Hurricane preparation: Be sure to be insured

By Jason Wolf

It’s been 10 years since a devastating hurricane has hit the Southeast.

There are many property owners and managers whose careers began in the region since the last massive storm. These professionals — relatively new to the industry — may be unfamiliar with what they must do to prepare for the storm season, and the repercussions that are totally unfamiliar.

Even those who were in business more than 10 years ago often need a reminder of how catastrophic a major storm can be. And of course, the individual homeowner must also be fully aware of what he or she must do.

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Keys to a Solid Risk Management Strategy

Part of our firm’s signature assessment with each business we work with is to identify their exposure to loss to deliver risk management and insurance solutions.

Most business owners will proclaim, “We have a safety program!”. When diving deeper into the conversation, it becomes apparent that while they want a safe work environment for their employees and talk about being safe with their team, a formal written safety program is missing.

Having a formal written safety program that is constantly re-inforced is essential to a solid risk management strategy.

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Days of Cyber Insurers Avoiding Costly Claims May Be Numbered: Expert

By | July 7, 2017 | Insurance Journal

Cyber crime insurers largely avoided costly claims from the recent attacks that hit business around the globe. The next global virus could change that.

“It’s exceptionally likely that we will see an event over the next months that will seriously affect insurers,” Graeme Newman, chief innovation officer at CFC Underwriting, said in an interview. “It would only need a combination of WannaCry’s wide reach and Petya’s destructive force to cost cyber insurers something like $2.5 billion, or a full year of gross premium income in the market.”

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CEOs and companies need protection when reputational crises hit

Jun 29, 2017 | By Nir Kossovsky | http://www.propertycasualty360.com

The potential for damage from corporate reputational crises is greater than ever, with market cap, sales, margins and profits all in danger. But in today’s heated social media environment — in which the public and key stakeholder groups seem all too ready to personalize their criticism and affix blame on individuals — CEOs are now personally at great risk.

Professional risk managers — whatever their positions — need to understand that traditional executive liability solutions are ineffective for these new risks. They need to be able to advise company leadership on new tools available to deter attacks and to insulate their clients when attacks do occur.

Reputational risk evolution

In the past, companies had to worry only about the direct financial consequences of workplace accidents, lawsuits or investigations, officers and directors felt secure with traditional D&O policies, and brand executives were skilled at deploying the full spectrum of the marketing tactics.

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Twenty-Five Year CIC Honored by National Society

Chris Tallcouch, CIC of Tooher Ferraris Insurance Group was recently recognized for professional leadership and advanced knowledge by the Society of Certified Insurance Counselors (CIC), a leading national insurance professional organization.

Mr. Tallcouch was awarded a certificate marking more than twenty-five years of participation as a designated CIC, which requires annual completion of advanced education and training. As additional recognition for this service and achievement, he has been granted the status of “Tenured CIC” by the Society.

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Risk Insights – Private Client Group

What You Don’t Know Can Hurt You

Re: Short term rental of your home
The rental of your home for a weekend, a week, a month or more may void some of the coverages afforded by your homeowner’s policy. For example:
  • Theft of personal property may be excluded. 
  • Bodily injury and/or property damage that occurs during a short term rental could result in a denied claim.
  • Tenant use of recreational vechicles, boats and/or automobiles that result in a claim against you may be denied coverage.

Contact the Tooher-Ferraris Insurance Group and one of our insurance counselors will review your current insurance to make sure that you are properly covered as well as design an insurance program that will improve your coverage and reduce your cost.   

Because You Need the Solution Before You Have the Problem

Business Owners Hurricane Safety Checklist

EMERGENCY ACTION PLAN (EAP)

Acadia Insurance | 2017 Hurricane Bulletin

Setting up an Emergency Action Plan helps aid and organize employer and employee procedures during workplace emergencies. Well-developed emergency plans and appropriate employee training, in which employees understand their roles and responsibilities within the plan, can result in fewer and less severe employee injuries and less structural damage to the site during emergencies.

Every business should have an emergency plan. It can save lives, company assets, and your ENTIRE business.

BEFORE THE STORM

Set Up a “Go Box” for Critical Papers

Use a plastic, waterproof container that can be used to hold and carry essential business documents and useful forms including:

 – A list of all employees, key customers and clients along with their phone numbers.

 – Insurance policies and agent contact information.

 – Backup electronic data. Continue reading “Business Owners Hurricane Safety Checklist”

AIG Latest to Bring Cyber Insurance to Personal Lines High-Net Worth Clients

April 3, 2017 | www.insurancejournal.com

American International Group Inc., the biggest seller of cyber insurance to businesses, is bringing cyber insurance and risk mitigation services adapted from its CyberEdge commercial insurance product to its high net worth personal lines insurance clients.

AIG is offering the new product, called Family CyberEdge, to policyholders of its Private Client Group who are victims of threats including cyber extortion and cyber bullying. The insurance covers expenses related to data restoration and crisis and reputation management, among other claims.

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Insuring private art galleries: A valuable checklist for clients

May 08, 2017 | By Laura Doyle | www.propertycasualty360.com

Between the 1960s and the 1980s, a total of 25 private collections were open to the public as museums. But as the number of collectors has increased and the value of the fine art market has skyrocketed over the past four decades, so too has the number of private galleries. In fact, 70 percent of all private museums in the world have opened since 2000.

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