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"Specialty Insurance Blog" - 5 new articles

  1. Surplus Lines Market – Valuable
  2. Dentists Threatened by Malware
  3. Trustee Liability & E&O Insurance
  4. Preventing Social Engineering Fraud
  5. Law Firms are Cyber Targets
  6. Search Specialty Insurance Blog
  7. Prior Mailing Archive

Surplus Lines Market – Valuable

The Surplus Lines insurance market provides an alternative for unusual or higher risk insurance unavailable to purchasers from the standard market.
     

Dentists Threatened by Malware

Cyber Risk Insurance is important for dentists: The American Dental Association (ADA) mailed 37,000 thumb drives to members, and some of those drives may have inadvertently included malware.
     

Trustee Liability & E&O Insurance

Trustee liability claims are on the upswing, and trustees should have E&O insurance (professional liability or errors & omissions insurance) for protection. Trusts can be formed for many different purposes (see here, here and here), and the assets held can vary from liquid securities to fixed assets such as real estate. Trustees have a duty to the trust and its beneficiaries, and in some cases to third parties, increasing the magnitude and complexity of the exposure. According to Hinshaw & Culbertson, lawsuits against trustees are up (see here): Trust, probate and estate planning attorneys are charged with legal malpractice and breach of fiduciary duties more than any other single practice area… This escalation in litigation is likely to continue and...
     

Preventing Social Engineering Fraud

Social Engineering Fraud, also called email piracy or Business Email Compromise (BEC), is hard to prevent because it is based on deception (see here and here). While comprehensive protection is available within some Cyber Risk Insurance policies (also called Data Breach, Privacy and Network Security insurance coverage), a strong prevention program is also important. Here are a few prevention tips along with the sources: From our prior post, Tips for Preventing Email Piracy: Be suspicious of requests for secrecy or quick action Utilize a two-step verification process Know your customers & vendors From Chubb’s Guide to Preventing Social Engineering Fraud: It is essential that employees across an entire organization be educated and trained on how to detect and prevent this...
     

Law Firms are Cyber Targets

As we have noted in a prior post (see here), law firms have valuable information and are vulnerable to cyber attacks – and need Cyber Risk Insurance (also called Data Breach, Privacy and Network Security insurance coverage). Recent events have highlighted and heightened this exposure, starting with reports of attacks on large law firms. Reports from the FBI and others (see here, here, here and here) have noted that hackers have targeted the largest law firms in the US and have stolen confidential client information. Experts are speculating that confidential information was stolen to assist with trading on insider information, but it is too early to know what was stolen and why. In our prior post we noted why law...
     

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