The 10 Most Important Issues General Counsel Should Know About Risk Transfer Involving Insurance Wednesday April 27 th, 2016 Frank Palmay, P.Eng. Co-Chair, Financial Services Regulatory and Co-Chair, Cybersecurity McMillan - Toronto Melissa Krishna Deputy General Counsel, Special Projects Pacific Exploration and Production Andrés Durán Vice President, Legal Services, P3 and International Projects EllisDon Carol Lyons Co-Chair, Insurance, Financial Services Regulatory McMillan - Toronto McMillan LLP Vancouver Calgary Toronto Ottawa Montréal Hong Kong mcmillan.ca
Moderator National Co-chair of McMillan s Financial Services Regulatory and National Co-chair of McMillan s Cybersecurity Practices. Recognized as an expert in the regulatory aspects of insurance companies. Advises large not-for-profit organizations on corporate governance and related matters. Frank Palmay, P.Eng. Senior Counsel McMillan LLP Chair of Lifeline Syria Frank can be reached at 416-307-4037 or frank.palmay@mcmillan.ca mcmillan.ca l 2
Panelists Deputy General Counsel, Special Projects of Pacific Exploration & Production Corp (Pacific E&P). Leads complex transactions including Pacific E&P s largest acquisition to date. Oversees the company s corporate governance and compliance, and collaborates with its board of directors, senior management and business units to further strategic objectives. Melissa Krishna Deputy General Counsel, Special Projects Pacific Exploration and Production Manages Pacific E&P s insurance program. Melissa can be reached at 416-362-7735 Ext.222 or mkrishna@pacificcorp.energy mcmillan.ca l 3
Panelists Extensive experience in dealing with insured claims and other insurance matters during his time in the infrastructure sector. Has led or overseen the management of claims (property, personal injury and other), claims processes, the procurement of insurance and insured risk contract analysis on bids for multiple small and large scale infrastructure projects. Andrés Durán Vice President, Legal Services, P3 and International Projects EllisDon Andrés has worked as in house counsel for the Province of Ontario at Infrastructure Ontario, and as Associate at Stikeman Elliott. Andrés can be reached at 905-803-6007 or andres.duran@ellisdon.com mcmillan.ca l 4
Panelists Co-Chair of the Insurance Group, Financial Services Regulatory. Advise clients on establishing businesses in Canada, mergers and acquisitions, corporate reorganizations, formation of strategic alliances and contract procurement/outsourcing. In addition to insurance regulatory work, Carol assists clients with policy reviews and advice with respect to insurance products Carol Lyons Partner McMillan LLP Carol can be reached at (416) 307-4106 or carol.lyons@mcmillan.ca. mcmillan.ca l 5
1. Identifying the risks that should be and that may be transferred. mcmillan.ca l 6
2. Which risks can be insured against and to what extent should they be insured? mcmillan.ca l 7
3. Why is the application so important and what can the GC s office add to the process? mcmillan.ca l 8
4. Insurance brokers are usually involved in the placement of insurance but the GC s Office has an important role to play. mcmillan.ca l 9
5. While insurance policies are contracts there are some special rules that apply to them that GC s should be aware of. mcmillan.ca l 10
About Risk Transfer Involving Insurance If you would like to receive a copy of this flowchart and other flowcharts, please contact: frank.palmay@mcmillan.ca mcmillan.ca l 11
6. So your company has applied for an insurance policy and received a binder - is that sufficient? mcmillan.ca l 12
7. What is the role of the GC in dealing with claims? mcmillan.ca l 13
8. What do you do when your insurer denies your claim? mcmillan.ca l 14
9. What are the pros and cons of going to market and/or changing brokers? mcmillan.ca l 15
10. Some final thoughts for general counsel to keep in mind. mcmillan.ca l 16
Final thoughts. GCs and GC office can play a key role in the insurance area Risk Assessment Transfer strategy Application process Contract interpretations Claims Don t be afraid to ask for help not all lawyers/firms have the expertise mcmillan.ca l 17
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