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Drivers Test Proves Difficult for Younger Adult Drivers

According to the GMAC Insurance Company, 4 out of 10 young adult drivers, ages 18-24, would fail the driver’s test if they took it today. While the youngest group proved to be the least knowledgeable when it comes to safe driving, 32% of 25-34 year old drivers would also fail the driver’s test if they took it today. Almost 1 in 3 drivers ages 25-34 failed the National Drivers Test—a five percent increase in their failure rate since 2009 (27%). These age groups make up a big portion of the 36.9 million estimated people deemed unfit for the roads based… Read More »Drivers Test Proves Difficult for Younger Adult Drivers

Interesting Industry News

New York City Police Pay More in Liability Claims Than Hospitals. Meaning that NY doctors are better prepared to fight on the legal scene for their malpractice, and not police. My friend recently become an expert witness – registered nurse that can testify before the court clearing the questionable claims. And all only with 2 years of nursing school, 2 years of experience, and 6 month of special classes. May be NY policy can spend a little more time educating their officers about laws and best arresting practices? Allstate’s April-May Catastrophe Losses Top $2 Billion. Once I arrived to the… Read More »Interesting Industry News

ADP – Automatic Data Problem?

ADP (Automatic Data Processing Inc) the world’s largest payroll processor, todayt said it is investigating a data breach affecting one of its corporate clients. ADP said it is “taking measures to address the impact” of the breach, but it did not provide specifics. The breach occurred at a benefits administration unit ADP recently bought and was limited to a single client. ADP did not identify the company that was affected. The processor said it has been working with law enforcement and other officials to identify the cause of the breach and to catch the hackers. ADP is the latest in… Read More »ADP – Automatic Data Problem?

Same Jobs, Lower Salaries

Employment in the field of third party administrators and claims adjusting is set to grow 5.7 percent annually between now and 2016, according to industry research firm IBISWorld. Insurance carriers and brokers are increasingly outsourcing risk management functions. In turn, third-party administrators and insurance claim firms will have to bolster personnel. These are not new jobs. These are transplant jobs from brokers and companies to third party administrators. The result will be same number of people employed, but lower salaries.

Medical Umbrella

Markel Corp. has launched a new umbrella product for Allied Healthcare accounts. This product will serve as a lead umbrella policy over eligible Allied Healthcare lines such as hospitals, medical labs, pharmacies, surgery centers and clinical trials up to $10 million in capacity. Coverage is written on a surplus lines basis through Evanston Insurance Co. (Essex Insurance Co. in Illinois and New Hampshire). This product can be written over Markel primary claims made professional coverage or over primary claims made professional coverage written by other carriers with an A.M. Best rating of A- VI or better. Markel Medical Umbrella coverage… Read More »Medical Umbrella

Click it and No Ticket in DE

Delaware’s Office of Highway Safety is happy with more Delawareans wearing seatbelts. During the “click it or ticket” raid of 2011, state police issued less than 1,200 seatbelt citations this year —30% less compare to last year and 50% less compare to 2008. Good Job DE!

Don’t Mess With OSHA

Federal workplace safety officials are proposing that a roofing contractor be fined $243,000 for alleged safety violations at its work sites, as safety inspectors found employees exposed to potentially life-threatening falls while working without fall protection on a steep-pitched roof. Paperless comment: as you are applying for Workers Compensation insurance – OSHA violations and citations is one of the questions you need to answer, and if, previously, you’ve been cited, most likely your application will be declined, and you end up paying higher rates. It is in your best interested to implement safety environment for your employees. For more information… Read More »Don’t Mess With OSHA

Travelers Bond & Financial Launches CyberRisk Product

Travelers has unveiled CyberRisk, a new product from Travelers Bond & Financial Products meant to limit client cyber exposures and managing associated risks.  “Cyber risks leave businesses exposed regardless of size, industry or track record,” said Jason Glasgow, CyberRisk product manager for Travelers Bond & Financial Products. “While some business owners have employed tactics to minimize opportunities for exposures, the risks go far beyond a single hacker accessing information. From dealing with information leaks to meeting expenses associated with crisis management, business owners need to be prepared to manage their cyber liability.” As cyber risk becomes a larger threat to… Read More »Travelers Bond & Financial Launches CyberRisk Product

Cyber Liability and Data Breaches

Cyber liability plaintiffs are experiencing more success in the courts, significantly increasing potential costs for companies that have experienced data breaches. Increasing legislation and regulation related to data breaches at both the state and federal levels is contributing to plaintiffs’ success. The average cost of a data breach was $2.4 million in a recent survey of approximately 80 data breach claims. Hackers are the most frequent cause of data breach losses, responsible in 32% of the claims studied, Mr. Greisiger said, followed by rogue employees or contractors in 19% of the claims. Health care was the sector most often at… Read More »Cyber Liability and Data Breaches