Specialty Insurance Blog

Professional Liability Insurance (E&O) Placement – After the Claim

Not only is a professional liability claim a challenge for a professional, but the professional liability (E&O, D&O, EPL, Cyber) insurance renewal placement becomes significantly more challenging. The renewal underwriter may respond in a variety of ways, including: Increasing the renewal premium Severely restricting coverage going forward Non-renewing the coverage (or even cancelling mid-term) Panic is not necessary, but some proactive work is necessary. There is always (almost always) coverage available for an account with one or more claims. Just because one underwriter takes aggressive action following a claim does not mean that all underwriters will view the account and the exposure in the same way. The renewal pricing and terms will be dependent on underwriters’ perspectives on the forward... Read more →

Encryption & Cyber Risk Insurance

Understanding the basics of encryption is important for Cyber Insurance (Data Breach, Privacy coverage). Some forms exclude claims arising from unencrypted portable media, and some underwriters will not provide any coverage if portable media is not encrypted (see our prior post on Encryption & Cyber Risk Insurance). A recent article in Carrier Management entitled Encryption: What’s the Big Secret, provides a detailed look at encryption for insurance practitioners. 46 states also have safe harbor provisions regarding notification if the breached data is encrypted. Many statutes aren’t even triggered if the personal data is encrypted. Cyber Insurance coverage is only one part of an overall cyber risk protection strategy, which includes encryption. Cyber Insurance provides protection from the risks associated with... Read more →