Stay informed about the trends in the P&C and benefits industries.
Anti-stacking provisions are designed to ensure that an insurance company will not apply multiple sets of limits to a single loss event. These provisions can have a significant impact on claims and may be designed for application to intra-policy and inter-policy loss events as well as deductibles. Through various examples and scenarios, this article explains what anti-stacking provisions are, how to identify them in a Property, Casualty or Professional Lines policy, and what they mean to policyholders.
Professional liability is a diverse market, and differing conditions exist across various lines. Management Liability and Medical Professional Liability are seeing increased hardening, while E&O, Employment Practices Liability, and Miscellaneous Lines – with a few exceptions – remain very competitive. New players continue to enter the Cyber space, driving prices down and expanding coverage options.
Social engineers exploit human emotions, rather than using sophisticated software or hacking technology, to bypass the most iron-clad security measures. In the second part of our Social Engineering series, we identify examples of schemes employed by social engineers and how to design and implement comprehensive security practices to mitigate the risk of a loss.
Increased regulations have made pure technological cyber-attacks more difficult and costly, causing cyber criminals to shift their focus to social engineering. Although traditional commercial crime policies contain a computer fraud and funds transfer fraud insuring agreement, courts have generally held that claims arising from incidents where the insured voluntarily transfers funds – many of which arise from social engineering – are not covered. This article examines key court rulings and how to fill in potential coverage gaps.
Over the past few years, the majority of open market underwriters have experienced a deterioration in their loss ratios after years of market growth in a declining rating environment. While the management team at Lloyd's has taken a very strong and public stance on moving quickly to seek a solution, the outlook is not nearly as gloomy as has been portrayed in the media. This article provides a glimpse into Lloyd's sustainability strategy and the London market outlook for 2019.
With rapid expansion of social media and blurring of company officers' personal and official personas online, the D&O risks for companies have grown significantly. This article examines the fallout from Elon Musk's infamous tweet about Tesla stock to illustrate how an officer's social media presence is a potential risk factor. With the market at a critical juncture in the underwriting of D&O coverage, this article also provides insight into essential risk management components.
Many businesses that depend on the export and import of goods contract with freight forwarders to manage the intricate logistics of international trade. As the number of freight forwarders operating in the United States continues to grow and their roles continue to expand, new risks are being generated that require quick adaptation and innovative underwriting solutions. This article identifies the ever-evolving risks that freight forwarders face and explores coverage options for this growing market.
Every industry has exposure to cyber risks, including transportation and logistics. While these industries worked from paper and wheels for many years, now there are both internal and external networks that are critical to operating in this industry group. This article discusses the unique cyber risks facing the transportation and logistics sector, coverages to address these threats, and proactive cyber risk management tools.
A common complication during the claim process is the late reporting of claims. In some cases, a late claim can put the agent or broker's own E&O policy in jeopardy. There are many reasons for missing a reporting deadline; however, in most cases, they will not matter to the insurer or the courts. This article discusses typical claim reporting requirements, common causes of late reporting, and recommendations to mitigate the risk of late notice claim denials.
In 2018, companies within the energy sector rely heavily on technology to perform daily operations. With this increased connectivity comes increased cyber risk. As threats continually evolve, it is virtually impossible to adequately prepare for every type of cyber-attack; however, appropriate insurance coverage can play a key role in mitigating risk. This article discusses energy-related claim trends and the value that Cyber Liability policies can add to your coverage offering for energy risks.
A professional services exclusion is found in most private company D&O policies, as well as in D&O policies issued to publicly traded companies that provide professional services, such as banks and financial advisory firms. Seemingly minor differences in the wording of the exclusion's policy terms have caused numerous claim denials. Learn what you can do to protect against insureds being caught by surprise by a carrier's denial based on an expansive reading of an exclusion.
