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.
- Proposed Regulations Provide Guidelines for CHIPS ITC
- Calfee NOW: Ohio State Representative Sean Brennan
- Tax Credits Under the CHIPS and Science Act: Proposed Rules Rollout
- The Time Is Now: U.S. Dept. of Commerce Accepting Applications for CHIPS Act Incentives
- A Primer on Purchase Price Adjustments – Middle Market Deal Corner
- Calfee NOW: Congressman Mike Carey
- The Race to Secure CHIPS and Science Act Incentives: Are You Ready?
- A Variety Pack – Understanding The Creating Helpful Incentives to Produce Semiconductors and Science Act of 2022
- How Tech Companies May Mitigate Risk When Expanding Operations in Ohio
- Calfee NOW: Ohio State Representative-Elect Steve Demetriou