• 06
  • Sep2018

The Strategic Risk Process

The Strategic Risk Process
How I discovered and codified The Strategic Risk Process. In 2017 I was in the second year of my membership in The Strategic Coach program (an entrepreneurial coaching program) and I was challenged to discover and qualify what my “Unique Ability” was. As Strategic Coach describes it, Unique Ability is a superior skill or talent that

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  • 30
  • Aug2018

What is a High Deductible Workers Comp Program

What is a High Deductible Workers Comp Program
As its name denotes, a high deductible workers comp policy or program is a method of insuring workers compensation risk with the employer assuming some of that risk in a deductible of $100,000, $250,000 or even higher per claim, and an insurer taking the remaining risk on. These types of policies are reserved for larger employers

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  • 23
  • Aug2018

Risk Transfer and Indemnity Agreements

Risk Transfer and Indemnity Agreements
In the past we have written about the need for every business, regardless of size, to have a risk transfer plan in place and to be strategic about indemnity agreements.  To understand this a bit further, let’s first define in basic terms what each of these elements of the conversation are. Let’s start with risk transfer. 

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  • 20
  • Aug2018

Why Aren’t YOU Buying Cyber Insurance?

Why Aren’t YOU Buying Cyber Insurance?
As an insurance broker, I have often experienced small and medium sized business owners very reluctant to purchase cyber insurance; even though the cyber related risk seems very apparent.  So, I found a recent study published by Chubb Insurance on why decision makers may think cyber protection is unnecessary, interesting. The majority of respondents in this

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  • 06
  • Aug2018

What Is a Warranty Statement

What Is a Warranty Statement
What is the Warranty Statement on a D&O or Employment Practice Liability Policy? I’ve been asked on several occasions when a client is applying for Employment Practice Liability Insurance (EPLI) or Directors & Officers Insurance (D&O) if a potential claim or “situation” in the past would be covered by their new policy?  This article will explore

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  • 30
  • May2018

What is Fiduciary Liability?

What is Fiduciary Liability?
Fiduciary Liability is often combined with Directors & Officers (D&O) Liability and Employment Practices Liability (EPLI) to form the basic management liability package or portfolio.  But it often confused for fidelity bond coverage or employee benefit coverage (which is found in many general liability policies). Fiduciary liability coverage is playing a growing and important role to

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  • 25
  • May2018

Fiduciary Liability and The Home Depot 401k Claim

Fiduciary Liability and The Home Depot 401k Claim
In April 2018 The Home Depot was sued in a fiduciary liability action where plaintiffs alleged that the company placed the employees 401k retirement plan in poorly performing funds and where they overpaid for investment advice.  Plaintiffs are seeking $140 million in damages. The class action complaint represents nearly 200,000 current and former plan participants and

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  • 22
  • May2018

Anatomy of a Cyber Breach and Cyber Insurance

Anatomy of a Cyber Breach and Cyber Insurance
A recent new story from A.M. Best & Co., the insurance ratings agency, indicated that cyber insurance premiums grew over 32% in 2017, with most of that growth in the large account market – the Fortune 500 world.  The SME (Small and Medium Enterprise) market was barely buying cyber coverage.  Penetration in the SME market was

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  • 22
  • May2018

No One Likes To Be Sold

No One Likes To Be Sold
When you think of “being sold” I’m sure that the proverbial used car salesperson pops into your head, or maybe the ever persistent insurance sales person, right? Insurance sales has a bad rap.  Comedians even make fun of insurance salespeople.  Woody Allen once said:  "That there are worse things in life than death.  Have you ever

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  • 21
  • May2018

The Six Figure Exclusion

The Six Figure Exclusion
I recently presented our Diagnostic Insurance Coverage Review (Step three of our Unique Risk Strategy) to a prospective client, and something they said is still ringing in my ears. We found that the current agent had covered the client’s business personal property in their warehouse on their Ocean Cargo policy, which isn’t uncommon.  But what we

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