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"Specialty Insurance Blog" - 5 new articles

  1. Healthcare & Cyber Risk Insurance
  2. Corporate Forms for Insurance Agents & Brokers
  3. Real Estate – Cyber Fraud Threat
  4. D&O Insurance & M&A Claims
  5. Technology E&O, Products & Professional Liability Insurance – A Confluence of Coverage?
  6. More Recent Articles
  7. Search Specialty Insurance Blog
  8. Prior Mailing Archive

Healthcare & Cyber Risk Insurance

All types of healthcare providers are at increased risk of data breach and should have comprehensive Cyber Risk Insurance. The FBI has issued warnings to the healthcare sector: Cyber actors will likely increase cyber intrusions against healthcare systems--to include medical devices--due to mandatory transition from paper to electronic health records, lax cybersecurity standards, and a higher financial payout for medical records in the black market. (see HealthData Management here) The healthcare industry is not as resilient to cyber intrusions compared to the financial and retail sectors, therefore the possibility of increased cyber intrusions is likely. (see Data Breach Today here) Information is more valuable to cyber criminals: Demand for medical information…remains strong on criminal marketplaces, experts said, partly because it...

Corporate Forms for Insurance Agents & Brokers

We previously discussed corporate forms for insurance agents & brokers a few years ago in Corporate Forms for Insurance Businesses, and would like to add a simple summary of the different choices – see here. It appears unlikely that the preferred forms for insurance agents & brokers – either an LLC or S-Corp – will change. Both are pass through entities for tax purposes, although the LLC form provides for more flexibility. The article, What Is the Best Legal Structure for Your Start-Up? (see here), provides a summary of each of the most popular corporate forms. Regarding outside capital, the article notes: If you plan to seek capital from outside investors, such as venture capitalists, you likely need a more...

Real Estate – Cyber Fraud Threat

Real estate firms, including real estate, title and escrow agents, are targets of Cyber fraud and should have Cyber Risk Insurance. As noted by KrebsonSecurity (see here), real estate and title agents are being warned of a new fraud scheme: The attackers intercept emails from title agencies providing wire transfer information for borrowers to transmit earnest money for an upcoming transaction. The scammers then substitute the title company’s bank account information with their own, and the unsuspecting would-be homeowner wires their down payment directly to the fraudsters. First American Title notified its agents of this scheme earlier in 2014. Cyber Risk insurance is one solution for cyber exposures, although underwriters are tightening their policy forms and underwriting approaches as losses...

D&O Insurance & M&A Claims

A surprisingly high percentage of mergers and acquisitions (M&A) are contested by shareholders, which involve Directors & Officers (D&O) Insurance claims. According to a recent analysis by Cornerstone Research (see here), 94% of deals valued in excess of $100 million during 2013 were challenged by shareholders, up from 93% in 2012. The analysis is based on a review of shareholder suits, typically class actions, filed by shareholders of public companies. According to the study, 612 suits were filed, with each deal averaging 5 suits. The study does not include statistics for contested M&A deals regarding private companies. Tennant Risk Services is a specialty wholesale broker and underwriting manager, and delivers expertise, markets and exemplary services to our retail insurance agent...

Technology E&O, Products & Professional Liability Insurance – A Confluence of Coverage?

Technology is creating coverage challenges from the confluence of traditional E&O and products liability with technology related coverages such as technology E&O and Cyber Risk coverage. One example is the confluence of coverages in the medical device business. Professional Liability Insurance and Products Liability insurance have been discrete insurance products underwritten by different underwriters. Rapid change in technology is driving change in the delineation between products liability and professional liability for medical devices. In some cases it is hard to draw the line between a medical product and a medical technology service, and for good reason. For some medical devices there should not be a line. This combination of exposures requires creative coverage solutions involving products liability and professional liability,...

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