Specialty Insurance Blog

Cyber Insurance – for Smaller Firms

We have known that Cyber Insurance is for smaller firms (see our prior posts here, here and here), and we have been providing comprehensive and inexpensive Cyber Insurance to all types of smaller firms for quite a while. So it is nice to see confirmation of both the need and the buying trend in the media. In a recent Insurance Journal article, Smaller Firms Showing Interest in Cyber Liability Coverage, there is confirmation that the interest in buying Cyber Insurance is continuing to increase. Cyber Insurance isn’t just for large corporations anymore. Demand for Cyber Insurance is now coming from middle-sized and small businesses The rising interest in cyber risk by medium and smaller firms also tracks with their increased... Read more →

NARAB II – What Does it Mean?

The reauthorization of TRIA is big news (see here), but part of the TRIA bill was NARAB II, an important provision for all insurance agents and brokers. NARAB has been supported by key industry trade groups, such as NAPSLO, for quite a few years, and its passage is a big step in easing the burden and cost of multi-state licensing, particularly for smaller insurance agents and brokers. The objective of NARAB II is to streamline multistate licensing for Insurance Agents/Brokers, including E&S (surplus lines) brokers, by establishing a national clearinghouse for one-stop licensing outside an agents/brokers home state. In effect, it replaces the state by state application and renewal process with one national process. Some key provisions: The agent/broker must... Read more →

Insurance for Crowdfunding

Crowdfunding (see our prior posts here & here) is continuing to gain momentum, and E&O Insurance is available for companies involved. Companies facilitating crowdfunding, such as platforms, broker/dealers and consultants, along with crowdfunded companies, need liability E&O, D&O, EPL, Cyber and other insurance coverages. The SEC has been slow to implement the full intent of the JOBS Act of 2012, but interest is high. A recent article, Players Await SEC Rules, summarizes the interest: Until the SEC issues final Title III regulations, the full promise of the JOBS Act and crowdfunding for small businesses and investors remains unfulfilled. Insurers, most states, investors, operators of crowdfunding portals, lawmakers and small businesses are all waiting on the final regulations. However, this is... Read more →