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    Socius Scoop – Winter Newsletter 2015/2016

    December 1, 2015

    Management and Professional Liability

    Social Engineering Scams: What are they and how can your clients protect themselves

    By: Laura Zaroski, JD & Hank Stickley, RPLU Socius insurance Services

    One of the hottest ways of making money today is cyber crime, which is directed at companies as well as individuals. This form of New Age criminal activity goes by many names: social engineering, cyber deception, corporate deception fraud, CEO fraud, business email compromise and spoofing….

    Read more

    A Few Recent Management and Professional Liability Placements

    Account TypeLimitsPremiumOperation
    Public D&O$50M$450,000IPO for retail apparel company
    Professional/ General Liability$1M per occurrence/ $3M aggregate$350,000Foster Care/Adoption company
    Architect and Engineers E&O$5M limit$145,000Architect company with numerous claims
    Cyber liability / Tech E&O$5M$262,000Mobile Phone Software Provider
    Private D&O including EPL,
    Fiduciary, Crime and K&R
    $5M$50,000Fire Safety Consultant

    Hiscox study reveals states with highest employee lawsuit risk

    Source GlobeNewswire

    New Mexico, Washington, D.C., Nevada, Alabama and California as the top states (or district) for employee lawsuit risk in the U.S. Businesses in these markets face a substantially higher risk of being sued by their employees when compared to the national average…

    EEOC By The Numbers: FY 2015 Was The Best Year Ever

    By: Mr. John Rodgers

    The Equal Employment Opportunity Commission (EEOC) says fiscal year 2015 was its best enforcement year ever, resulting in more than $525 million for “victims of discrimination in private, state and local government, and federal workplaces”…

    Fifth Annual Study on Cyber Claim Costs Released

    By: Source NetDiligence

    This year’s report summarizes NetDiligence’s findings for a sampling of 160 cyber liability insurance claims, 155 of which involved the exposure of sensitive data. The study examines the type of data exposed, the cause of loss, the business sector in which the incident occurred and the size of the affected organization…

    Read More


    Property & Casualty

    The Homegrown threat of terrorism

    By: Matt Dross, Socius Insurance Services

    The homegrown threat of terrorism is real as evidenced in San Bernardino, CA and nearly three years ago at the Boston Marathon and is on every American’s mind. The Terrorism Risk Insurance Reauthorization ACT(TRIPRA) was enacted after the 9/11/2001 attacks by the federal government and there has never been a paid loss by this program…

    Read more

    Understanding Improvements and Betterments: Be Mindful of Lease and Insurance Provisions

    When there are signicant values for Improvements & Betterments it is key to carefully review the insured’s lease provisions for this installed property…

    Read More

    U.S. Unveils Hobby Drone Registry Rules, Deadlines

    Throughout the United States, the use of drones is increasing in popularity for both hobby and recreational purposes. It is rare that you will attend a live music concert, sporting event or outdoor organized festival without seeing the small unmanned aircraft (UAS) flying overhead…

    Read more

    The New Age of Technology: 3D Printing

    3D used to be only for the movies, but with the development of 3D printing, and the increasing accessibility of the same, that’s no longer the case. As 3D printing technology advances the insurance industry needs to be diligent about understanding the risks and adapting quickly to develop products and coverages that can address these risks effectively… 

    Read more

    A Few Recent PropertyPlacements in the West & Midwest

    Account TypeLimitsPremiumOperation
    General Liability$1M/$2M$22,500Manufacturers Using 3D Printing Technology
    Contractor's Equipment Floater$2M Equipment Limit$27,439Green Waste Recycler
    General Liability$1MM$6,500Sewer Flood Control Contractor
    Proper t y Non Cat$3.8MM$10,000Pub and Bowling Alley
    General Liability/Pollution/Professional$1.2MM In Sales$15,000Fire / Water/Mold/ Restoration
    Environmental Liability$5MM 5 Year Term 25k SIR$30,000Bank Owned Proper ties

    Contractors Pollution Insurance A Brief Look at How it Came to Be and Who Needs it

    By: Dana Hartwell, Socius Insurance Services

    While the General Liability coverage endorsement CG0001 does afford a slight amount of insurance for Pollution coverage, it is standard for most companies to add on an Absolute Pollution Exclusion endorsement, thereby eliminating even the minor coverage afforded by the form…

    Read more

    A Few Recent Property & Casualty Placements on the East Coast

    Account TypeLimitsPremiumOperation
    Frame/JM CAT Property with Wind$35MM$168,000Health Care Facility
    Frame CAT Builders Risk$37MM$170,000Apartments
    Property with wind$5MM$17,200Auto Dealership
    Property with wind$21MM$83,500Shopping Center
    Property with wind$3.2MM$20,000Cabinet Manufacturer

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