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    Socius Scoop – Spring Newsletter 2017

    March 1, 2017

    Management and Professional Liability

    Is it Really Getting Soft…Again?

    By: Paul Lefcourt, Co-Founder and Management Liability Practice Leader

    Over the last 12-24 months, several management liability insurance (“MLI”) carriers have shifted their underwriting appetite/guidelines nationally for nonprofit and privately-held risks, most dramatically outside of California. Instigated primarily by newer market entrants, these changes include one or more of the following:

    • Decreased rates • Automatic renewal options
    • Decreased retentions • Multi-year renewal options
    • Expansions in coverage, although mostly “tweaks” at this point
    • More carriers offering lower ($25k – $150k) wage and hour defense cost sub limits…

    Read more

    A Few Recent Management and Professional Liability Placements

    Account TypeLimitsPremiumPremium
    E&O$5M$40kInvestment Advisor
    D&O/EPL$1M$15kCountry Cub with previous EPL claims
    Cyber/ tech E&O$3M$40kMedical Billing and Document Management company
    GL & PL$2M$85k180 person skilled nursing facility

    The Corporatization of Cyber Crime

    By: David M. Katz

    Cyber crime groups are increasingly operating like traditional businesses. Will this new professionalism lead to more attacks on companies?…

    Read More

    Ever-increasing D&O Exposures for Private Companies

    Source Euclid Exec

    Today’s society is incredibly litigious. That McDonald’s has been sued for serving coffee that’s too hot and Starbuck’s has been sued for serving drinks containing too much ice is telling…

    What to Consider when Selecting An Insurance Wholesaler?

    By: Angelo J. Gioia

    Depending upon your scope of your agency appointments, there will be numerous occasions that you need the services of a Wholesaler when placing a difficult or usual risk….

    Read More


    Property

    The Power of a Pre-Inspection

    By: Derick Stitik, SVP and Property Practice Group Leader

    Strike FOUR, you’re safe?! Believe it or not fellow advisors, February marks the fourth time we have conducted a pre-inspection of a property risk in the past eight months that has resulted in a win for the client… 

    Read more

    A Few Recent Property Placements

    Account Type LimitsPremiumOperation
    Property Including Wind$14,042,310 $125,000Pre-Manufactured Home Builder
    Property Including Wind$763,134 $10,000Fertilizer Storage Facility
    Terrorism$21,715,675 $6,525Warehouse
    Property Including Wind$17,226,329$93,442Private School
    Property Including Wind$24,346,000 $69,080Car Dealership

    Natural catastrophe insured losses at highest level in four years

    By: Gloria Gonzalez

    Extreme weather is a major concern of insurance professionals, but o the typical radar, extreme solar weather could inflict damages and disruption to rival a large hurricane…

    Read More

    P/C Insurance Executives Express Cautious Optimism for 2017

    By: Elizabeth Blosfield

    The general sense across the 21st Annual Property and Casualty board during the financial experts panel seemed to be cautious optimism…

    Read more


    Casualty

    Excess Liability: Easy Value-Added

    By: Dana Hartwell, Socius Insurance Services

    In 2017, we are continuing to face a headwind in the property and casualty market. While it appears the market is bottoming out and the decrease in rates has slowed, they are still not improving. In this financial landscape, it is remaining difficult to maintain the size of a renewal book of business…

    Read more

    Environmental Risks and Insurance: Looking Back and Forward

    By: David Dybdahl

    Market capacity for Environmental Insurance remains at an all-time high, and that is not expected to change anytime soon. However, market penetration is still very low at only 3%… 

    Read More

    25 Risk-Conquering Ideas

    By: the Readers of IRMI Update

    As the market continues to be soft brokers need to find ways to bring value, other than just price, to the insurance process. One of the essential ways to bring value to the process if by providing a client with risk transferring and management ideas to help them run their business smoothly…

    Read More

    A Few Recent Casualty Placements

    Account TypeLimitsPremiumOperation
    General Liability/Liquor Liability$1M/2M$84,962Restaurant
    Commercial Auto$1M$102,898Environmental & Energy Consulting
    General Liability$1M/2M $79,567Tank and Gas Line Install
    General Liability$1M/2M$15,000Residential Roong Contractor
    Contractor's Pollution Liability$1M/2M $16,953Environmental Contractor

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