November 25, 2021
Insurance companies are relying more and more on technology for claims handling and underwriting. Two companies, Praedicat and Verisk, recently announced new risk analysis products that your insurance companies may be using soon. Preadicat’s Company Risk Score (CRS) evaluates how risky a company is to underwrite, based on “how exposed a company is to emerging […]
November 16, 2021
Reviver laws, which establish a period for bringing lawsuits that would otherwise be barred by a statute of limitations, have become popular for permitting victims of sexual abuse to bring claims for incidents that occurred many years ago. Twenty-four states and the District of Columbia have already enacted reviver laws. Some permit claims only against […]
October 28, 2021
Nobody wants to have a loss of course, but you need to be ready. Here are six things to do right now, while you’re safe and sound with no immediate threats out there: Anticipate the kind of loss you might sustain. Which business units are at risk, how will those units respond to an event and […]
October 15, 2021
In the event of a loss here’s what to do: Make “Safety First” Your First PriorityMake sure everyone is safe. You will most likely want to evacuate the damaged property and notify staff, vendors, suppliers and anyone else who should know about the situation. Mitigate DamagesIt should go without saying that you need to protect […]
September 22, 2021
The answer is yes, which is why it’s important to practice good cyber risk management. Cyber thieves love employee personnel records. With the information they steal from Social Security numbers, birth dates, work history, bank account information and health information, they can do a lot of harm and “earn” a lot of money. As an […]
September 10, 2021
Insurance companies have been denying COVID-related business interruption claims unless the policy specifically includes damage from viral contamination. Attempts in Congress and state legislatures to pass legislation forcing insurers to cover COVID-related losses have been resisted by insurers who point out that paying such claims would make many companies insolvent. The National Association of Insurance […]
August 25, 2021
Commercial surety bonds can generally be divided into five types of bonds: License and Permit Bonds: Required by federal, state, or local governments as a condition for obtaining a license or permit for various occupations and professions. License and permit bonds include auto dealer bonds, mortgage broker bonds, contractor license bonds, and surplus lines broker […]
August 13, 2021
When insurance companies started offering cyber insurance a few years ago, it was to take advantage of what seemed like mostly just a marketing opportunity. In exchange for taking on a minor risk, the principal aim was to capture premium dollars. That was then. A new report from insurance credit rating agency A.M. Best calls […]
July 26, 2021
Surety premiums are only a fraction of property/casualty premiums ($8.6 billion versus $633 billion in 2019), but sureties play a critical role in our economy. According to the Surety & Fidelity Association of America (SFAA), surety contracts protect over $9 trillion in assets. Surety bonds and insurance policies both provide financial security, but in very […]
July 15, 2021
Latest EEOC guidance aims to help employers and employees understand how federal employment discrimination laws apply to mandatory vaccinations … and the rights and responsibilities of employers and employees at work during the pandemic. The U.S. Equal Employment Opportunity Commission (EEOC) on May 28th posted updated and expanded guidance related to the COVID-19 pandemic. It […]
