Socius Scoop – Summer/Fall Newsletter 2018
Management and Professional Liability
Cryptocurrencies: What is all the Buzz about?
By: Laura Zaroski, J.D., RPLU Socius insurance Services
The world is buzzing with talk about “cryptocurrencies”. It is being referred as the “new gold”. But what are cryptocurrencies? Simply put, cryptocurrencies are a peer-to-peer, decentralized digital currency. Cryptocurrencies live a totally digital existence on the internet. Think of them as internet cash. Understand that there is no physical coin, just a string of numbers. If you lose the string of numbers, just like losing a $10 bill – it is gone forever. Bitcoin is the most well-known cryptocurrency. However, there are over 1,100 cryptocurrencies in existence today…
A Few Recent Management and Professional Liability Placements
| Account Type | Limits | Premium | Operation |
|---|---|---|---|
| Lawyers Professional | $4M /4M | $62,000 | Law Firm |
| Cyber Liability | $20mm | $150k | Large Regional Bank |
| D&O / E&O | $2M D&O / $1M E&O Limits | $65,000 | Cryptocurrency Firm |
| EPL | $1M / $2M Limits | $21,769 | Quick Serve Restaurants |
10 Reasons to Be Thankful You Work in Insurance
By: Antonio Canas
If this is the only industry you’ve worked in, it can be easy to take all the perks for granted and even if you’ve worked here for 30 years it’s always good to remember just how good we have it…
D&O liability underwriting results fall to seven-year low
By: Dow Jones News Service
D&O is a more volatile product line than many other property/casualty (P/C) products. Claims traditionally arise out of matters that lead to securities litigation for public companies. Claims risk in private and non-prot organizations expanded in recent years….
Back To Cyber Basics: Debunking 5 Cyber Myths
By: AON Empower Results
Research rm Forrester’s found that 49 percent of decision-makers interviewed had experienced at least one cyber breach during the past 12 months. Of these respondents, 55 percent had suered an internal incident involving an employee or a third-party business partner…
Property
What is a Wind Deductible Buyback?
By: Chris Barnes, Socius Insurance Services Vice President
Whether you own a business or a home you have a financial responsibility to take care of that property and its contents. As we go through another season of Hurricane, Tornado and any other CAT exposures you need options…
A Few Recent Property Placements
| Property | $4 million | $30,949 | Ingress/Egress with ood in Tier 1 |
|---|---|---|---|
| Garage Keepers /Property | $1mm/$2mm | $31,000 | Custom Motorcycle Builder |
| Wind Hail Only | $4.2 million | $33,000 | Synagogue on Miami Beach |
| Builders Risk | $19 million | $140,000 | Coastal Collage Performing Arts Center |
| Flood | $100 mm | $170,000 | Coastal Condo |
Insurance Industry Is Rethinking Cat Modeling After Last Year’s Disasters
By: Elizabeth Blosfeld
After Hurricane Harvey swept through
Texas last August, it not only left behind
nearly 50 inches of rain in some areas and
an estimated $125 billion in…
Contractor’s Professional Mitigation of Damages Coverage
By: David Krug
As contractors’ professional liability insurance products continue to develop and evolve in the marketplace, many contractors aren’t aware of a new “rst-party” coverage that has become available to them…
Casualty
A Closer Look at Excess Liability vs. Umbrella
By: Stephanie Mitchell, CPCU, CIC, CRM, Socius Insurance Services
It is an all too common short fall of many agents and brokers to casually use the terms umbrella and excess liability in a similar or transposable fashion. Truth be told, there are some glaring coverage differences amongst the numerous similarities that are important to note and identify, especially when agents are confronted with specific wording on certificates of insurance and lender’s requirements…
Resolving insurance coverage and claim disputes
By: Bill Wilson, CPCU, ARM, AIM, AAM
The general public assumption is that once an insurance company has denied a claim the issue is dead, but independent agents can, with help, be extremely influential in getting initially denied claims covered…
Reaction to seventh short-term NFIP extension
By: Bethan Moorcraft
The House of Representatives has passed legislation which authorizes a seventh short-term extension of the National Flood Insurance Program (NFIP) to take it through until November 30. The bill is now sat with the Senate, which is under pressure to make a decision before the current NFIP expiration date of July 31…
A Few Recent Casualty Placements
| Account Type | Limits | Premium | Operation |
|---|---|---|---|
| General Liability | $1mm/$2mm | $700,000 | National Janitorial Contractor |
| Liquor Liability | $1mm/$2mm | $11,500 | Restaurant/Bar operations |
| GL/Pollution/PL | primary and 10mm excess | $157,000 | Mobile Fuel Delivery |
| Product Liability | $1mm/$2mm | $10,000 | E-Cig Liquid MFG |
| General Liability | $1mm/$2mm | $47,000 | Custom Home Builder |