Insurance is central to our economy and lives, from global catastrophes to athletes’ pitching arms. Unsexy at first blush but completely fascinating upon deeper examination, insurance is an undeniably essential area of the law. Today’s guest has more than three decades of experience in litigating re-insurance and insurance coverage disputes: Michael Goldstein, Senior Counsel at Mound Cotton Wollan & Greengrass. Tune in as we unpack the areas of human life that insurance law touches, climate and digital risks faced by the industry, and the myriad of career paths in insurance law. Touching on the complex world of war exclusions and policies, we also discuss existing legal precedents and the challenges posed by today’s geopolitical instability at home and abroad. Don’t miss this engrossing conversation exploring celebrity insurance, natural disasters, and much more!

Key Points From This Episode: 

•The essential role that insurance occupies in our economy and our lives.

•An overview of Michael’s experience in re-insurance and insurance law.

•His introduction to insurance and how he came to understand its pivotal position in our world.

•What re-insurance is and the remarkable size of the industry.

•Differentiating between horizontal and vertical coverage.

•Natural disasters and the impact of climate change on insurance risk.

•Risks posed by AI information (and misinformation).

•Whether or not insurance firms should be taking risks in the current landscape.

•Michael weighs in on the dire climate situation in Florida.

•Insurance for war and geopolitical policies and the war exclusions included in war policies.

•How the courts rule on war exclusions and unrest.

•COVID-19 and the surrounding rulings for this Act of God.

•  The role of insurance giants in the 2008 financial crisis.

•  AIG’s bailout and it’s repayment in full of $182.3 billion in December 2012, leaving taxpayers with a $23 billion profit.

•Insight into insuring athletes and celebrities. 

•Event cancellation insurance and hole-in-one insurance.

•The effect of the number of occurrences on insurance.

•How the insurance industry remains agnostic about political issues.

Links Mentioned in Today’s Episode:

Michael Goldstein on LinkedIn

Michael Goldstein at Mound Cotton Wollan & Greengrass

Mound Cotton Wollan & Greengrass

2024 Global Risks Report

Fordham University School of Law Corporate Law Center