Richard E. Cowan, RPLU, recognized by leading underwriters in the US and in Europe for his expertise in Directors & Officers Liability, Professional Liability and related coverages, has the experience, knowledge, skills and contacts within the insurance community to clarify insurance issues for clients with coverage disputes and to advise clients seeking help with risk management.
Focusing primarily on pre-litigation consulting, he helps attorneys and their clients understand scope of coverage, custom and practice and respective duties of all parties to an insurance policy. While the vast majority of coverage disputes are resolved without litigation, often a claim's value, coupled with arguable ambiguity, results in coverage litigation, and, when appropriate, Richard will consider serving as expert witness.
Richard initially was an underwriter and later became a retail broker, surplus lines broker, group captive administrator and consultant, primarily handling complex, hard-to-place accounts for two prominent international brokerage firms in succession, first Sedgwick James and then Johnson & Higgens, both of which eventually merged with Marsh & McLennan. With a large reservoir of practical experience and substantial technical training, he clearly explains complex insurance issues. Throughout his insurance career, he has helped clients of all sizes solve difficult coverage design and implementation challenges.
Examples of current issues requiring explanation:
♦ Growing popularity of "Side A DIC" cover to sit on top of or replace traditional D&O policies (and not just for S&P 500 companies)
♦ Revising the "maintenance of underlying" conditions in excess D&O and professional liability policies to permit exhaustion of underlying limits when the insured contributes to claim payment
♦ Recent willingness of some insurers to drop down when an underlying insurer becomes insolvent
♦ Recent opportunity to expand Employment Practices Liability (EPL) coverage, e.g. by negotiating coverage for alleged WARN Act violations
♦ Clarifying worldwide D&O and E&O policies to preserve coverage for valid claims made in foreign countries whose laws may require local policies and considering the need to buy separate local policies in such countries