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    Socius Scoop – Summer/Fall Newsletter 2018

    June 1, 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… 

    Read more

    A Few Recent Management and Professional Liability Placements

    Account Type LimitsPremiumOperation
    Lawyers Professional$4M /4M$62,000Law Firm
    Cyber Liability$20mm$150kLarge Regional Bank
    D&O / E&O$2M D&O / $1M E&O Limits$65,000Cryptocurrency Firm
    EPL$1M / $2M Limits$21,769Quick 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…

    Read More

    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….

    Read More

    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…

    Read More


    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… 

    Read more

    A Few Recent Property Placements

    Property$4 million$30,949Ingress/Egress with ood in Tier 1
    Garage Keepers /Property$1mm/$2mm$31,000Custom Motorcycle Builder
    Wind Hail Only$4.2 million$33,000Synagogue on Miami Beach
    Builders Risk$19 million$140,000Coastal Collage Performing Arts Center
    Flood$100 mm$170,000Coastal 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…

    Read More

    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…

    Read more


    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… 

    Read more

    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…

    Read More

    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…

    Read More

    A Few Recent Casualty Placements

    Account TypeLimitsPremiumOperation
    General Liability $1mm/$2mm$700,000National Janitorial Contractor
    Liquor Liability$1mm/$2mm$11,500 Restaurant/Bar operations
    GL/Pollution/PLprimary and 10mm excess$157,000Mobile Fuel Delivery
    Product Liability$1mm/$2mm$10,000 E-Cig Liquid MFG
    General Liability$1mm/$2mm$47,000Custom Home Builder

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