April 2015

Contractor Insurance Requirements – A Primer

This article was originally published by AmWINS Group, Inc. It was edited and rewritten to simplify the content. To read the original article please click here.

primerWhen risk management department is assigned to focus on the major project, including construction, with particular attention to the insurance requirements to be imposed on the general contractor and any subcontractors, it’s very important not to make the insurance requirements so onerous that contractors are discouraged from bidding on the project.For those of us, who has not been involved in such projects before, let’s review insurance requirements from different projects and how those may affect our company (let’s call it ABC company – the one who impose insurance requirements).
Outdated Insurance Terminology
What may strike us about the old insurance requirements is the insurance terminology used. There is reference to “comprehensive general liability insurance” including endorsements listed as “broad form property damage,” “broad form blanket contractual liability,” “cross liability,” “XCU” and “additional named insured.” The limits are also listed as split limits – one applicable to bodily injury, and another lesser limit applicable to property damage.Similarly, the auto insurance requirement refers to “comprehensive auto liability” and workers’ compensation insurance includes the “broad form all states endorsement.” Further, all of the requirements are to be evidenced by a certificate of insurance that provides certificate holder a 30 days advance notice of cancellation. It becomes readily apparent that these requirements are so outdated as to be virtually useless – the coverage, endorsements and limits listed are obsolete and are no longer available. We must start from the beginning.Read More »Contractor Insurance Requirements – A Primer

Cyber Liability Insurance Coverage for Financial Institutions

A significant number of financial institutions have been victimized in recent months and years. Among those publicly acknowledging breaches were J.P. Morgan Chase, Bank of America, Citigroup, Sovereign Bank and Royal Bank of Scotland (RBS).  Numerous smaller institutions have also been targeted by hackers and phishers.

Recent Breaches at Financial Institutions

Total Bank (Miami, FL)
In July 2014, the bank notified 72,500 customers that their account information was potentially exposed after an unauthorized third party gained access to the bank’s computer network. Information obtained by this unauthorized third party included names, addresses, account numbers, account balances, Social Security numbers and driver’s license numbers.  The bank is offering 12 months free of credit monitoring services for those that were affected.Read More »Cyber Liability Insurance Coverage for Financial Institutions