Marsh Broker Ruth Kochenderfer Recognized as a 2019 Health Care Power Broker
Ruth Kochenderfer, Senior Vice President, Marsh
When the Justice Department issued “Individual Accountability for Corporate Wrongdoing,” Lynn Calhoun, AVP, risk & insurance services, Children’s Hospital of Philadelphia, didn’t know CHOP’s existing D&O policy wouldn’t extend to some of its volunteer board members’ exposures in the “new era of personal accountability.”
“God forbid our dedicated board should face personal, non-indemnifiable fines from a false claims action,” Calhoun said. “We wouldn’t have plugged that gap without Ruth [Kochenderfer]. … She can explain legal things in layman’s terms.”
For a California health care system, Kochenderfer anticipated a risk in her client’s cyber security policy because its lack of full policy limits for regulatory fines could include OCR investigations, which had been on the rise for privacy breaches in health care systems. She renegotiated policy limits for a full tower. Within budget.
“Nobody else has her expertise,” the system’s risk manager said.
Markets were shying away from Trinity Healthcare, because its cyber policy was built into its integrated program, and excess liability covered its cyber policy.
“One big cyber claim could drain the bank in underlying limits and excess limits,” said El Iaconelli, Trinity’s director, risk finance. Kochenderfer created a standalone cyber tower, structured so markets could compete in pricing.
“The credits from the excess bought a bunch more excess limits in the standalone tower,” Iaconelli said. “It was a win for cost and savings, efficiency in risk transfer and from a risk enterprise perspective.”
A Risk & Insurance Power Broker® is an individual who stands out among their peers for the exceptional client work they delivered over the past year. While brokers play many key roles in the insurance industry and risk profession, a Power Broker® award recognizes problem solving, customer service and industry knowledge.
Our goal is to broadly recognize and promote outstanding risk management and customer service among the brokerage community.
Who selects the winners?
Power Brokers are selected by Risk Managers based on the strength of the testimonials they provide to a team of 15 Risk & Insurance editors and writers.