E&O Prevention
Strategies for the Professional Agent
September 8, 2016 
 




AOA News, Views, Tips & More
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AgentsofAmerica.ORG  mission is " Bringing the Best Together" we are committed to selecting and delivering highest level of content dealing with both topical issues and subject matter, including offering products, information and services that will not only save you time but also create more revenue opportunities. We are an organization dedicated to the personal and professional growth of insurance agents.  The key to your success and "Avoiding E&O Claims" is understanding what is important to you and more importantly understanding protecting and enhancing your three most important assets: Agency Reputation, Client Base, and Staff

Thru our partnership, alliances and affiliations with the industry leading experts and providers, AOA has become one of the nation's leading resources for connecting agents with industry professionals, highly relevant news, agency revenue building products, risk management & loss prevention services, career opportunities and continuing education.  For more tips, news, views and resources for your insurance agency, visit   Agents of America  and subscribe to our newsletter.
Using Digital and Analytics to Reimagine the Underwriting Process


Underwriters face a business environment that is more heavily regulated, more competitively challenging, more rife with fraud and more customer-driven than ever. State of the art digital technology and analytics can help underwriters navigate today's challenges by using data to gauge risk factors quickly and more accurately. In this e-book, you'll learn about some of the new tools-and new ways of thinking about the underwriting process-that are helping insurance companies make better decisions.   CLICK HERE
The Cyber Threat Risk - Oversight Guidance for CEOs and Boards

The time has come for CEOs and Boards to take personal responsibility for improving their companies' cyber security. Global payment systems, private customer data, critical control systems, and core intellectual property are all at risk today. As cyber criminals step up their game, government regulators get more involved, litigators and courts wade in deeper, and the public learns more about cyber risks, and corporate leaders will have to step up accordingly .     CLICK HERE
 

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Insurance Broker's Can Bridge The Gap Between Policyholders And Insurers During The Cyber Insurance Application Process (And Beyond)
By Todd M. Rowe, Esq. of Tressler LLP  

While many in the insurance industry are just beginning to grasp the basic concepts related to cyber insurance, it is clear that policyholders may still be confused with the requirements and concepts in cyber policies. This gap between policyholders and insurers has caused confusion in the marketplace and caused policyholders to question the value of cyber insurance.  Read More

How to Protect Yourself After You Leave a Board
By Priya Cherian Huskins of Woodruff-Sawyer & Co.

What steps should you take when leaving a board to ensure that you remain protected?
I get this question a lot, and it makes sense: most directors work very hard to do right by their shareholders while they are on a board, and most directors are the type of people who generally see themselves as having a lot of control and influence over situations-but all of this changes when a director walks away from the board.   Read More
   
Ransomware in Healthcare - A Clear and Present Danger
By Steven "Steve" D. Gravely, Esq. and Erin S. Whaley, Esq. of Troutman Sanders LLP

Ransomware has become a major threat to electronic records systems worldwide. The US government reported recently that there have been 4,000 daily ransomware attacks so far in 2016! This represents a 300% increase to the number of attacks that occurred in 2015. Hospitals and other healthcare organizations have become popular targets for ransomware attackers.  Read More
   
By Aaron J. Aisen, Esq. and Fallyn B. Cavalieri, Esq. of Goldberg Segalla

In recent months, several major health insurance companies, including Aetna, Humana, and UnitedHealth Group, have announced their intention to reduce their footprints in the ACA healthcare exchanges. Aetna recently announced that it sustained a $200 million loss in the second-quarter of 2016 and over $430 million since January 2014 with respect to individual products.   Read More
  
Privilege Considerations in Cyber Incident Response
By Bart W. Huffman, Esq. and Charles M. Salmon, Esq. of Locke Lord LLP

As with other types of crisis situations, a cyber security incident can generate not only operational issues, but also significant legal exposure. Affected companies should think through the associated privilege issues, especially when consultants are used.  Read More

By Matthew Siegel, Esq. and Leigh Ann Benson, Esq. of Cozen O'Connor

Standing remains a high hurdle for individuals whose personal information is compromised as a result of a data breach but who cannot establish that the stolen information was actually used improperly. Class action claims against CareFirst Blue Cross Blue Shield related to a 2014 breach were dismissed by D.C. District Court Judge Christopher R. Cooper last week after finding that they failed to meet Article III's standing requirement.  Read More

Ransomware: Preparing for the Storm That's A Brewin
By Linda H. Mullany, Esq. of Gordon Rees Scully Mansukhani, LLP

On July 11, 2016, the Office for Civil Rights ("OCR") published guidelines for ransomware attack prevention and recovery, including the role HIPAA has in assisting covered entities and business associates prevent and recover from such attacks, and how HIPAA breach notification processes should be managed in response to a ransomware attack.  Read More

