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Posts in May 2016

5 essentials of a Cyber liability insurance policy

Data breaches pose one of the most pressing and potentially devastating risks to businesses across the globe.

The significant financial and reputational damage resulting from a hack can impact the entire business on an unprecedented scale. The problem is increasingly widespread in our hyper-connected world, and according to the Identity Theft Resource Center, 781 data breaches were recorded in the United States in 2015, the second most active year in the past decade.

These threats continue to grow at an exponential rate, and cybercriminals are becoming increasingly sophisticated in their methods of attack. Now more than ever, it’s imperative that businesses both large and small go on the offensive to safeguard the sensitive information of their employees, partners and customers by taking the proper preventive measures and implementing a comprehensive Cyber liability insurance policy.

‘Privacy liability’

The term “Cyber liability” insurance is somewhat of a misnomer because people tend to equate the word “cyber” with a technological hacking event.… read more > “5 essentials of a Cyber liability insurance policy”

6 parking lot perils property owners need to pay attention to

Of the many aspects of owning multi-family real estate, maintenance is certainly one of the top priorities — or at least it should be.

Owners are often focused on making sure their buildings are in tip-top shape but sometimes relegate parking lot maintenance to a lower priority — and that’s something that can come back to bite them.

That’s because the owners of multi-family residences can be liable for accidents, mishaps and criminal activities that occur in their parking lots.

If you own a multi-family property with a parking lot, here are six things to pay attention to in order to avoid potential claims:

Pavement hazard

(Photo: iStock)

1. Pavement

It starts with making sure pavement is free of potholes and cracks. Just the slightest imperfection in a parking lot or sidewalk can create a tripping hazard and open up the owner to a lawsuit.

It is extremely important to make sure all parking lots and walking areas are smooth and free of cracks and debris.

… read more > “6 parking lot perils property owners need to pay attention to”

Chubb Adds Cyber Bullying Insurance for U.S. Homeowners

Chubb has added cyber bullying coverage to its U.S. Masterpiece Family Protection policy to help cover clients and their families from the expenses associated with a cyber bullying incident.

According to Christie Alderman, vice president, Client Product & Service, Chubb Personal Risk Services, cyber bullying, including online threats and harassment, can damage the reputation of a homeowner or their child reputation, and cause financial loss and emotional harm. The new cyber bullying coverage provides up to $60,000 in compensation to clients and family members for expenses related to harassment and intimidation committed via personal computers, telephones or mobile devices.
Clients may recover costs incurred when cyber bullying results in wrongful termination, false arrest, wrongful discipline in an educational institution, or diagnosed debilitating shock, mental anguish or mental injury leading to the inability of the client or a family member to attend school or work for more than a week. The coverage provides compensation for psychiatric services, rest and recuperation expenses, lost salary, temporary relocation services, education expenses, professional public relations services, and cyber security consultants.… read more > “Chubb Adds Cyber Bullying Insurance for U.S. Homeowners”

7 things to do to prepare for hurricane season

This Sept. 24, 2008, file photo shows Donna Hanson as she pauses to look at an item recovered from debris left where her home once stood in the aftermath of Hurricane Ike in Galveston, Texas. (Photo: David J. Phillip/AP Photo)

This Sept. 24, 2008, file photo shows Donna Hanson as she pauses to look at an item recovered from debris left where her home once stood in the aftermath of Hurricane Ike in Galveston, Texas. (Photo: David J. Phillip/AP Photo)

Hurricane Preparedness Week, May 15-21, is a perfect time to start thinking about how to prepare for a potential land-falling tropical storm or hurricane.

On average, 12 tropical storms, six of which become hurricanes form over the Atlantic Ocean, Caribbean Sea or Gulf of Mexico during the hurricane season which runs from June 1 to Nov. 30 each year, according to the National Weather Service. In the Central Pacific Ocean, an average of three tropical storms, two of which become hurricanes form or move over the area.

