The insurance industry ‘could be a lot more policyholder friendly’

By Cate Chapman on March 25, 2015

Joshua Gold is a shareholder in Anderson Kill’s New York office. He has represented numerous corporate and non-profit policyholders in various industries, with recoveries for his clients well in excess of $1 billion. Gold is co-chair of Anderson Kill’s Financial Services Industry Group and a member of the firm’s Hospitality Industry Group.

 Gold’s practice involves matters ranging from international arbitration, data security, directors’ and officers’ insurance, business income/property insurance, commercial crime insurance, and insurance captives. He has been lead trial counsel in multi-party bench and jury trials, and has negotiated and crafted scores of settlement agreements including coverage-in-place agreements.

 

Joshua-Gold

Joshua Gold

What do you see as the greatest risks facing executives?

All manner of business ethics ranging from honest and fair disclosures in the case of public companies to FCPA compliance.  I would put cyber security risk as a very close second area of greatest concern for executives in just about every industry.

What do you think will be the next emerging executive risk?

Cyber/information security.

From your perspective does regulation, litigation, legislation or a combination drive these risks?

Yes, although I don’t think you need any single one of those threats to impel executive concern. Business survival is enough of a motivator to keep executives focused.  Just look at how profound the Sony Pictures breach was.

Is the insurance industry doing enough to adequately quantify and address these risks?

From a policyholder perspective,  I think the insurance industry could be a lot more policyholder friendly in offering a simpler-to-understand insurance product for a serious set of risks that most policyholders confront.

What keeps you awake at night? 

Those businesses that have not gotten around to devising a cyber catastrophe plan and assembling the team necessary to implement the plan.  Time is precious in the context of a data breach.