 Accounts
Receivable Credit Wrap
To protect your company’s financial resources, Wortham’s
seasoned professionals can arrange a policy to safeguard
your accounts receivable. This policy protects your accounts
receivable from unexpected and catastrophic losses resulting
from a customer’s insolvency or protracted non-payment,
generally six months from the due date. Based on your needs,
this coverage can be designed for a broad portfolio of receivables
or a group of key accounts with application for sales in
the U.S. or to most U.S. export destinations. Our team will
work closely with your company to tailor a policy that meets
your requirements.
Deferred Compensation Asset Coverage
In recent years, a number of senior corporate executives
and other management members have entered into non-qualified
deferred compensation programs. Under these programs, a
portion of the employee’s compensation is withheld
and placed in an account managed by the company. The employee
faces certain risks since the funds are held in an account
managed by the company and, in the event of a bankruptcy,
the employee becomes a creditor of the company. To offset
this risk, Wortham can help you acquire a deferred compensation
asset policy that provides for the indemnification
of the value of the employee’s deferred compensation
assets in the event of a bankruptcy.
Intellectual Property and Copyright/Patent Infringement
Coverage
At a growing number of enterprises, the value of their
organization’s intellectual property presents a significant
risk exposure. To protect your company, the Wortham team
can assist in the placement of coverage tailored to provide
protection for the cost of litigating your intellectual
property and copyright/patent issues as well as the possible
liability for litigation-related damages.
Loss Portfolio Transfers
Under a loss portfolio transfer, your organization’s
liabilities, which are generally reserved on the balance
sheet, can be legally assumed by an insurance company. Such
a transfer may be undertaken to facilitate an acquisition
or divestiture by removing the obligation from the balance
sheet and providing risk transfer that limits exposure to
additional liabilities. Wortham’s experts can determine
if a loss portfolio transfer can meet your company’s
needs.
Power Generation Outage Coverage
Companies that produce or purchase electric power can protect
their exposure to spot market prices of electric power following
a full or partial outage at a power plant. Generally, two
events trigger this coverage: the full or partial
outage at a power plant and the subsequent spot market price
in excess of the predetermined strike price. Wortham can
arrange a policy that will indemnify your company for the
difference between the cost of replacement power and the
strike price.
Representations and Warranties Insurance
To give our clients additional protection during the sale
of a business or asset, Wortham can arrange coverage for
representations and warranties associated with the sale.
Whether you are the buyer or seller, this coverage can alleviate
many concerns related to these provisions, facilitating
the completion of the transaction while also protecting
you from financial loss caused by a breach of a representation
or warranty.
Event Cancellation and Weather Risk Coverage
For event promoters, Wortham places
special coverage in case the event is cancelled, postponed
or interrupted. We will develop a thorough policy that can
indemnify you for your obligated expenses, including advertising,
promotion and production costs or your anticipated income.
Like insurance products that hedge exposure to interest
rate or commodity price risks, weather risk coverage can
hedge your company’s exposure to weather. Wortham’s
technicians can design a wide array of weather products
to protect your company, ranging from a specific exposure
such as an outdoor event, costs related to plant shut-down
for hurricanes, or in balancing weather-related revenues
over a period of time.
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