"Authorized Entry" Exclusion Precluded Coverage for Hacking Loss
By Robert Tugander, Esq. of Rivkin Radler LLP 

A federal district court in Washington has ruled that an insured company was not entitled to coverage for losses caused when a hacker directed one of the insured's employees to change a vendor's bank account information on its computer system Read More

Apple, Terrorism & Electronically Stored Information In Today's Advanced Technological Age
By David J. Oberly, Esq. of Marshall Dennehey Warner Coleman & Goggin
 
The newest big data battle emerged recently when Apple was ordered by a federal court in California to assist the FBI in bypassing security features to access electronically stored information-commonly known as ESI-contained on the mobile device of one of the assailants in the recent San Bernardino terrorist attack.  Read More

Letter From  the Publisher
Protecting Your Reputation

As every Insurance Agent knows, their most important asset is their reputation, it takes years to build and just one mistake to ruin. Understanding the issues is the first steps in avoiding E&
O Claims. AOA has created a three book series dealing with 56 different E&O topics and issues agents face every day. Enter promo code
WPD20 at checkout for an additional 20% discount.
 
Book One - 
A Comprehensive Guide To Avoiding E & O Claims
 
Book Two - 
E&O Exposures in the Sales Process

Book Three - 
E & O Exposures By Line of Business
 
Demotech, Inc.
Since 1985, Demotech, Inc. has served the insurance industry by assigning accurate, reliable and proven Financial Stability RatingsĀ® (FSRs) for Property & Casualty insurers and Title underwriters. FSRs are a leading indicator of financial stability, providing an objective baseline of the future solvency of an insurer.  You can search the most current FSRs Here Also check out their new videos Consumer Reference on Insurer Financial Analysis and Thoughts on Insurer Financial Analysis
 
Announcing Cyber Insurance News

Cyber Insurance News is the industry's new meeting place for cyber insurance professionals.  It is a leading resource for Cyber Insurance and Security for cyber risk news and information. A meeting place for insurers, insurance producers, defense counsel, and security consultants to meet and be able to share their products, company information and use as a medium to engage their clients. For more information  CLICK HERE

Crittenden Inside Insurance Report
Crittenden's Inside Insurance Report offers readers vital analysis of commercial insurance including the excess and surplus, medical professional liability, and main street markets. This report provides readers with in-depth, behind-the-scene information on specific programs and segments, pertinent financial information, and predictions of market trends and carriers' actions. Inside Insurance is an invaluable resource for producers who want details on which carriers are actively writing coverage, their target markets and underwriting details. With our service you can effortlessly build leads and relationship while remaining abreast of the market and the competition. For additional information  CLICK HERE  or call (800) 421-3483

Do You Need Continuing Education?
Complete your entire  State-Required CE Online with WebCE!   AOA has partnered with WebCE, a leading nationwide provider of Continuing Education for insurance professionals to provide you with state-approved self-study CE courses to satisfy your CE requirements online!  Check out your  CE State Requirements.  

Is Your Insurance License Renewing Soon?
Is your agency licensed in multiple states? Does your agency maintain nonresident licenses? Do you know when renewals are due? Did you know a resident change requires address changes in the states in which an individual holds licenses? If you need assistance with any of your licensing needs go to the experts Supportive Insurance Services.

This edition reflects all of the pertinent changes in the surplus lines laws and regulations of the 50 states and U.S. territories during the past year. We sincerely trust you will find this manual to be a valuable desk reference and if you have any questions regarding the contents, please contact John P. Dearie, Jr., Esq. Editor and Partner at Locke Lord LLP at  jack.dearie@lockelord.com  or (212) 912-2737

Ernst & Young
The 2016 Sensor Data Survey "Disrupt or be disrupted"
 
Ernst & Young surveyed senior executives from nearly 400 insurers around the globe, the survey addressed both current practices and plans for tomorrow. The results make clear that forward-looking and top-performing insurance organizations are already innovating with telematics, wearable technology and sensor data, though not to the extent of leaders from other sectors. Why is sensor data so important to insurers in particular? On the strategic front, it presents a clear and compelling opportunity to reengineer the fundamental value proposition through transformative product innovation to benefit customers and shareholders. CLICK HERE  

Deloitte
Regulatory Top Regulatory Trends For 2016 In Insurance 
 
This publication is part of the Deloitte Center for Regulatory Strategies cross-industry series on the year's top regulatory trends. This annual series provides a forward look at some of the regulatory issues we anticipate will have a significant impact on the market and our clients businesses in the year ahead. CLICK HERE

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"Bringing the Best Together"
Angelo J Gioia
Publisher


"The most vital lesson I have ever learned is the importance of what we think. If I knew what you think, I would know what you are. Our thoughts make us what we are." Dale Carnegie, Writer, Lecturer and Leadership Consultant
 

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