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"Specialty Insurance Blog" - 5 new articles

  1. Protection for Non-Profit Service: Non-Profit D&O
  2. Cyber Risk Trends for Law Firms
  3. Persuasion
  4. Top Surplus Lines Insurance Markets
  5. Insurance Agents & Cyber Risk Insurance
  6. Search Specialty Insurance Blog
  7. Prior Mailing Archive

Protection for Non-Profit Service: Non-Profit D&O

Serving on the board of a non-profit entity brings exposures, and as a Director of a non-profit you should ensure that the non-profit you are associated with has Directors and Officers (D&O) insurance for protection (see prior posts here, here & here). Directors and Officers (D&O) insurance protects against legal judgments and related expenses resulting from allegations of wrongful acts committed by individuals in their capacity as directors and officers. Most D&O insurance policies for non-profits include a coverage called employment practices liability insurance, which protects the non-profit and its employees from legal judgments and related expenses resulting from allegations of wrongful acts committed in the employment realm. A recent article (see here) describes the importance of D&O insurance, including...
     

Cyber Risk Trends for Law Firms

Law firms have significant cyber risk exposure, and should be carrying Cyber Risk Insurance. A recent article, Cybersecurity: The Looming And Growing Threat (see here), highlights seven trends in law firm cyber security: Law firms are viewed as vulnerable and are being asked to increase IT security Data breaches growing – 27% CLOs reported a breach within the last 24 months Increasing regulation – will be both a burden and an opportunity Broad mobile adoption – mobile devices in wide use at law firms Cyber Risk Insurance is important – many affordable options available, many buying IT Security important – including strong password security and training IT Security – security culture growing in law firms Cyber Risk Insurance is an...
     

Persuasion

This post is off topic from our typical posts, but hopefully helpful to insurance practitioners. As in any business, persuasion is important in insurance, whether soliciting a customer, communicating with an underwriter or interacting with colleagues. Robert Cialdini (see here and here) is the leader of understanding and applying the art of persuasion, starting with his book Influence: The Psychology of Persuasion. The article here discusses the application of the psychology of persuasion to business settings. The key concepts from the psychology of persuasion: Reciprocity - people feel obligated to reciprocate Commitment & Consistency - people want to be consistent, and will say yes if they have already said yes Social Proof - people do what everyone else is doing...
     

Top Surplus Lines Insurance Markets

The insurer rankings within the excess & surplus lines (or E&S) insurance markets changed in 2014 according to a recent listing from Insurance Journal (see here). Berkshire Hathaway continued its strong growth, at 48% year over year. At the top, Nationwide (Scottsdale) and Berkley (Admiral, Verus) showed material growth, while AIG, Zurich and CNA showed declines. The E&S insurance market provides an alternative for unusual or higher risk insurance unavailable from standard lines insurers (see here & here). The essence of the surplus lines market is the flexibility in coverage forms and rating that underwriters may utilize to match the variation in exposures insured. Tennant Risk Services is a specialty wholesale broker and underwriting manager with a focus on Insurance...
     

Insurance Agents & Cyber Risk Insurance

All insurance agencies and brokers should carry Cyber Risk Insurance to protect themselves from data breach exposure and to demonstrate good risk management for clients, yet some insurance agencies do not purchase the coverage. Insurance agencies have client data and premium funds, and need to take risk management and insurance protection steps to mitigate the exposure. A recent PropertyCasualty360 article (see here) and our prior post noted that small businesses are increasingly targeted by hackers. And insurance agents are repositories of all types of personal and confidential information, including both financial and healthcare information. Financial and healthcare information are key targets for cyber hackers. A recent Insurance Journal article (see here) outlines some steps agencies can take, including: Education –...
     

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