In 2017, the issue of sexual harassment – especially in the workplace – gained greater awareness as accusations of harassment by high-profile individuals were constantly in the news. In many cases, sexual harassment lawsuits seriously impacted businesses and their respective insurers. Employment Practices Liability Insurance not only provides protection against employee lawsuits, but can also help your clients mitigate their sexual harassment risks.
The False Claims Act (FCA) is a law that imposes liability on persons or companies who have defrauded government programs and is the primary litigation tool used in combating fraud against the government. These tips and trends will help you navigate the changing healthcare landscape under the FCA.
As Cyber exposures continue to evolve, it is increasingly important to understand the risks, the potential costs and which type of insurance policy responds.
Recent court rulings, have extended the Americans with Disabilities Act (ADA) to apply to websites that are ‘heavily integrated’ with and serve as a ‘gateway’ to a physical stores/services. As a result, companies are now finding themselves targets for ADA claims based on the inaccessibility of their websites and media by those who are disabled. Learn how you can protect your clients.
The manufacturing industry contributed to over 12% of the U.S. economy in 2015, and this number is expected to increase. While new growth in production and sales is a positive development for businesses, it may also open the door to an elevated and often misunderstood insurance risk: financial damages not caused by bodily injury or property damage.
In the event of a cyber attack, the Directors & Officers (D&O’s) of a company are often held liable. D&O's should ensure they have comprehensive insurance coverage as well as mitigate their cyber liability exposure with these three steps.
The financial markets' crisis and the failure of major banks, securities broker/dealers and insurers together with an upswing in cases of fraud has meant that investors are profoundly concerned with the protection of assets they have entrusted to others. Fortunately, there are statutory bodies and insurance policies in both the US and Canada which have been created to address these concerns.
In response to the masses becoming more aware of cyber-attack techniques, hackers have countered with more sophisticated attacks, such as CEO Fraud, also known as Social Engineering Fraud. How we do we address this increasing risk as an industry?
Despite the heavy burden on employers, since its inception, OSHA's programs and policies have dramatically improved employee safety. It's important that employers know about OSHA requirements and exemptions, which could make or break a citation defense.
With the economy on the rebound, carriers have started to again offer multi-year policies for banks, but on a selective basis. Deciding if a multi-year policy makes sense for your insured requires careful consideration, and they can provide many benefits over traditional annual policies.
Not licensed. Insolvency. No guarantee of claims payment. These words on a policy can cause concern to insureds, especially those with little to no experience with the excess and surplus lines marketplace. Understanding the reasoning behind these disclosures will help you put your clients at ease.
The most significant liability threat for companies after a data breach could be from their business partners, including banks and payment card processors. This article details what merchants and their brokers need to know to ensure their coverage matches their needs and expectations.
Looking for ways to limit the Insured vs. Insured exclusion in your client's D&O policy? By considering the amendments recommended here, you may be able to negotiate broader coverage for your client.
With the renewal of the Terrorism Risk Insurance Act (TRIA), it is a good time to look at Management Liability and Professional Liability lines to discuss how terrorism in general can trigger coverage.
There is a tremendous potential risk for merchants when it comes to the fines and penalties associated with data breaches – not to mention the public relations nightmare that could follow. Many insurers are hesitant to provide the capacity that is needed for the exposure that exists. Are your clients aware of the Cyberliability solutions that will cover them in the event of a breach?
When it comes to cyber-crime and massive data breaches, there's one group that has been relatively overlooked when it comes to cyberliability - nonprofits. How would an organization with limited capital protect its infrastructure in the event of a breach?
When an employer shifts its employees to a leasing agency or Professional Employer Organization, what happens to the employer’s Employment Practices Liability exposures? Without careful consideration, this transition can create coverage gaps and other complications, making consultation with a financial services professional an important part of the transaction to ensure clients are properly covered during this change.
A close look at a garage liability policy will likely reveal a number of coverage gaps and exposures that could have a dramatic impact on balance sheets in the event of a claim. While these packages are the industry norm, identifying potential gaps and the stand-alone solutions that can supplement the garage package policy will go a long way in helping protect clients before it’s too late.