It's the end of Summer, cyber attacks continue to plague companies, and commercial rates are still climbing. Ugh! But on the bright side, captives are protecting companies from everyday risk, as you can see in the Captive Highlight below.
Do you know a company that has had a cyber-attack and held for ransom? If you do, then you know it can happen to anyone. Some of the hardest industries hit are healthcare and financial services. Unfortunately, you only hear about the big ones like the Colonial Pipeline and what they have to pay. The article below shows the "other" costs when a company has had its systems breached.
If you or your client's commercial insurance rates are getting out of hand, or you want to learn more about how Cyber-Insurance can help protect your data, give me a call or email me to set up a call. And as always, if you have any questions about implementing a Captive, call me directly or visit our Captive 101 section online by Clicking Here.
Sincerely,
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Larry Papola
Lawrence J. Papola, Jr.
Principal
1-833-US-CAPTIVE
(1-833-872-2784)
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Most commercial rate changes increase in Q2: Ivans
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Second-quarter 2021 renewal rate changes for most major commercial lines of business increased year over year, save for workers compensation, according to a report Wednesday from Ivans Insurance Services, a division of Tampa, Florida-based Applied Systems Inc.
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Client Profile
Industry: Real Estate
Specialty: Real Estate & Property Management
Location: Florida
Claim Information
Description: One of our Insureds manages real estate properties and had to terminate a subcontractor relationship due to non-completion of work, insufficient workmanship, and an inability to properly complete repairs. To compensate for the abrupt termination of the relationship, the Insured had to hire a last minute contractor at an additional expense. With their Captive's Actual Net Loss Insurance Policy "Subcontractor Default" coverage, they were able to recoup the extra expenses due to the contract termination.
Line of Coverage: Subcontractor Default
This exposure was elected for coverage by the client under their Captive Policy. This resulted in a claim payment amount of approximately $60,000.
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*Please note that each claim will undergo an independent investigation and thorough review process. Various components specific to the claim at hand will be assessed thoroughly to determine if the loss is covered by the policy.
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Happening This Month in 2021
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8/1: National Sister Day
8/7: Purple Heart Day
8/8: Int’l Cat Day
8/13: Int’l Left-handers Day
8/19: Nat’l Aviation/World Humanitarian Day
8/26: National Dog Day
8/30: NCCIA Conference Begins!
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This Month is Observed as:
Nat'l Immunization Month
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NCCIA Conference in August
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The North Carolina Captive Insurance Association (NCCIA) has announced the sessions and speakers for its upcoming in-person annual conference to be held August 30 through September 1 at the Washington Duke Inn and Golf Club in Durham, North Carolina.
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Data-Breached Companies Face Higher Bank Lending Costs
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Dive Brief:
- Companies that suffer a data breach face a 22% higher loan spread and a 40-basis-point increase in borrowing costs on average, a study published in The Accounting Review finds.
- Breached companies also tend to face a roughly 25% increase in loan covenants, say the researchers, Henry Huang, associate professor of accounting at Yeshiva University, and Chong Wang, assistant professor of accounting at Hong Kong Polytechnic University.
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Commercial Prices Up Average 15% Globally in Q2: Marsh
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Commercial insurance prices increased an average of 15% globally in the second quarter, according to a report released Tuesday by Marsh LLC.
It was the 15th consecutive quarter of rate increases in the global commercial insurance market but also the third consecutive quarter to show a decline in the average rate of increase. Rates increased 18% in the first quarter and 22% in the fourth quarter of 2020.
“It appears, barring unforeseen changes in conditions, that pricing increases peaked in the fourth quarter of 2020 at 22%,” Marsh said in its report.
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Get Your Insurance Quotes From The:
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Insurance Experts provides expert knowledge and assistance to individuals, families, and business owners who are making decisions about the proper insurance coverage for their needs. We’re here to help you cover losses you shouldn’t have to on your own.
Let our team of experts guide you through the daunting task of selecting the right insurance coverage for you or your business:
- Life
- Disability
- Long-Term Care
- Business
- Personal
- Captive
- More...
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48 South Service Road
Suite 400
Melville, NY 11747
Office: 1-833-US-CAPTIVE
(1-833-872-2784)
Fax: 888-929-6565
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Copyright © 2021. All Rights Reserved.
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