Category Archives: Insurance

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Natural Barriers Promote Coastal Resilience, Reduce Costs

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WetlandsNEW YORK—Hurricane Irene and Superstorm Sandy had devastating impacts on the northeast coastline, debilitating parts of New York and New Jersey. While also in the path of the storms, Delaware saw minimal impact, which the state’s former head of natural resources and environmental control, Colin O’Mara, attributed to its conservation efforts.

Now president and chief executive officer of the National Wildlife Federation, O’Mara spoke at the New York Recovery and Resilience Leadership Forum here June 2, explaining that the state had been building up natural barriers and testing its resilience with various resources.

“During the storm we were checking sandbags and making sure systems were in place and I was wondering if these systems were going to hold,” he said. “What we found was that the system did work.

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” He noted, “One of the reasons you haven’t heard much about what happened in Delaware, compared to New Jersey and New York, is the state’s investments in wetlands, living shoreline projects and oyster beds. These natural systems can absorb the shock of crashing waves and absorb water.”

A living shoreline is a habitat-friendly alternative to rip rap, bulkhead or stone revetments, creating wetland habitat that supports blue crabs, oysters, fish, birds and plants. They can also stop erosion, increase water quality and protect the shoreline from erosion, according to the state of Delaware’s website.

A number of municipalities across the country are making significant advances in natural infrastructure, O’Mara said, “and you are not seeing big taxpayer bailouts of those communities because these systems work.”

At the same time, he noted, many areas do not encourage these types of investments. “In fact, there are a number of policies that are actually putting people in harm’s way,” he said. “We’ve been trying to think through how to have traditional market forces work to the advantage of resilience, instead of having a massive bailout after an event, which is a liability to the taxpayer.

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”

Conversations about mitigating with natural resources, however, often get nowhere because people believe their insurance programs will bail them out. “Because of government programs, people are actually paying so much less than the insurance value they are receiving, that natural resources as a solution will lose,” O’Mara said. As a result, “All of a sudden that coast seems more developable because the landowner developing it isn’t actually bearing the cost.

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” The real problem is that, after the money has been made and a homeowner is living in the house, the risk is still there. “So you’ve privatized the problem, but you have socialized all of the risk,” he said.

Instead, O’Mara believes it is critical that information about the real costs of destroying a dune, along with the protections it brings be available. “This isn’t an easy conversation, but it is actually an area of commonality,” he said. “Whether you want to reduce government spending, reduce liability or foster more private sector activity, this is an area that shouldn’t be partisan at all.”

Projects of this nature are currently in the works in New York City; Cape May, New Jersey; and Boston, Massachusetts. Such spending on the front end produces much higher savings in the long run, O’Mara said, noting that putting natural resources to work can lower insurance rates and generate private sector involvement.

“We can do things a lot smarter and be a lot safer than we are right now,” O’Mara said. “This should be as bipartisan as anything we do in this country. The economics make sense, the science makes sense and the social science makes sense.” After all, at the end of the day, “people just want to be safe,” he said.

Beware of Coverage Gaps for Social Engineering Losses

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Social engineering is the latest cyberrisk giving companies fits and large financial losses. A social engineering loss is accomplished by tricking an employee of a company into transferring funds to a fraudster. The fraudster sends an email impersonating a vendor, client, or supervisor of the company and advises that banking information for the vendor/client has changed or company funds immediately need to be wired at the “supervisor’s” direction.

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The email looks authentic because it has the right logos and company information and only careful study of the email will reveal that the funds are being sent to the fraudster’s account. Unsuspecting and trusting employees unwittingly have cost their companies millions of dollars in connection with social engineering claims.

But when companies look to their traditional insurance program, they are usually met with the unhappy surprise that they do not have coverage for such a loss.

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Most assume that the loss will be covered by the crime/fidelity policy that nearly all companies have. Insurers, however, have denied coverage for social engineering claims under those policies, claiming that the loss did not result from “direct” fraud. Insurers contend that the crime policy applies only if a hacker penetrates the company’s computer system and illegally takes money out of company coffers. In the case of a social engineering claim, company funds have been released with the knowledge and “consent” of an employee, albeit the employee has been induced by fraud to release the funds. Policyholders and insurers are currently litigating the scope of coverage under traditional crime policies nationally with mixed results.

