Policy Drafting and Product Development

Overview

Insurers frequently turn to Wiley Rein for advice in the creation and development of new insurance products and for expertise in securing approval for such products and marketing them successfully.  Our attorneys regularly assist insurers in the process of drafting policy forms and endorsements, ranging from the preparation of a single manuscript endorsement to the creation of program policy forms—or even an entire line of product offerings—from scratch.  We collaborate with our clients, offering fresh perspectives on products they have developed internally and strategic suggestions for tailoring form and endorsement language to meet product goals or ensure compliance with regulatory requirements. 

Wiley Rein attorneys identify and monitor trends affecting insurers' underlying exposures, advising insurers concerning the underwriting of specific risks or entire classes of business.  We help insurers refine their products in response to market demand through comparative analyses of their competitors' offerings.  We have aided in the preparation of marketing materials, furnishing real-world claim scenarios drawn from case law to serve as illustrative examples of risks faced by potential policyholders.

Our product development expertise encompasses a broad spectrum of general liability and professional liability policies, including directors and officers liability, employment practices liability, fiduciary liability, bankers professional liability, investment advisers liability, pollution legal liability, environmental impairment liability, lawyers professional liability, accountants professional liability, design professionals liability, data privacy and network security and media liability, insurance agents and brokers professional liability, and miscellaneous professional liability policies.  Our Insurance attorneys also regularly tap the expertise of colleagues in other Wiley Rein practices, including Government Contracts and Environment, to help insurers develop a deeper understanding of potential underlying exposures they underwrite or wish to underwrite.

Representative matters include:

• Representation of a European insurer in the rollout of a new credit insurance product in the United States, including assistance in obtaining regulatory approval for all 56 U.S. jurisdictions and advice in revising the policy language to comply with U.S. regulatory requirements.
• Drafting directors and officers liability and related product offerings.
• Creation of an excess combined general liability and professional liability product for a broker-administered program, adapted from the client insurer's existing products, tailored to meet the needs of subcontractors to a major domestic staffing solutions provider.
• Advising insurers regarding underwriting in the renewable energy field, including solar, wind, geothermal, and biofuels technologies and the attendant risks of construction delays, design defects, business interruption, and equipment breakdown.

Contact Us

Gary P. Seligman
202.719.3587 | gseligman@wileyrein.com

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