Socius Scoop – Winter/Spring Newsletter 2018
Management and Professional Liability
Late Reporting: The Ultimate Sin?
By: Laura Zaroski, J.D., RPLU Socius insurance Services
The number one reason that carriers deny coverage is late notice. Most management and professional policies are issued on a claims made basis. There are 2 types of claims made policies: 1. Claims Made and Reported, and 2. Pure Claims Made policies. Pure claims made policies and claims made and reported policies both require that the claim be made during the policy period. However, claims made and reported policies require that the claim also be reported during the policy or the extended reporting period…
A Few Recent Management and Professional Liability Placements
| Account Type | Limits | Premium | Operation |
|---|---|---|---|
| Management Liability | $5mm | $60,000 | Professional Sports Team |
| Reps & Warranties Policy | $10mm | $230,000 | Debt Collection Agency |
| Cyber | $5mm | $20,000 | Regional Bank |
| D&O/E&O Combo | $3mm | $40,000 | Start up Private Equity Firm |
You Don’t Have to be Big to Get in Antitrust Trouble
By: Randall Krause
The word “antitrust” often brings to mind thoughts of two massive corporations merging to squeeze out competition. But what about two small businesses joining forces and combining resources to better meet the needs of the community in which they operate…
Editorial: Harassment paradigm shift
By: Business Insurance
The worlds of business, entertainment and politics appear to be facing a new reality in terms of dealing with sexual harassment inside and outside the workplace, and companies need to adapt their policies and practices to refect that change…
US data breaches hit an all-time annual high in 2017
By: Erin Ayers, Advisen
U.S. data breaches hit an all-time annual high of 1,579 breaches in 2017, a 44.7 percent increase over 2016, according to the latest data recorded by the Identity Theft Resource Center (ITRC) and CyberScout…
Property
Translating the numerous variations of windstorm deductibles in light of the 2017 Hurricane Season
By: Matt Dross,VP and Property and Casualty Producer
Over the past 10+ years, there have been a number of different windstorm deductible forms introduced – many of which are difficult to translate…
A Few Recent Property Placements
| Account Type | Limits | Premium | Operation |
|---|---|---|---|
| property with wind & flood | $80M values; 24 month | $330,000 | Builders Risk, Commercial |
| property with wind | $2M Values older JM | $16,200 | Church |
| property with wind | $7mil values | $42,000 | Screen Printing Shop |
| property with wind | $17M Values | $78,000 | Assorted Good Distributor |
| property with wind | $6.5M values | $28,000 | Assisted Living Facility |
Lloyd’s ‘still getting to grips’ with US tax reform
By: Bethan Moorcraft
As quick as a hurricane can blow thru a state and disrupt the market, a pen stroke has the same power but opposite result. Domestic carriers may be seeing some light at the end of their massive losses…
Insurers covered record $132 billion in weather-related damage in 2017
By: Chad Hemenway
Over $350 billion in global natural catastrophe losses were recorded in 2017. Of that amount, less than 40% ($130 billion) were covered by insurance in the private or public marketplace…
Casualty
Understanding Additional Insured Endorsement
We receive requests all the time to add additional insureds to our GL policies, however there appears to be a common misconception of who and what is covered under the various additional insured endorsements. Let’s take a closer look at the commonly used additional insured endorsement (CG 20 10 04 13)…
Avoiding Total Recall
By: Allianz
It seems that every night on the News we hear of a new product recall. Anything from Furniture to undeclared allergens in food products. In this age of growing consumer consciousness the frequency of product recalls are sure to rise…
Claims Made Versus Claims Made and Reported Policies: What’s the Difference and Does It Matter?
By: Swiss Re America Holding Corporation
While most products liability policies are written on occurrence form, there comes a time when claims made coverage is all you can get. Understanding the difference in the type of claims made policy you bind can mean the difference of a claim be covered or not…
A Few Recent Casualty Placements
| Account Type | Limits | Premium | Operation |
|---|---|---|---|
| Gl/PL/Pollution/Excess | $14M | $40k | Environmental Consultant |
| General Liability | $40M | $120k | Commercial GC |
| 1m/2m GL | $16M | $5,400 | Clothing MFG (California) |
| 1m/2m GL | 112 units | $13,700 | Apartments with pool |
| 1m/2m GL | $6.8M | $67,000 | Custom Home Builder |