The Importance of Cyberliability Insurance Coverage in Response to Hacking

A massive and growing data breach recently engulfed a swath of US corporate titans focused on consumers exposing the names and email addresss of their clientele

In what could be one of the biggest such breaches in US history, computer hackers penetrated the databases of online marketer Epsilon at the end of March.

The incident comes three years after hackers penetrated Heartland Payment Systems, a credit and debit card processor.

A hacking ring stole more then 40 MM payment cards – the leader of the ring was sentenced to 20 years in prison.

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Gender bias claims not slowing down

Gender discrimination claims persist as a risk for employers despite widespread implementation of company policies on the issue and greater employer sophistication in this area.

According to the EEOC, gender discrimination charges accounted for 29.1% of all charges in fiscal 2010. Since 2000, they have registered in a relatively narrow range between 29.1% and the 31.5% reported in 2000.

The total number of charges filed with the EEOC has increased 25.1% since 2000, to 999,992 in 2010, which many attribute at least in part to the economy.

- Business Insurance 2011.

They key in these matters is to coordinate with your insurance carrier for defense and settlement.

Most carriers have an approved listing of counsel – but will often approve outside counsel depending on the case. Defense costs cannot be reimbursed if outside counsel is not approved.

Regardless, settlement amounts – when applicable - should never be agreed upon unless the carrier approves. Upon selection of counsel, An ‘Indication Coverage Letter’ details the ‘rate’, as it were, at which defense costs and applicable settlements are to be settled. Carriers will not pay beyond these rates unless there are extraordinary circumstances.  

The Soft Insurance Market - 5 Things to Be Aware Of!

The SOFT Insurance Market – 5 Things to Be Aware Of

• The ‘soft’ Property & Casualty insurance market is allowing companies to take advantage of significant premium reductions but now more then ever – with the economy and companies struggling alike - its coverage protection that counts.

-         As people suffer from job losses and lower incomes, the rate of claims and lawsuits against companies increases drastically.

-         Make sure you have the right coverages and adequate limits to protect your companies assets. Don’t risk being ‘bare’ in the event of a claim – don’t let others make money off of you!

-     Work force cuts mean lower productivity, less quality and potentially more lawsuits; Are you covered effectively for your products or professional liability?

• Yes, your premiums are at all time lows, but did you also lose your coverage depth?

• At what cost to your broker or carrier are lower premiums? Are they cutting coverage corners to maintain their profit margins?

• What is your broker holding back? Do you have all of the services available?

-         In a ‘soft’ market you should be getting MORE not LESS – there is no reason NOT to have enhanced service and broader coverages.

• If you ask your broker if you have the right coverages, does he/she really know?

When you have a specialized need you bring in an expert with the specific knowledge and experience of your business that you need.

USI’s Specialty Insurance programs provide significant premium reductions AND enhanced coverages and services unique to your business.

Let the SPECIALISTS work for you.

For more information, please contact:

Richard Hyder-Slater, SVP, 212 842 3765

Richard.hyder-slater@usi.biz

Settlement Reached in Firing Over Facebook Post!

And this is why company's nowadays block their employees ability to use Facebook at the workplace......What then when they post during non-working hours?

This was the crux of the case and raises the question of free speech.

Can one express oneself in this day of social networking - without being sued for slander and libel?

Or is that to come?

The Repeal of ObamaCare?

Contrary to what you are hearing or reading , it will NOT cost billions and billions to repeal the Healthcare reform bill. This is unfortunately mis-information meant to undermine the Republican controlled congress' efforts. However, the greatest failure of the bill is that it will add to Healthcare costs.

Healthcare needed to be reformed and made more available however what the people of this nation are upset about is not the reform itself but the idea that it literally comes with a 'bill' that they will have to pay for.

The Presidents great task is now to reduce the impact of these costs and thus paint the reform in a brighter light......stay tuned folks!

J-E-T-S!!!! Jets, Jets, Jets!

What a joy to behold in watching my beloved NY Jets beat our hated rivals the Patriots!!!

Not the Same-Old-Jets anymore!

The Soft Insurance Market - and how to make it work for you even MORE!

With P & C rates at historical lows, rather then beat your broker up for even lower premiums, take advantage of current costs and purchase higher limits and broader coverage forms - now is the time!