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    Socius Scoop – Spring/Summer Newsletter 2019

    March 1, 2019

    Management and Professional Liability

    What…Hard Again?

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

    Over the past year, several management liability insurance (MLI) carriers have changed their underwriting appetite/guidelines for privately-held D&O and EPL risks, nationally and most dramatically within California. Instigated primarily by many years of competitive underpriced premiums and broadened terms that have been unable to support escalating losses, these changes typically include one or more of the following:
    • Increased rates • Increased retentions
    • Reductions in coverage • Reductions in total limits offered
    • Reductions or removal of wage and hour defense cost sub-limits
    • Non-renewal of insureds based upon industry, asset size, financial condition and/or loss experience.

    Read more

    A Few Recent Management and Professional Liability Placements

    Account TypeLimitsPremiumOperation
    EPL$1M$28,742KDenny’s Franchise Group of Restaurants
    Private D&O$1M$210KCannabis Distributor & Logistics Company
    GL/PL$1M/$3M$83,650KSubstance Abuse Center
    Public D&O$150M in Excess D&O$450KPublicly Traded Oil & Gas Company

    D&O profitability under pressure as risks increase: Best

    By: Gloria Gonzalez, Business Insurance.com

    Profitability in the U.S. directors and officers liability insurance market remains pressured amid unfavorable claims trends and
    a pricing environment that has not kept up with increasing risks, according to a new report from A.M. Best Co. Inc…

    Read More

    Cannabis coverage limited, may challenge industry: A.M. Best

    By: Matthew Lerner, Business Insurance.com

    Coverage available for the cannabis industry is limited and may not be adequate for those seeking to enter it, according to a report Tuesday from A.M. Best Co. Laws in 33 states and the District of Columbia allow the use of medical marijuana and 10 states, as well as D.C., have legalized recreational marijuana use, as well…

    Read More

    After #MeToo, whole industries have been blacklisted by insurers for sexual harassment liability coverage

    By: Susan Antilla, The Intercept

    A new report from Betterley Risk Consultants, shared with The Intercept, reveals that many of the world’s largest insureres will no longer conside whole industries for “employment practices liability insurance” (EPLI), which covers liability from “sexual harassment, sex discrimination, and other employee claims.”…

    Read More


    Property and Casualty Liability

    “Flat” is the new down…CAT property on the rise

    By: Derick Stitik, Socius Senior Vice President National Property Practice Leader

    Floods, wildfires, earthquakes, and hurricanes, sure they capture the national headlines for a week or two but in reality, these disasters linger long after the cameras leave. As a whole the E&S market has struggled with claims management over the past several years, it’s been a true trial of fire by both frequency and severity. Overall the industry was not prepared for the frequent multiple catastrophes that occurred in the past three years. As tradition, the preliminary estimated loss reports are calculated shortly after an event, are aired in the industry news , and then set aside. Since 2016 we have experienced a trend where the CAT claims process has become an ongoing open event….

    Read more

    A Few Recent Property and Casualty Liability Placements

    Account TypeLimitsPremiumOperation
    Pollution$2M$14KMotor Vehicle Hydrogen Fueling
    Commercial GL$2M$228KSteel Erector
    Primary Flood$2.8M$14.5KGolf Course Clubhouse
    Stock Throughput$10M$220KApparel Import Export /Distributor
    Coastal Property$2.2M$17.8KCondo
    Coastal Property $500K$4KMFG of Impact Doors
    Property Coastal TX$6.6M$51KCountry Club

    N.J. legal weed deal: Everything to know about timeline, details and next steps

    By: Payton Guion and Brent Johnson, NJ Advance Media for NJ.com

    Exciting/Curious times here in the Northeast, particularly New Jersey. At Socius, we have been following the progress of the Cannabis Industry closely and staying in close contact with our carrier partners so we are ready when the floodgates open. So far, in other states, the many coverages that surround this industry have been E&S and we are ready to help. Stay tuned!…

    Read More

    Flood Coverage, TWIA, Workers’ Comp Relativities Among TDI Concerns in Legislative Report

    By: Stephanie K. Jones, Insurance Journal

    If you have risks in coastal areas of Texas or are in Tier 1 counties then you are well aware of the issues with FEMA and TWIA. The problem is that your clients are not educated enough and it is up to us to make sure they understand the need for flood and wind coverage with the right carriers…

    Read more

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