Simply stated, insurance policy deductibles or retentions are a dollar threshold that must be satisfied before an insurer will pay any defense or indemnity costs on a claim. Many insureds seek to contain their insurance premium costs by purchasing policies with substantial six to nine-figure retentions or deductibles. Unsurprisingly, insurers tend to charge lower premiums if the insured is willing to retain more dollar risk for itself through retentions or deductibles. Suffice it to say that both retentions and deductibles are loss-shifting mechanisms, which shift away from the insurer a portion of the loss otherwise covered by an insurance policy.
As part of the Calfee NOW video series, the recently appointed Director of the Ohio Department of Insurance (ODI) and prior Ohio Supreme Court Justice, Judith French, sat down for a brief chat with Calfee’s James Sullivan.
Here are some highlights of interest for Calfee’s policyholder clients:
Following up on the prior analyses (here and here) that Calfee’s insurance policyholder practice issued regarding insurance coverage for business interruption losses stemming from the COVID-19 pandemic, all eyes continue to be trained on Ohio. On April 14, 2021, the Ohio Supreme Court officially accepted a certified question from the federal Northern District of Ohio that will have broad and sweeping impacts not only on Ohio policyholders, but throughout the U.S.
- Calfee NOW: Congressman Troy Balderson on Intel
- Calfee NOW: Ohio Chamber of Commerce President and CEO Steve Stivers on Intel
- Satisfying Policy Retentions or Deductibles With Other People’s Money
- Calfee NOW Episode 24 With Chris Berry, President and CEO of OhioX
- Who Dey! How to Cheer on Your Cincinnati Bengals Without Committing Trademark Infringement
- Acquiring the Equity of an Entity Taxed as an S Corporation? Consider an “F Reorg.”
- Calfee NOW Episode 23 with Congresswoman Shontel Brown
- Calfee NOW Episode 22 With Ryan Puente, Chief of Government Affairs for the City of Cleveland
- Calfee NOW Episode 21 with Cincinnati Mayor-Elect Aftab Pureval