Louisiana Agent JULY 2018
A publication of the: Independent Insurance Agents & Brokers of Louisiana
Dog Days of Summer
IIABL STAFF Jeff Albright Chief Executive Officer jalbright@iiabl.com
In this issue: How to Hire and Develop Effective Salespeople ............ 5-6
Clients Using Drones? Help Them Comply with Part 107 .. 8
Francine Berendson Director of Communications & Events fberendson@iiabl.com
Ask Mike Business Income: Which Monthly Limit Option is Best? ...............................................................................10-17
Mike Edwards, CPCU, AAI Director of Education medwards65@aol.com
Member Benefit: How Does IIABL Help Your Agency with Agency Management? ................................................... 18
Karen Kuylen Director of Accounting kkuylen@iiabl.com
Belts and Suspenders ..............................................20-21
Ed O’Brien Marketing Representative eobrien@iiabl.com Rhonda Martinez, CIC Director of Insurance rmartinez@iiabl.com Jamie Newchurch Insurance Services jnewchurch@iiabl.com Lisa Young-Crooks Executive Assistant lyoung@iiabl.com
Rule & Rate Filings ...................................................... 24
Welcome New Members ............................................... 24
Trusted Choice Expands Digital Content Catalog ................................................. 27
Education & Events Calendar ........................................ 31
ACORD, Aon and Beazley unveil Cyber Data Breach Standard .....................................30-32
IIABL Partners .............................................................. 33
2018-2017 Officers & Board of Directors ........................ 34
How to Hire and Develop Effective Salespeople 10 years of experience may just be one year of bad experience, repeated 10 times
In finding your next sales leader, experience isn't always key. To hire and develop effective sales people, you'll need to not only identify what success looks like and precisely what kind of person you're looking for in your role, but you will also need to uncover potential, coach for success, and keep your salesforce engaged.
In this article, we will explain how to: • • • • • •
Identify the success factors. Avoid Overvaluing Experience. Consider using a personality assessment. Use the interview process as an opportunity to address concerns. Find the right fit and coach for success. Provide ongoing development
Identify the success factors.
To hire effectively, you have to be absolutely clear about the kind of person you are looking for. You don't just want a job description; you want a description of the person you are seeking. First, you must gain a meaningful understanding of the personality qualities shared by your top salespeople. They are probably persuasive, able to read others' reactions, and capable of bouncing back from rejection. But what else do they have? Is it high energy? Discipline? Good analytical skill? Assertiveness? A solutions-oriented mindset? Those attributes, once pinpointed, become the profile of your ideal candidate and, therefore, the model you should use when hiring new people. The closer your applicants match the profile of your top performers, the more likely they will meet or exceed your performance expectations.
Avoid Overvaluing Experience.
Conventional wisdom is that experience will prepare someone to hit the ground running. But the cost can be high for hiring managers who assume experience equates to talent. All too frequently, “experienced" job seekers don't live up to this promise. Ten years of experience can be one year of bad experience repeated 10 times. Effective hiring has less to do with checking for experi-
ence than it does with uncovering potential. Data show there are many people out there in the general population with untapped sales potential; more so than half the workers already in the sales profession, in fact. This is not to say that experience should be disregarded, but experience should not be the primary determinant in making a hiring decision. Past experience does not necessarily equal future success.
Consider using a personality assessment. The information from an in-depth personality assessment can provide you with the insights you need to make a better-informed decision.
Will the individual fit in with your culture? Work well with others on your team? Connect with his or her manager? Those are the important nuances that can make all the difference as to whether an individual will succeed. A validated personality profile can provide you with a measurable, objective view of an applicant.
Use the interview process as an opportunity to address concerns.
Interviews often end up being a ritualistic dance in which applicants and employers are both trying to put their best feet forward – and end up tripping over each other. Sometimes, a new employee's best performance takes place during the interview. Use that stage of the hiring process to probe areas that concern you. If you have questions about the applicant's level of resilience or how they will deal with rejection, you can ask questions about past situations in which they struggled or faced disappointment. You can ask about how the applicant felt and what he or she did to make sure the scenario wouldn't occur again. Through that exploration, you may discover that the individual is well suited to the opening you have. Or it could save you from making a huge mistake. Louisiana Agent 5
Find the right fit and coach for success.
The work doesn't end once you find the right person for the job. The first few days for a new employee are the most critical. As a manager, you want to ensure that new hires are given the tools to be successful. In return, they will know your company is committed to them and invested in their future. Team members who feel valued are more likely to stay with the organization over the long term. By coaching new employees as soon as they start their new jobs and setting up a training program with milestones, they will understand how to avoid potential clashes and adapt their work style to fit in with your organization's culture.
Provide ongoing development.
To keep employees engaged, you must make a solid commitment to developing their potential. In doing so, business projections become more predictable, and you retain more top performers.
performers engaged so that they don't feel tempted to leave for a competing organization. Ongoing development is not limited to the new employee; veteran team members and leaders all benefit greatly from ongoing development and growth. As a reminder, IIABA members receive, 10% discount on hiring assessments, 10% discount on staff development tools, and expert consultants who can help you in all areas of talent management. In addition, Caliper is offering all IIABA Partners a FREE Individual Developmental Guide with the purchase of their first Caliper Profile - a $100 value! (New clients only.) To learn more about Caliper and special discounts to IIABA members, visit www.calipercorp.com/ iiaba or contact brett.sutch@iiaba.net.
