addition to all the other burdens, costs, and expense that a company may experience as the result of a cyber breach, there may also be a lawsuit against the directors and officers of the company.” La Croix said the directors of Target were hit with a derivative lawsuit, and also Wyndham Worldwide, the hotel chain, has also been hit with a lawsuit brought by investors against the directors, alleging a violation of their duties.“I think we’re still in the phase where the plaintiffs’ lawyers are trying to figure out what their opportunity is going to be, but I think they have a huge incentive to search.

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