Your email updates, powered by FeedBlitz

Click here to read this mailing online.

 
Here is a sample subscription for you. Click here to start your FREE subscription


"Specialty Insurance Blog" - 5 new articles

  1. Cyber Risk Insurance – A Necessary Coverage
  2. Healthcare & Cyber Risk Insurance
  3. Corporate Forms for Insurance Agents & Brokers
  4. Real Estate – Cyber Fraud Threat
  5. D&O Insurance & M&A Claims
  6. More Recent Articles
  7. Search Specialty Insurance Blog
  8. Prior Mailing Archive

Cyber Risk Insurance – A Necessary Coverage

Cyber Risk Insurance (also called Data Breach, Privacy, Network Security insurance) is a necessary insurance coverage for all organizations and most organizations are starting to buy the coverage. As an insurance agent or broker, you should be up to speed and ensuring your customers have (the right) coverage. The confluence of hacker attacks, employee errors, increasing regulation and internet security lapses has created a heightened level of exposure for all organizations, including smaller organizations. We noted an increasing need last year in our post Cyber Risk is Booming (see here, also Who Needs Cyber Coverage). The media is primarily focused on breaches at large organizations, but numerous breaches at smaller organizations go unreported. And many more companies are buying, as...
     


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...
     


More Recent Articles


Click here to safely unsubscribe from "Specialty Insurance Blog." Click here to view mailing archives, here to change your preferences, or here to subscribePrivacy