Some crime policies also contain exclusions that may pose specific barriers to social engineering claims. For example, many traditional crime policies contain a “voluntary parting” exclusion that bars coverage for losses that arise out of anyone acting with authority who voluntarily gives up title to, or possession of, company property. In addition, some insurers have put overly broad exclusions on crime policies that are directed toward eliminating coverage for many cyber risks, including social engineering claims.

Given the prevalence of social engineering claims and the clear market for companies looking to insure against such risks, some insurers have begun to offer an endorsement that provides coverage for social engineering claims.
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The coverage may be subject to a sublimit and may include coverage for some, but not all, social engineering risks. The coverage also might be subject to additional exclusions.

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Like all insurance policies, the precise words of the endorsement matter and, therefore, should be carefully reviewed.

Finally, and most important of all, social engineering coverage will not automatically be added to a company’s policy and not all insurers will provide such coverage. Therefore, companies should review their current insurance program with their insurance professionals and experienced coverage counsel to determine whether they have appropriate coverage that is in line with the market for social engineering claims.

Check out “6 Tips to Minimize the Risks of Social Engineering Fraud” from Risk Management.

EgyptAir Flight MS 804 Crash Confirmed, Killing 66

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Egyptian authorities believe they have found debris from EgyptAir Flight MS 804, but the search remains on for the wreckage of the Airbus A320 traveling from Paris to Cairo that vanished from the radar and crashed into the Mediterranean early this morning.

According to the Greece’s defense minister, Greek controllers attempted to contact the aircraft when it crossed through the country’s airspace but could not get a response. The plane made “sudden swerves” before dropping from 37,000 to 15,000 feet and disappearing from radar. The small commercial jet was about half full, carrying 66 passengers from a range of nations, including 30 from Egypt, 15 from France, two Iraqis, and one person each from Britain, Belgium, Kuwait, Saudi Arabia, Sudan, Chad, Portugal, Algeria and Canada.

egyptair map reuters

No cause has been officially identified, but many security analysts and government officials believe that an act of terrorism may have downed the plane. There were no documented red flags before the plane disappeared: local weather was good, the plane was on its fifth flight of the day, the pilot and copilot had logged a significant amount of flying experience, and Greek aviation officials said the pilots did not mention any issues.

According to Reuters, Egyptian Prime Minister Sherif Ismail said it was too early to rule out any possible explanation, and French President Francois Hollande told reporters, “No hypothesis can be ruled out, nor can any be favored over another.” Egypt’s civil aviation minister said a terrorist attack was more likely than a technical failure, however. Two U.S. officials told CNN that the government is operating on an initial theory the flight was taken down by a bomb, but cautioned this is not yet supported by a “smoking gun.” No terrorist groups have yet claimed responsibility for the crash.

As Time noted:

Egypt has been the victim of terrorism in the skies relatively recently. Last October, a Metrojet charter plane filled with Russian tourists crashed into the Sinai Desert shortly after taking off from the Egyptian Red Sea resort of Sharm el-Sheikh, headed to St. Petersburg, Russia. All 224 passengers died in the crash. Investigators quickly speculated that a home-made bomb had been placed aboard the aircraft and in February the Islamic State, or ISIS, claimed responsibility, saying that it had indeed smuggled an explosive device aboard the aircraft.

In March, a passenger aboard an EgyptAir plane flying from Alexandria to Cairo hijacked the plane wearing a fake suicide belt, an incident that raised deep concerns among aviation authorities about the anti-terrorist measures in place on EgyptAir flights, and at Egyptian airports.

Beyond the region, a number of high-profile losses have hit the aviation industry as a whole over the past two years, including the disappearance of Malaysia Airlines flight MH370 and the crash of MH17, a Boeing 777 shot down over Ukraine. As we reported at the time, however, crashes actually continue to decrease. While the insured losses from a plane crash can be significant, the capacity in the aviation insurance market has continued to keep rates stable and relatively low.

In the terrorism insurance market, recent losses have also not yet borne out a concrete impact on rates or capacity. While some European markets have recently reduced their underwriting appetite, terrorism coverage has primarily broadened, with significant capacity and rates that remain relatively low.

