Socius Scoop – Fall Newsletter 2017
Management and Professional Liability
The Wannacry CYBER ATTACK and How to Avoid Falling Victim to the Next Attack
By: Laura Zaroski, J.D., RPLU Socius insurance Services
The WannaCry ransomware attack was a worldwide cyber-attack by a ransomware cryptoworm which targeted computers running certain Microsoft operating systems. The attack encrypted the data and then the attacker demanded a ransom payment. Within a day of the attack, it is said to have infected more than 230,000 computers in over 150 countries. Shortly after the attack began, a web security researcher discovered an effective kill switch found in the code of the ransomware…
A Few Recent Management and Professional Liability Placements
| Account Type | Limits | Premium | Operation |
|---|---|---|---|
| D&O/EPL/Banker Professional | $1M Separate limits | $85,000 | Crime and Cyber on a distressed bank. |
| Contractors Professional | $1M limit | $36,000 | One day turnaround |
| Cyber/E&O/Media | $5M limits | $90,000 | National online Retailer w/$245m in revenues. |
| D&O/EPL/Fiduciary/Crime | $35M in limits | $200,000 | Industrial Services company with financial challenges |
The Liability Exposures of Directors and Officers of Pre-IPO Companies
By: Kevin LaCroix
When private companies are on track toward a planned IPO, much of the focus and attention is on readying the company for the burdens and responsibilities it will face as a public company…
Inherent Dangers of Adding Third Parties as “Additional Insureds”
By: Dow Jones News Service
Professional liability policies are designed to protect against specific risks – the risk of loss caused by the negligent performance of professional services by insureds…
Do I Really Have to Let an Employee Bring an “Emotional Support Pig” to Work?
By: Peter Petesch and Mark Phillis
We are dogged, more and more, by service animal questions. This employee’s request might sound like hogwash, but both federal and state law require you to consider it, as you would any other request for a reasonable accommodation…
Property
Would you like to supersize your property coverage?
By: Derick Stitik, SVP and Property Practice Group Leader
It’s a strange question, but very relevant in today’s marketplace. As new capacity enters the market on a daily basis, the days of stripped down excess and surplus coverage have gone by the wayside along with 5% wind deductibles…
A Few Recent Property Placements
| Account Type | Limits | Premium | Operation |
|---|---|---|---|
| Multi State Builders Risk reporting form | $75million | $395,000 | Developer |
| Primary and Excess Flood | $82 million | $172,000 | High Rise Condo |
| Property with wind | $102 million | $214,000 | Coastal Condo Tower |
| Property with wind | $11 million | $39,500 | Church |
| Property with wind | $29 million | $143,000 | Shopping Center |
RMS Releases Updated N. America Earthquake Models for U.S., Canada & Mexico
By: RMS
“Man-made Earthquakes?”, Believe it or not, the newest RMS Earthquake modeling includes consideration for “induced activity” as it relates to Fracking…
Takata Files for U.S. Bankruptcy to Halt Air Bag Lawsuits
By: David Shepardson
Product recall and product liability coverage are fresh on everyone’s mind after hearing about the recent event’s with Japanese auto supplier, Takata Corp….
Casualty
So you think you have Coverage…
By: Rodney T. Nubin, SVP and Casualty Practice Group Leader
One word can change everything and limit or exclude coverage for clients. It’s important to read each endorsement carefully and ask for clarification if necessary. If you’re not sure if the proper coverage is being provided, confirm with underwriters prior to binding. Not every endorsement is right for each client, but you can always find the right coverage for each situation…
NAPSLO, AAMGA Members OK Merger; New Wholesale & Specialty Association Is Born
By: WSIA
Effective August 1, the two professional organizations AAMGA and NAPSLO, will be merged and will create a new organization named Wholesale & Specialty Insurance Association (WSIA)…
Outer Banks Outage: Would Your Clients Have Protection for Loss of Income?
By: Chris Boggs
How would your clients fare in the event their operations were suspended due to interruption of utility service? Let the Outer Banks Outage be a testimony to the importance of the Utility Service – Time Element endorsement available…
A Few Recent Casualty Placements
| Account Type | Limits | Premium | Operation |
|---|---|---|---|
| General Liability | $2/4/4 | $186,000 | Structural Steel fabricator |
| General Liability | $1/2/2 | $100,000 | FL Concrete Contractor |
| Excess Liability | $5MM | $175,000 | NY Elevator Contractor |
| General Liability & Sexual Abuse | $1/2/2 GL and $1MM/3MM | $57,700 | Church /School/ Day Care |
| Product Recall | $3M/3M | $67,750 | Components Parts /Automotive |