1-Hour Program

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Overview

Whenever we take a tax position or deploy a tax strategy there is uncertainty and risk.  How will a tax authority react to the tax position or strategy that is being taken? Will it challenge the taxpayer’s position?  And if it challenges, will the tax authority prevail?  The stakes can be very high, involving both time and money.

This inherent risk and uncertainty has given rise to a sophisticated insurance market for tax insurance.  Tax insurance provides protection should a tax position fail to qualify for its intended tax treatment.  In its simplest sense, tax insurance provides coverage for identified, supportable tax positions for private equity funds, strategic acquirors, individuals, and virtually any other taxpayer.

During this One-Hour Briefing, Justin Pierce Berutich, Managing Director and Head of Tax for Euclid Transactional, LLC along with Jackson Bender, and Joseph Ehrlich, Co-National Practice Leaders for Private Equity and M&A at Beecher Carlson Insurance Services, LLC will discuss the following topics:

  • Overview and history of tax insurance (5 minutes)
  • What tax insurance is and what it is not (10 minutes)
  • Insuring known and unknown risks:  How tax insurance differs from RWI (5 minutes)
  • Underwriting tax insurance:  Overview of the process and participants (5 minutes)
  • Submission and underwriting timeline (5 minutes)
  • Common terms, conditions and limitations of tax insurance (10 minutes)
  • Commonly insured tax risk (10 minutes)
  • What happens when there’s a loss:  The tax insurance claims process (5 minutes)
  • Where is the product headed? Future trends in tax insurance (5 minutes)

 

Program Level: Update

Intended Audience: Outside attorneys, in-house counsel, insurance professionals, tax and financial advisors and accounting professionals interested in better understanding tax insurance

Prerequisites: None

Advanced Preparation: None

Industries

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