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    Socius Scoop – Summer Newsletter 2015

    June 1, 2015

    Management and Professional Liability

    The Hardening Management Liability Market for Non-Profit and Privately-Held Companies

    By: Paul Lefcourt, Socius Management Liability Practice Leader

    Gradually, over the last 4+ years, several management liability insurance (“MLI”) carriers have shifted their underwriting appetite/guidelines for their non-profit and privately-held insureds nationally; most dramatically in California….

    Read more

    A Few Recent Management and Professional Liability Placements

    Account TypeLimitsPremiumOperation
    For Prot D&O/Crime$1,000,000 D&O/$250,000 Crime$24,500Start-up company that manages nursing homes
    IP Infringement$1M$16,000video editing for major car brands in the US
    Privacy/Network Security$10,000,00$105,000Auto dealer with about 2M PPI (personal identifiable information) records

    Data Breaches Threaten Small Businesses: Ponemon

    A Ponemon Institute survey of small businesses throughout the United States found that 55 percent of those responding have had a data breach, almost all involving electronic records….

    Read More

    California EPLI cases by the numbers

    Using Advisen’s MASCAd database containing about 255,000 cases, Advisen specifically took a look at EPLI and D&O cases. The database focuses on the largest cases….

    XL Catlin expects overall rise in private D&O rates; ACE, Travelers see more demand

    XL Catlin Group says pressure to improve results will lead to rate increases of up to 5 percent overall on private company D&O/EPLI policies this year….


    Property

    Hard Selling in a Soft Market

    By: Derick M. Stitik, SVP Socius Property Practice

    Well friends, here we are again pushing through a continuing softening property market. The cycle continues, the insurance industry continues to perform at high return rates for investors, capacity is abundant, and pricing continues to slide….

    Read more

    A Few Recent Property Placements

    Account TypeLimitsPremiumOperation/Occupancy
    Property including Wind$5,256,000$19,300Astronomical Observatory
    Earthquake/DIC$50,944,688$200,000Resort and Spa
    Property including Wind$29,147,708$184,214Investment Firm

    Nepal devastation a ‘wake-up call’ for vulnerable region

    Rapid urbanization and minimal construction building codes have been identified as issues that increased the severity of destruction of Nepal’s most recent earthquake….

    Florida Commissioner McCarty Touts State Regulation Before Congress

    Kevin McCarty spoke to the US Senate Committee on Banking, Housing and Urban Aairs, 4/28/2015 & to the US House of Representatives Subcommittee on housing and Insurance 4/29/2015 on behalf of the National Association of Insurance Commissioners….

    Read more


    Casualty

    Food Safety – The Changing Landscape of Product Recall

    By: Rodney Nubin, SVP Socius Casualty Practice

    Product recall, are two words no food manufacturer or processor wants to see next to their name. But the food industry is one of the most exposed industries to a product recall….

    Read more

    A Few Recent Casualty Placements

    Account TypeLimitsPremiumOperation/Occupancy
    General Liability1/2/2 Limits$62,316Commercial & residential plumbing contractor
    Excess Liability$15M$63,730Lutheran Churches
    General Liability1/2/2 Limits$52,500Contractor for high-end residential projects

    Punitive damages and taxes

    Much is said about punitive damages and how they are used to punish wrongdoers. Plaintiffs dream of large punitive damage awards….

    Read more

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