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Environmental and Transactional Risk Insurance: Managing Risk and Legal Challenges in 2018

Environmental and Transactional Risk Insurance: Managing Risk and Legal Challenges in 2018

Live Webcast Date: Tuesday, January 16, 2018 at 12:00 pm - 1:30 pm (ET)
Business and Corporation Insurance Recording

$99.00 - 1.5 Credit Hours

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If CE credit is needed, there is a minimal fee for processing. Please select accordingly. Attorneys who need CLE credit for IL must register 3 days prior to the live event. Registration received thereafter will not qualify for approved CLE credit. For more info, email [email protected].

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Partner Firms

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Willis Towers Watson
Harris Beach PLLC
Euclid Enviant, LLC

Willis Towers Watson

Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 39,000 employees in more than 120 countries. They design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Their unique perspective allows them to see the critical intersections between talent, assets and ideas – the dynamic formula that drives business performance. Together, they unlock potential. Learn more at willistowerswatson.com.

Website: https://www.willistowerswatson.com/

Harris Beach PLLC

Harris Beach and its subsidiaries provide a full range of legal and professional services for clients across New York state, as well as nationally and internationally. Harris Beach is among the country’s top law firms as ranked by The National Law Journal and is among the 2016 BTI Elite law firms based on in-depth interviews of more than 600 corporate counsel at the world’s largest and most influential companies. Our clients include Fortune 100 corporations, privately-held companies, emerging businesses, public sector entities, not-for-profit organizations and individuals. Principal industries we represent include education, energy, financial, food and beverage, health care, insurance, manufacturing, medical and life sciences, real estate developers, and state an local governments and authorities.

Our reach is not limited by our brick and mortar locations. We mobilize professionals with the best-suited experience to serve clients where they need us, whether regionally, nationally or internationally. While Harris Beach has a strong office presence throughout New York state and the tristate area, our capabilities extend far beyond. Many of our practices are national in scope. The firm also has a network of regional firms across the county to draw upon. We serve the needs of many foreign companies with their investments across the U.S., including mergers and acquisitions of U.S. entities. For clients making international investments or seeking intellectual property protections, we can access a large international network of law firms we routinely work with and know we can rely upon.

Through the strategic application of our resources, relationships, legal experience and consulting expertise, we build the right team to get the job done for our clients – efficiently and cost-effectively. Every person at Harris Beach is committed to being accessible, productive, responsive and technologically sophisticated to provide the utmost value to our clients.

Website: https://harrisbeach.com/

Euclid Enviant, LLC

Euclid Enviant, LLC is focused exclusively on providing a comprehensive suite of environmental insurance products and services to a range of commercial clients. With a highly experienced team of technical experts, a one-of-a-kind approach to underwriting, and a comprehensive service profile, Euclid Enviant, LLC stands apart as a thoroughly unique approach to environmental insurance and risk management.  Euclid Enviant, LLC is a division of Euclid Environmental Underwriters, LLC part of the Euclid Program Managers  family of program administrators.  Euclid Enviant, LLC is a managing general agent and Lloyd’s coverholder, offering insurance products backed by Lloyd’s of London.

Website: http://enviant.com/

Scott Wolf

Scott WolfClient Relationship DirectorWillis Towers Watson

Prior to joining the Mergers & Acquisitions team at Willis Towers Watson, Scott’s legal experience included positions as a corporate associate at Kirkland & Ellis LLP...

Prior to joining the Mergers & Acquisitions team at Willis Towers Watson, Scott’s legal experience included positions as a corporate associate at Kirkland & Ellis LLP and DLA Piper LLP (US). Scott’s practice concentrated on structuring, negotiating and managing the corporate, securities and tax aspects of complex domestic and international business transactions. As an attorney, Scott developed a particular focus on representing private equity sponsors and their portfolio companies in the wide array of transactions that they encounter, including leveraged buyouts and consortium deals; mergers, acquisitions and divestitures; joint ventures; venture capital, growth equity and other minority investments; debt and equity financings; restructurings; executive compensation arrangements; and corporate governance matters. Scott earned his B.S. in Finance, with High Honors, from the University of Illinois at Urbana-Champaign, and his J.D., with Honors, from the University of Chicago Law School.

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Joseph D. Picciotti

Joseph D. PicciottiLeader, Environmental Law Practice GroupHarris Beach PLLC

Mr. Picciotti is chair of the environmental practice group at Harris Beach PLLC. He focuses his legal practice on environmental regulatory counseling and litigation as well as land...

Mr. Picciotti is chair of the environmental practice group at Harris Beach PLLC. He focuses his legal practice on environmental regulatory counseling and litigation as well as land use counseling and litigation.    Mr. Picciotti has substantial experience representing companies and municipalities in hazardous waste site clean-up actions, including prosecuting and defending environmental claims involving private parties and municipalities.  His environmental practice includes counseling public and private corporations on complying with federal and state regulatory requirements concerning storing, maintaining, and handling, petroleum, hazardous substances and hazardous wastes  

His practice also includes environmental investigations, including due diligence matters undertaken pursuant to transactions, as well as drafting appropriate provisions to address the purchase and sale of assets which present potential environmental risk.

