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💼 The CEO of a pharmaceutical company is accused of failing to disclose potential side effects of a new drug during the FDA approval process, leading to regulatory fines and legal challenges. D&O insurance assists with the legal defense and fines associated with the proceedings. Directors & Officers coverage is designed to protect the personal assets of the individuals serving as directors and officers of a company, as well as the financial well-being of the company itself, against claims resulting from managerial decisions that have adverse effects. Continuing our RISK EDUCATION SERIES, today we are talking about D&O insurance and how important it is for companies of any size: https://lnkd.in/eqfCdhQS #technology #insurance #ERM #automation #directorsandofficers

In February 2024 legal action was filed against Johnson & Johnson alleging an ERISA breach of fiduciary duty for mismanagement of a portion of the employee benefit package, prescription drug coverage. https://lnkd.in/e9G5NMvD. One of the examples within the case cites that a certain prescription under the Johnson & Johnson plan costs 250 times more than it does purchasing it outside of coverage at a pharmacy. The complaint alleges that the mismanagement and selection of the pharmacy benefit manager is costing employees millions of dollars. Fiduciary Liability is an inexpensive yet necessary coverage that provides legal protection for specific items including: ➡ Improper administration of benefit plans ➡ Failure to administer plans according to plan documents ➡ Improper selection of third-party vendors ➡ Lack of investment diversity #RiskResource provides a weekly newsletter aiming to simplify the language found within the Property & Casualty insurance industry in order to provide those responsible for investing in coverage a foundation of confidence for the buying process. You can subscribe here 👉 https://lnkd.in/ecvgUrWM #insurance #propertyandcasualtyinsurance #RiskResource #riskmanagement #brianclement #riskstrategies #liability #generalliability #cyberliability #cyberrisk #productliability #professionalliability #errorsandomissions #malpractice #managementliability #assetdevelopment #intellectualproperty #alternativeenergy #renewableenergy #lifescience #healthcare #technology

McGuireWoods LLP's Allison Ebeck and Shelby Guilbert write: While this significant settlement puts an end to the six-year battle for coverage for the pharmaceutical company, there are several key takeaways regarding coverage for #cyberattacks that in-house counsel and risk managers should consider in 2024: #insurance #exclusions #riskmanagement #insurancecoverage

LCM Solutions -Predictive Safety Champion Patented Predictive Fatigue -Impairment Technologies. Younger Workers Face Higher Injury Rates After Marijuana Legalization Workplace injuries among younger workers increased following the legalization of recreational marijuana sales in several U.S. states, according to a study published in the JAMA Health Forum, reported UPI. The big picture: The study used Bureau of Labor Statistics data to track changes in the rate of workplace injuries among young employees, before and after laws allowing recreational marijuana sales were adopted in their state. The study highlights the potential unintended consequences of marijuana legalization on worker safety, particularly among younger demographics. It underscores the need for further research and potential policy adjustments to address the impacts of legalized recreational marijuana on workplace safety and productivity. By the numbers: 10% increase in workplace injuries was observed among individuals aged 20 to 34 years after the legalization of recreational marijuana sales. 24 states and Washington, D.C. have legalized the possession and sale of small quantities of marijuana for recreational purposes since 2012. 11.9% rise in injuries was observed among young individuals engaged in full-time work after the legalization of recreational marijuana sales. What they're saying: The researchers believe that a loosening of laws around recreational marijuana may hurt younger workers, specifically. That's "consistent with the hypothesis that recreational marijuana impedes (their) cognitive function and care," the researchers said. The takeaway: The legalization of recreational marijuana appears to be linked to a rise in workplace injuries among younger workers, highlighting the potential implications for workplace safety and productivity. LCM Solutions partners Predictive Safety's gamified ( NASA -NIOSH ) developed applications pre-empts work place injuries whilst increasing productivity peer engagement decreasing workers comp related capital expenditures averaging above 35% YOY, join corporate partners as Delta, Anglo America, Washington transit authority, Metro successfully investing in their employee's , third party contractors well being- safety delivering unsurpassed reductions in incidents, claims, legal, insurance related capital expenditures delivering data measured bottom line contributing ROI. Contact LCM Solutions team we look forward to sharing over 100 million hours of data supporting your abilities Proactively investing in your corporations employees well being Safety complimenting your production ROE ambitions. www.lcmsolutions.ca