As Business Insurance recently reported, the terror attacks in Paris and Brussels have prompted an increase in the take-up rate for event coverage to add to buyers’ terrorism insurance programs. Tim Davies, head of sabotage and terrorism at London specialty insurer Sompo Canopius, told the magazine that many buyers have been adding liability and event cancellation coverage, prompted by the continued relatively low rates. Despite the spike in attacks in Europe, Richard Sawyer, director and head of North American terrorism at Aon Risk Solutions, told AM Best last week that rates for terror coverage should remain relatively stable unless the frequency of attacks escalates.

Hidden Exposure: Protecting Your Business with Third-Party EPLI

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Coffee shop
In today’s increasingly litigious society, harassment and discrimination are trending upward. To protect your business from workers’ claims, including wrongful termination, breach of employment contract, wrongful discipline, failure to employ or promote, sexual harassment and discrimination, you likely have employment practices liability insurance (EPLI) in place.

But if your employees frequently deal directly with the public, there may be a glaring gap in your coverage. Your business and workers may also be at risk for harassment or discrimination claims from a customer, client, supplier, vendor or visitor. The bad news: these types of claims are not covered by commercial general liability insurance or standard first-party EPLI.

To protect your business from customer or client allegations, third-party EPLI is the answer.

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The types of wrongful acts typically covered by third-party EPLI are discrimination and harassment. Discrimination can include claims based on nationality, sex, disability, age, race, religion, pregnancy or sexual orientation. Harassment can take on many forms, such as unwelcomed sexual advances, requests for sexual favors, and other types of verbal or physical abuse. Third-party EPLI reimburses your company for court and legal fees, as well as any settlements between the business and the accuser.

Third-party EPLI may be appropriate if you frequently meet with clients or deal with vendors. And it is absolutely essential for businesses that interact with the public. Examples include large customer service teams, cable television installers, contractors, restaurant, hotel and transportation workers, and real estate agents.

For example, a customer sued a New Jersey gas station after being sexually assaulted by an attendant who was filling up her car. The woman claimed the station attendant made inappropriate advances, performed a lewd act and touched her while she was buying gas, according to NJ.com. The woman also claimed that another employee at the gas station did nothing to prevent the incident or intervene during it.

In another example that made national headlines, thousands of African American patrons of Denny’s restaurants claimed they were refused service, were forced to wait longer, had to prepay for food, or pay more for food compared to white customers, the New York Times reported. These claims, which totaled 4,300 and spanned several years across multiple states, culminated in a class-action lawsuit against the national restaurant chain. Denny’s settled the suit in federal court, and members of the class-action suit were awarded $54 million for damages.

Starbucks was sued in federal court by a group of 12 deaf customers who said they were mocked and mistreated at a coffee shop in New York City. The group claimed being harassed multiple times because of their disability.

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During one instance, a Starbucks employee called the police in response to a group of deaf patrons who met at a Starbucks to hold their monthly Deaf Chat Group, although the patrons were paying customers, according to USA Today. The police apologized to the patrons and reprimanded the employee for calling the police when there was no illegal conduct.

As you can see, the level of interaction a company has with those who might claim a wrongful act, and the industry in which you operate, can affect the cost of third-party EPLI. Other factors come into play as well, like whether you’ve been sued in the past over employment practices.

While third-party EPLI helps defray the cost of lawsuits and judgments brought against your business, one thing it doesn’t protect is your reputation. Therefore, forward-thinking employers are doing more than just purchasing a third-party EPLI policy; they’re also taking steps to make it less likely they will have to use that policy. Effective training and education, no matter your level of exposure, can help prevent claims of wrongful acts against your business or employees. Creating training programs to educate employees on what constitutes harassment and discrimination, as well as putting processes in place about what to do in the event of an allegation, are good starting points.

When screening and hiring new employees, it is essential to create programs that help your hiring team vet candidates solely on their qualification for the job. Documenting your process helps everyone understand the requirements and will provide backup should issues arise.

It’s also a good practice to display all corporate policies as they relate to hiring and worker conduct in employee handbooks so the policy is available to everyone and can be reviewed when necessary. Many companies also ask employees to sign a document affirming they have read the employee handbook.

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Unfortunately, all of the education and training in the world can’t stop a customer or vendor from claiming harassment or discrimination by one of your employees. But a carefully developed third-party EPLI plan that assesses your exposure and helps you completely cover your business can minimize your risk.