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    Socius Scoop – Fall Newsletter 2017

    September 1, 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… 

    Read more

    A Few Recent Management and Professional Liability Placements

    Account TypeLimitsPremiumOperation
    D&O/EPL/Banker Professional$1M Separate limits$85,000Crime and Cyber on a distressed bank.
    Contractors Professional$1M limit$36,000One day turnaround
    Cyber/E&O/Media$5M limits$90,000National online Retailer w/$245m in revenues.
    D&O/EPL/Fiduciary/Crime$35M in limits$200,000Industrial 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…

    Read More

    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…

    Read More

    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… 

    Read More


    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… 

    Read more

    A Few Recent Property Placements

    Account TypeLimitsPremiumOperation
    Multi State Builders Risk reporting form$75million$395,000Developer
    Primary and Excess Flood$82 million$172,000High Rise Condo
    Property with wind$102 million$214,000Coastal Condo Tower
    Property with wind$11 million$39,500Church
    Property with wind$29 million$143,000Shopping 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…

    Read More

    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….

    Read more


    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… 

    Read more

    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)…

    Read More

    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…

    Read More

    A Few Recent Casualty Placements

    Account TypeLimitsPremiumOperation
    General Liability$2/4/4$186,000Structural Steel fabricator
    General Liability$1/2/2$100,000FL Concrete Contractor
    Excess Liability$5MM$175,000NY Elevator Contractor
    General Liability & Sexual Abuse$1/2/2 GL and $1MM/3MM$57,700Church /School/ Day Care
    Product Recall$3M/3M$67,750Components Parts /Automotive

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