 

The primary hazards from hurricanes, also known as tropical cyclones, are storm surge flooding, inland flooding from heavy rains, destructive winds, tornadoes, and high surf and rip currents. … read more > “7 things to do to prepare for hurricane season”

Is your bathroom at risk for water damage?

A leaky faucet that drips one drop per second can waste more then 3,000 gallons of water a year.

A leaky faucet that drips one drop per second can waste more then 3,000 gallons of water a year.

Leaks in homes can use more than 1 trillion gallons of water each year, an average of 10,000 gallons per household.

The most common sources of leaks are toilet flappers, dripping faucets and other leaking valves, according to the Environmental Protection Agency.

One of the major sources of leaks is the bathroom. Surprisingly, certain design elements can increase the risk for water damage — or ensure that the damage stays hidden until it turns into a massive problem.

These issues aren’t limited to either residential or commercial construction, but can be found in all kinds of bathrooms, whether it is the one in your own home or a five-star hotel.

Here are three areas to watch for potential water damage, and when it is time to replace fixtures or remodel, making smart choices can reduce the risk of water damage in your new bathroom:

Bathroom sinks

Vanities can hide leaks from supply lines or poorly caulked sinks.

… read more > “Is your bathroom at risk for water damage?”

7 tips to protect your family against thunderstorms

Do you know what to do if a dangerous thunderstorm rolls in? Photo: iStock

Do you know what to do if a dangerous thunderstorm rolls in? Photo: iStock

Thunderstorms can occur year-round, and we have started the first of the two seasons — spring and summer — that they are most likely to occur.

Amelia, Ohio-based specialty residential insurer American Modern Insurance Group, a subsidiary of Germany-based Munich Re, has some tips for homeowners to better protect their properties and families against these events.

“When it comes to thunderstorms, thoughtful planning and preparation are essential,” said American Modern’s Heather Bolyard, assistant vice president of claims support. “For example, one simple yet effective measure homeowners can take is to secure items found in the yard, like trampolines, which can become airborne and dangerous if not properly tied down or stored away.”

Severe thunderstorms accounted for 43% of insured property windstorm losses in the United States — in 2015 values — between 1980 and 2015, according to American Modern.… read more > “7 tips to protect your family against thunderstorms”

7 steps seniors can take to protect themselves during a disaster

It’s no secret that Americans are living longer, but not all are in optimal health as shown in television commercials, creating a cottage industry in home health care.

In addition, the first of the baby boomers turned 70 this year, while others have responsibilities for aging family members. As a senior citizen or caretaker of an older person, preparing for and protecting against a fire, flood, hurricane or other disaster can be a special challenge, says the Insurance Information Institute (I.I.I.).

Many seniors live alone and may have special needs or limited physical mobility, which makes them more vulnerable than younger people when there is a disaster. Therefore, it’s all the more important to take steps to prepare for an emergency by evaluating the specific challenges faced by seniors and making an emergency plan to fit their needs.

If you’re an insurance agent or broker with aging clients or clients that operate home health care agencies, you can share the following checklist with them.… read more > “7 steps seniors can take to protect themselves during a disaster”

3 things to do when looking for Cyber insurance

It is no longer a question of “if” but instead “when” their company will experience an incident. (Photo: iStock)

 

It is no longer a question of “if” but instead “when” their company will experience an incident. (Photo: iStock)

Of the many threats that are top of mind for risk managers and the insurers who help them, cyber attacks and data breaches continue to receive a lot of attention.

For good reason, according to a recent report, the per-record cost of a data breach reached $154 in 2015, up 12% from $145 the year prior. Additionally, the average total cost of a single data breach rose 23% to $3.79 million.

Most risk managers understand that it is no longer a question of “if” but instead “when” their company will experience an incident. In fact, according to the Ponemon Third Annual Study on Data Breach Preparedness, only 35% of organizations had a data breach or Cyber insurance policy in 2015, and many more are now looking to buy policies.… read more > “3 things to do when looking for Cyber insurance”