As a coverage line, directors and officers liability was already hardening before the coronavirus pandemic emerged in 2020. COVID-19 has accelerated tightening in the D&O marketplace, which has become much more challenging for both public companies as well as private organizations.

At the beginning of the COVID-19 pandemic, employers moved quickly to develop and implement remote work-from-home protocols to protect employees. Almost a year since it all began, employers are starting to develop return to work plans.

Week after week, hackers and cybercriminals launch new phishing campaigns, develop creative digital extortion threats, and expand scams with the potential to negatively impact business operations in a big way. Cyberattacks can halt online operations in only minutes and take weeks to resolve. In addition, a cyberattack that involves the loss of customer data can result in expensive litigation that seriously impacts a company’s bottom line.

Amid the stubborn coronavirus pandemic, institutional capital and developer investment has paused, forcing contractors to take a wait-and-see approach for their direction in 2021 and beyond. While the industry cheered the economic comeback of the third quarter after a record second quarter slowdown, developers and builders remain cautious, particularly in sectors deeply affected by the pandemic and the associated shutdowns – namely office buildings and hospitality. Well capitalized projects, including those funded by municipal bonds, appear set to continue on plan while other more speculative investments have been sidelined indefinitely.

Mold has been a part of our environment for millions of years, and there are more than 100,000 mold species naturally occurring on Earth.

Wage and Hour (W&H) exposure is an often misunderstood and frequently underinsured risk. It is commonly — and incorrectly — assumed that W&H claims are restricted to either misclassification of exempt/nonexempt employment status or failure to pay overtime. However, W&H liability also includes allegations such as underpayment of overtime, miscalculation of wages, refusal to allow employee breaks, expecting off-the-clock work, not paying employees regularly, refusal to pay exempt employees for absences, not paying for time required to put on or remove protective gear or clothing, and only adhering to federal minimum wage guidelines when state guidelines warrant higher pay.

Employers of every size have some level of liability exposure around employment practices, and those exposures seem to be growing as a result of the changing social and cultural landscape of the modern workplace. Research indicates that as of 2017, employment lawsuits had increased by more than 400% since 1997.

A GREATER SHARE OF THE RISK:
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When a catastrophe such as a hurricane or earthquakes strikes a wide area, the insured losses can easily add up to the billions of dollars. As property values have risen over the years, so have insurers’ catastrophe losses. To limit their own risks, carriers are more often requiring property owners to retain a greater share of the exposure through percentage deductibles based on the overall value of the property at risk, rather than flat deductibles set at a specific monetary value. While percentage deductibles can leave insureds facing much higher losses, there are strategies brokers can use to help lessen the impact.

Internet-based crime shows no sign of letting up. According to the FBI’s Internet Crime Complaint Center, 2019 saw both the highest number of cybercrime complaints and the biggest monetary losses reported since the center’s establishment in 2000. The FBI received an average of almost 1,300 complaints each day and documented more than $3.5 billion in losses for individual and business victims.

The total number of Registered Investment Advisors has not declined in a single year over the past decade. There are more than 30,000 Registered Investment Advisors with the SEC or at the state level and two-thirds have less than $100M in Assets Under Management (AUM).* As with any growing segment of business, the risks associated are on the rise. Insurisk’s FLIP product has been specifically designed to meet the unique insurance needs of Investment Advisors, featuring a proprietary endorsement.

Fifteen years into the soft market cycle, it shouldn’t come as a surprise that the Medical Professional Liability (MPL) market is turning around. Many will remember that the Long-Term Care (LTC) market began to show signs of hardening in 2017, and the Hospital segment began to follow suit in the second quarter of 2019. While the Facilities and Physician segments have lagged behind, they’re also turning the corner toward a firmer market. While the COVID-19 pandemic is to blame for many current challenges, this hard market was well on its way prior to the pandemic. In actuality, the battle against COVID-19 has functioned in many ways as a temporary pause button for the MPL marketplace, giving insureds a short period of respite due to moratoriums on litigation. However, significant market changes are anticipated for the remainder of the year and beyond. Understanding the 5 primary drivers of the tightening market can be important to helping clients comprehend the changes that are coming.

Everyone knows the fine print matters, but it is especially important when it comes to the additional insured endorsements sometimes requested by partners. Clauses requiring such endorsements can be expensive in ways insureds may not realize. Understanding the hidden costs of an additional insured endorsement can keep an insured from unfairly paying for another’s mistakes or unintentionally elevating insurance costs. Contractual provisions requiring additional insured endorsements can vary, and the differences can make a world of difference.

Retail insurance agents provide a valuable, hands-on service but the mounting challenge is how to offer a unique value proposition, that includes specific industry expertise, to help their clients grow their business and protect their balance sheet.

The term catastrophe became a part of everyday life this year as the global coronavirus pandemic spread across the country. With spring also came the "normal" catastrophes, including a spate of deadly thunderstorms and tornados. This was followed by an early start to a hurricane season that kept setting records through the summer, and a disastrous wildfire season for which the full scope of damages will not be known for some time.

During economic slowdowns, including the global coronavirus pandemic, many insurance buyers are tempted to pare the size of their programs. With the property and casualty insurance marketplace hardening across virtually all lines, the cost of maintaining existing levels of coverage is going up. Deciding to buy less liability coverage, however, may be a big mistake.