In the #medicaldevice industry, specifically the largest category of regulated medical devices, 510(k), following a product failure and subsequent recall are competitors strategically responding in an attempt to grab market share? In this working paper https://lnkd.in/eXVTd9X4 from the Harvard Business School, the authors conclude that: ➡ "a single competitor firm recall increases new product submissions in the following half-year by 10.7 percent" ➡ "a double penalty associated with product failures: recalls not only create internal challenges via significant recall costs, unwanted negative attention from the media and regulators, and lost income, but also external concerns by incenting competitors to increase their new product submissions—ostensibly to capture vulnerable market share" One significant recall can cause temporary or permanent financial hardship especially when the response is ineffective. The product recall risk can be proactively managed prior to launch and planned for financially by investing in a Product Recall Insurance policy. In this week's newsletter, which can be read here 👉 https://lnkd.in/ezvxrFhp, we: ✔ simplify Product Recall Insurance ✔ provide specific recall expense examples ✔ identify vulnerable industries #insurance #propertyandcasualtyinsurance #RiskResource #riskmanagement #brianclement #riskstrategies #liability #generalliability #cyberliability #cyberrisk #productliability #professionalliability #errorsandomissions #malpractice #managementliability #assetdevelopment #intellectualproperty #alternativeenergy #renewableenergy #lifescience #healthcare #technology

Discover the challenges faced by the construction industry as it navigates the evolving legal landscape and addresses safety concerns surrounding marijuana use at work. Check out Enlyte regulatory specialist Brian Allen's insights in the latest Business Insurance cover story.

With demand for pharmaceuticals and medical devices rising along with rapid advances in technology, it is critical for life science companies to effectively quantify, mitigate and transfer risk, when appropriate https://lnkd.in/ezk3_qHV #RiskManagement #LifeSciences #ASmarterWayToRisk #WTWPerspective

"It's really quite an honor,” says Product Liability Practice Group Co-Chair William Geraghty about ALM naming Shook a finalist for Litigation Department of the Year - Product Liability. "It's the dedication and hard work of literally dozens and hundreds of people every single day to help solve [clients’] problems that over the course of a year or two gets you to the point where you get nominated for an award like that." Shook’s Product Liability Practice Group represents clients from a diverse range of industries including automotive, food and beverage, pharmaceutical and medical device, and more. These companies repeatedly select Shook to handle their most complex and contentious product liability cases, from MDLs, class actions, mass actions and multi-jurisdiction onslaughts of individual cases. Learn about Shook’s Product Liability Practice Group: https://lnkd.in/g9wjmaeP   Learn more about Bill: https://lnkd.in/ghyVBNim **** #ProductLiability

With the recent surge in product recall issues impacting CA, operators seeking comprehensive product recall coverage should explore the new options available. The launch of the first-ever risk retention group tailored for the cannabis industry offers a solution for those looking to integrate product recall coverage into their policies. Additionally, standalone product recall policies have been introduced in the last 8 months, complete with governmental recall coverage. Learn more about these developments here: https://lnkd.in/e-dReRUW #IMACannabisPractice #CLICRiskRetentionGroup Cornerstone Risk Solutions Cannabis Industry #CannabisIndustryInsurance #MemberOwnedInsurance #CannabisRiskRetention #CannabisProductLiabilityCoverage #CannabisGeneralLiabilityCoverage #CannabisBusinessInsurance #CannabisRiskManagementSolutions #CannabisEmployeeBenefitsSolutions #productrecall

The McGowan Wholesale | Cannabis Division has an exclusive cannabis dispensary program available to insurance agents & brokers nationally. The program offers property, general premises liability, and products liability coverage to cannabis dispensaries. An optional suite of additional coverage enhancements is available to ultimately provide the most robust and comprehensive dispensary solution in the marketplace. 🌿 Learn more: https://buff.ly/3SFDON8 #Cannabis #Insurance #PropertyInsurance