The Red and the Black

To Register, make checks payable to: ABA-TIPS, and mail to the American Bar Association, Attention: Debra Dotson, 321 N. Clark St., To Register, make checks payable to: ABA-TIPS, and mail to the American Bar Association, Attention: Debra Dotson, 321 N. Clark St.,
Chicago, IL 60610 or fax this form with credit card info to: 312-988-6230. Chicago, IL 60610 or fax this form with credit card info to: 312-988-6230.

Name ______________________________________________________Organization _______________________________________ Name ______________________________________________________Organization _______________________________________

Address ____________________________________________________________________Phone ______________________________ Address ____________________________________________________________________Phone ______________________________

City ___________________ State ____________ Zip ______________ E-mail ______________________________________________ City ___________________ State ____________ Zip ______________ E-mail ______________________________________________

Credit Card No. ____________________________________________________________ Exp. Date ____________________________ Credit Card No. ____________________________________________________________ Exp. Date ____________________________

MasterCard Visa American Express MasterCard Visa American Express

Signature _________________________________________________________________ Total $ ______________________________ Signature _________________________________________________________________ Total $ ______________________________
Earn MCLE Credit
1.5 MCLE credit hours from 60-minute states/1.8
MCLE credit hours from 50-minute states have been
requested from states accrediting teleconferences. For
NY licensed attorneys 1.5 NY non-transitional credit
hours have been requested. If you have questions
regarding MCLE please contact the ABA Service Center
at 800-285-2221. *States currently not accrediting ABA
Teleconferences: DE, IN, PA, KS, OH Cost:
ABA Members: $125. General Public: $150.
All participants must register for the program. Cancellation Policy:
5 business days or more, 100% minus a $25 administrative
fee; 4 to 2 business days, 50%; 1 day substitution only.
*Confirmation with access information for written materials
will be e-mailed. A TIPS LIVE AUDIO WEBCAST THURSDAY, MAY 29, 2008 1:00 P.M. - 2:30 P.M. EDT To register online, visit: https://www.abanet.org/tips/subprime08reg.html INSURANCE RAMIFICATIONS OF THE SUBPRIME/CREDIT MORTGAGE CRISIS There are currently $1.2 trillion in outstanding subprime home mortgage loans in the United States of which some 13% are in default. The resulting subprime/
credit crisis already has given rise to litigation on many fronts. Insurance claims inevitably will follow. Recent reports estimate $9 billion in potential insurance
claims-related costs. Claims are likely to arise under at least Errors and Omissions, Directors and Officers, and Bond insurance. Whether a policyholder or insurer, numerous issues
will need to be confronted: the proper timing of notification, requesting or granting consent to requests for defense or to allow settlement, who will control the
defense and selection of counsel, whether fraud or rescission or other knowledge-based defenses will bar claims, whether claims actually have arisen, and how
limits, if applicable, will be applied considering potentially competing claims for limits among Named Insureds and across combined limit policies. Other issues
will include the proper immediate reaction, including insurers potential addition of mortgage-backed securities exclusions and policyholders likely reactions. Policyholders and insurers must prepare now. To that end, the ABA has put together a panel of experts to explain parameters of the subprime crisis and the likely
insurance implications. Both perspectives - insurer and policyholder - will be presented along with neutral input and commentary from Ernst & Young. 1) What is the Subprime/Credit Crisis?
Walter Morris, Ernst & Young LLP
What types of claims have been filed?
What types of suits have been and will be filed?
How does the origination and securitization process operate? 2) Insurance Coverage
Mark J. Plumer, Heller Ehrman LLP
Alan Rutkin, Rivkin Radler LLP
Is it Covered?
o E&O Coverage
o D&O Coverage
o Bond Coverage
What are the practical next steps?
o Notification
o Defense Issues
o Other Thorny Questions 3) What will this cost the insurance industry?
Daniel G. Lentz, Ernst & Young LLP
Defense
Indemnity
Other Costs

Comments