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"Specialty Insurance Blog" - 5 new articles

  1. Data Breach Report: Cyber Risks Continue to Increase
  2. Program Managers Need to Be Licensed
  3. Side A D&O Insurance
  4. Architects/Engineers E&O Insurance Market
  5. Consent to Settle Provisions in E&O Insurance Policies
  6. More Recent Articles
  7. Search Specialty Insurance Blog
  8. Prior Mailing Archive

Data Breach Report: Cyber Risks Continue to Increase

Verizon has just released its 2014 Data Breach Investigations Report, and anyone interested in Cyber Risk and Cyber Risk Insurance should check it out. Also see an excellent summary article from Re/Code here. Key points: 2013 is going to go down as something of a watershed year…It was a year when computer security incidents became something that mainstream people worried about a lot The number of overall attacks is on the rise [The report identifies] nine patterns that together describe 92% of the confirmed data breaches Attempts to steal intellectual property rose…There were two basic motivations: Sell the data to a competitor, or start a competitive company In more than 70% of the IP theft cases, insiders stole the information...
     


Program Managers Need to Be Licensed

A recent bulletin from the Excess Lines Association of NY (ELANY) notes that a program manager underwriting on behalf of an excess lines insurer must be licensed as an excess lines broker. Program manager also means cover holder, managing general agent or program administrator. Of note – the bulletin also notes: Excess line brokers owe their duty to the insured not the insurer under New York law. Tennant Risk Services is a specialty wholesale broker and underwriting manager, and delivers expertise, markets and exemplary services to our retail insurance agent clients in the placement of professional liability insurance (E&O, D&O, EPL, Cyber). Specialty Insurance Expertise: Tennant Risk Services Supporting Insurance Entrepreneurship: Tennant Capital Partners
     

Side A D&O Insurance

D&O insurance (Directors & Officers) policy forms have evolved dramatically over the last decade or so, and now typically include a variety of coverage extensions. For private companies and non-profit entities EPL is an obvious example – something we take for granted today. Entity coverage is another example, and one that is not always helpful. In certain extreme situations entity coverage can deplete limits rapidly, leaving no coverage for individual directors and officers. Side A D&O insurance coverage, also called Side A Excess or Side A DIC, has become a mainstream insurance product ensuring that the private assets of the directors and officers are protected in the event that the organization’s D&O insurance policy is not available. Bankruptcy is an...
     


Architects/Engineers E&O Insurance Market

Like many professional liability (E&O) segments, rate increases and tightening underwriting are slowing in the Architects/Engineers E&O Insurance market. An improving economy, and the improving construction market in particular, are driving growth in the sector and associated growth in premiums. A recent survey by Ames & Gough (see here) confirms this moderating trend. The survey of 14 insurers indicates that 9 insurers plan to raise rates this year, and the other 5 plan to keep rates flat. Of the insurers planning to increase rates this year, 7 plan to increase rates 5% or less. Tennant Risk Services is a specialty wholesale broker and underwriting manager, and delivers expertise, markets and exemplary services to our retail insurance agent clients in the...
     

Consent to Settle Provisions in E&O Insurance Policies

The consent to settle provision, or hammer clause, is prevalent in E&O (errors & omissions or professional liability) insurance policies. And it gets a bad rap. The wording might read as follows: The Insurer’s duty to defend ends if an Insured refuses to consent to a settlement that the Insurer recommends. The Insurer’s liability shall not exceed the amount for which the Insurer could have settled such Claim had such Insured consented, plus Defense Costs incurred prior to the date of such refusal… The wording is written to protect the insurer in the event of a bad outcome while giving the insured a voice in the claim settlement process. The practical effect is more important. As pointed out by Curt...
     


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