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Kenneth Cornell

Kenneth CornellManaging PrincipalEuclid Enviant, LLC

Ken Cornell is Managing Principal of Enviant, a Division of Euclid Environmental Underwriters, LLC.  Ken, along with a team of industry veterans, launched Euclid Enviant, LLC...

Ken Cornell is Managing Principal of Enviant, a Division of Euclid Environmental Underwriters, LLC.  Ken, along with a team of industry veterans, launched Euclid Enviant, LLC in March of 2016, building a team of underwriting, claims and legal professionals to deliver a diverse portfolio of environmental insurance products and services.  He began his career with AIG in 1985, rising from an entry level underwriting position to Executive Vice President of AIG Environmental, ultimately managing a $1B environmental insurance portfolio and team of over 150 underwriters in 12 offices.  In addition to his US role,  his duties at AIG also included responsibility for the global environmental reinsurance program which supported both US and non US business.  Subsequent to his time at AIG, Mr. Cornell built an environmental wholesale brokerage unit at a national wholesale broker and launched several successful startup environmental insurance divisions for large publicly traded insurance carriers.  He has a BA in Biology from Gettysburg College and a Master’s degree in Environmental Management from Duke University.

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Scott Wolf, Client Relationship Director
Willis Towers Watson
  • Transactional Insurance Solutions Overview
  • History of representation and warranty insurance (“Rep & Warranty Insurance”)
  • R&W Insurance: Basic Concepts and Examples
  • Reasons for Growing Use of R&W Insurance
  • R&W Insurance Typical Timeframe
  • R&W Insurance Marketplace Update

Joseph D. Picciotti, Leader, Environmental Law Practice Group
Harris Beach PLLC

Determining when to Purchase Environmental Insurance For a Transaction and if so, Key Issues to Resolve to Determine the Nature of Coverage to Purchase  

  • Identify early in the transaction process (at the formal offer stage where basic terms are discussed and offer sheets are being exchanged) the nature of potential environmental issues (i.e. will these issues have a material impact on the value or use of the property or assets subject to the transacton ), and what level of due diligence will be required to ascertain the nature of the risk (will sampling likely be required, what type of information may be available including previous sample results etc.).
  • Identify tools available to address the risks identified; will there be adequate time to not only complete due diligence, but to have the seller address any issues (clean up) before closing; will an adjustment to the purchase price address concerns, and/or is indemnification available and if so, how will the indemnity be secured so as to it is available when and if needed with a letter of credit, or a hold back pending clean up.
  • If it appears that any remedial work to address concerns cannot be completed prior to closing, and price adjustment and other tools, like indemnity or hold backs  will  not be sufficient to manage the risk associated with the transaction, the purchase of environmental  impairment liability (“EIL Coverage”)  may be an option to close the gap and provide the parties the assurance against potential environmental liability they need to move forward with the transaction,  but the right coverage with the appropriate terms must be secured.  As important, if EIL Coverage is going is an option, its important to obtain quotes covering pricing and terms before extensive phase 2 or sampling etc. activities are undertaken—as if such work is completed while coverage is being priced and quoted, it may affect the ability to secure coverage      
  • What EIL Coverage is available how to purchase it?  Not all EIL coverage is created equal—in fact almost none is, as generally speaking, EIL insurance is written on a manuscript type form, meaning terms and conditions are somewhat unique and negotiable. Further, EIL Coverage is written on a claims made and reported basis;  usually 7 to 10 year limit and a paid up (front) premium, and has significant deductibles. Tailoring the type of EIL Coverage to future use of the property is essential.       

Kenneth Cornell, Managing Principal
Euclid Enviant, LLC

With the increasing number of M&A activities in the midst of evolving threat landscape, traditional risk management tools are no longer sufficient to deal with environmental and transactional liability risks. Complications are expected to escalate and could significantly impact small and medium sized companies both in the U.S. and abroad.

In this Webcast, a seasoned panel of thought leaders brought together by The Knowledge Group will provide and present an in-depth analysis of the fundamentals as well as recent trends and developments in Environmental and Transactional Risk Insurance. Speakers will also help the audience understand all the important issues and insights surrounding this significant topic while offering risk management strategies and best compliance practices.

Key topics include:

  • Environmental and Transactional Risk Insurance: Legal Perspectives
  • Identifying the Types of Environmental and Transactional Risk Insurance
  • Scope and Considerations
  • Elements of Effective Risk Management Process
  • Coverage and Exclusions
  • Emerging Issues in 2018

This is a must attend event for anyone interested in understanding the significant issues relating to Environmental and Transactional Risk Insurance in the 2018 landscape.

During this Webcast, you will hear:

  • Detailed guidance explained by the most qualified key leaders & practitioners.
  • Hear directly from key thought leaders
  • Interact directly with panel during Q&A

Register now and avail of the early bird discount. Space is limited. Please click the registration button to enroll in this course today.

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