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"Specialty Insurance Blog" - 5 new articles

  1. Professional Liability Insurance (E&O) Placement Tips
  2. Cyber Risk Insurance – Update on Bank Account Takeover
  3. Buying or Selling An Insurance Agency – Coverage
  4. Cyber Risk Insurance – for Smaller Firms
  5. NARAB II – What Does it Mean?
  6. Search Specialty Insurance Blog
  7. Prior Mailing Archive

Professional Liability Insurance (E&O) Placement Tips

Professional liability insurance (E&O, D&O, EPL, Cyber) does not operate quite the same way as other lines of coverage. Part of this is driven by the use of claims-made insurance forms, and part is based on the services, exposures and legal basis for claims. Some tips from Curtis Pearsall on working with professional liability insurance (here): A new application is required every year Underwriters need time Accounts change, exposures change The client should complete and sign the app – it is their representation Ensure the scope of services actually covers everything the client does Review the policy – they are not all the same We would add: Do not use ACORD apps – professional liability apps are required Get familiar...
     


Cyber Risk Insurance – Update on Bank Account Takeover

We continue to hear that the threat to a smaller organization of cyber-attack is real (see prior post), and we have talked about Cyber Risk Insurance as one (essential) method of protection. A bank account takeover attack is just one of these threats, but the consequences to a small business are significant (prior post). One attack we have previously noted is the Choice Escrow attack (see here). Subsequent to the attack, litigation ensued between Choice Escrow and their bank over responsibility for the loss of funds. The litigation went to appeal, where the bank prevailed. Rather than continue the appeal process, the parties settled, agreeing to each pay their own legal fees (see here). The obvious lesson is that Cyber...
     

Buying or Selling An Insurance Agency – Coverage

Proper E&O insurance coverage is critical for both the buyer and seller of an insurance agent/broker. And the form of the transaction will have a significant impact on insurance agent/broker E&O insurance needs. Curtis Pearsall points out some of the concerns (here, and our prior post here): Buyer & seller should address the coverage concerns consistently Advise your E&O carrier on what is happening Buy the longest tail option The acquisition of an agency with a different exposure may require a new underwriter Based on our experience, we would add: Do not wait until the last minute One size does not fit all – get an expert. Your deal structure will impact your insurance needs Asset sales and entity sales...
     


Cyber Risk Insurance – for Smaller Firms

We have known that Cyber Risk Insurance is for smaller firms (see our prior posts here, here and here), and we have been providing comprehensive and inexpensive Cyber Risk Insurance to all types of smaller firms for quite a while. So it is nice to see confirmation of both the need and the buying trend in the media. In a recent Insurance Journal article, Smaller Firms Showing Interest in Cyber Liability Coverage, there is confirmation that the interest in buying Cyber Risk insurance is continuing to increase. Cyber liability insurance isn’t just for large corporations anymore. Demand for cyber liability insurance is now coming from middle-sized and small businesses The rising interest in cyber risk by medium and smaller firms...
     

NARAB II – What Does it Mean?

The reauthorization of TRIA is big news (see here), but part of the TRIA bill was NARAB II, an important provision for all insurance agents and brokers. NARAB has been supported by key industry trade groups, such as NAPSLO, for quite a few years, and its passage is a big step in easing the burden and cost of multi-state licensing, particularly for smaller insurance agents and brokers. The objective of NARAB II is to streamline multistate licensing for agents & brokers, including E&S (surplus lines) brokers, by establishing a national clearinghouse for one-stop licensing outside an agents/brokers home state. In effect, it replaces the state by state application and renewal process with one national process. Some key provisions: The agent/broker...
     



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