Development can take the form of personalized coaching, team building, or management training—or a combination. The key is to keep your top
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Clients Using Drones? Help Them Comply with Part 107 A news broadcaster captures unique images from above. A real estate agent uses aerial footage of a home in a property listing. A contractor inspects hard-to-reach areas of a job site more safely. As important business tools for companies of all sizes, drones are growing in popularity among small businesses. But when a drone is used for business purposes rather than for recreation, it becomes subject to the small unmanned aircraft rule, also known as Part 107 of the Federal Aviation Administration’s Federal Aviation Regulations. Part 107 makes it easier for small businesses that operate drones to comply with airspace rules. The rule opens vast opportunities for small businesses to serve their customers and innovate in ways they haven’t before imagined.
But with these benefits come responsibility and liabilities. Consider pointing your clients to a few of the policies that will best protect their businesses—and ensure they stay compliant: Requirement: Part 107 requires each person who operates the drone to hold a pilot certification. The licensed pilot is responsible if anything goes wrong and has the final say as to whether the flight is safe and legal. Recommendation: Encourage your clients to use the buddy system. While it is perfectly legal to fly a drone with only the pilot present, the University of Nebraska – Lincoln’s Drone Journalism Lab recommends that all operators be supported by an observer who can keep the pilot informed of any potential hazards. The observer can also help ensure that no pedestrians wander into the flight area. A pilot and observer working together increases the likelihood of maintaining safety, professionalism and efficiency in the drone flight.
Recommendation: Encourage your clients to invest in a validated airspace map to pinpoint where it’s safe to fly, versus where special permission is required. Because many people regard drones with suspicion, it’s also a good practice to alert and request permission from property owners ahead of time. Careful preflight planning and coordination help ensure the drone does not fly over anyone illegally. Note that Part 107 does not require operators to obtain permission from landowners before flying over their property, since landowners don’t own the airspace over their property. But following the law is one thing; professional courtesy is another. Asking for permission should help your clients avoid legal conflict or damage to their aircraft, while also contributing to normalizing drones in the public eye. Requirement: Part 107 does not allow flying drones over human beings who are not directly involved in their operation. Recommendation: If your client is trying to capture a photo of a large group of people or an area from above, consider alternatives to getting the shot. Part 107 does not specify a minimum distance, so if they’re able to take off and land in an adjacent park or otherwise unpopulated area that qualifies as unrestricted airspace, they can take side angles to get lateral images. For more information on how you can help your commercial clients safely and legally operate drones, check out Skyward’s Part 107 resource page.
Scott Duffin is director of strategic planning and business development at Skyward.
Requirement: Part 107 restricts operators from endangering people or property on the ground.
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IIABL Director of Education, Mike Edwards, CPCU, AAI is your source for technical questions. Contact Mike at medwards65@aol.com or 770.402.1011
Subject: Business Income: Which Monthly Limit Option Is Best?
Q. Which business income monthly limit
option do you think is best one to recommend to insureds: 1/3, 1/4, or 1/6? I am getting different advice from people. One person said it depended on how long the insured needed coverage: 3, 4, or 6 months.
A. Well, I’ll go with, “It depends.”
That is another way of saying that these three options should not be viewed as being universally “Good, Better, Best.” I hope that the three loss scenarios analyzed below will be helpful. And as you will see, the fractions do not refer to how long coverage lasts, but to how much of the total limit of insurance is
available per month. View the fractions as their decimal or percentage equivalent. The comments and coverage form excerpts below are based on the ISO (Insurance Services Office) Business Income (and Extra Expense) Coverage Form CP 00 30 10 12. Proprietary forms may be different. Assume the insured is Smithco, Inc.
Excerpt from CP 00 30 10 12:
E. Optional Coverages 2. Monthly Limit Of Indemnity a. The Additional Condition, Coinsurance, does not apply to this Coverage Form at the described premises to which this Optional Continued page 12
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Coverage applies.
b. The most we will pay for loss of Business Income in each period of 30 consecutive days after the beginning of the "period of restoration" is: (1) The Limit of Insurance, multiplied by (2) The fraction shown in the Declarations for this Optional Coverage. F. Definitions 3. "Period of restoration" means the period of time that: a. Begins:
caused by or resulting from any Covered Cause of Loss at the described premises; and b. Ends on the earlier of: (1) The date when the property at the described premises should be repaired, rebuilt or replaced with reasonable speed and similar quality; or (2) The date when business is resumed at a new permanent location.
(1) 72 hours after the time of direct physical loss or damage for Business Income Coverage; or
"Period of restoration" does not include any increased period required due to the enforcement of or compliance with any ordinance or law that:
(2) Immediately after the time of direct physical loss or damage for Extra Expense Coverage;
(1) Regulates the construction, use or repair, or requires the tearing down, of any property; or Continued page 11
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(2) Requires any insured or others to test for, monitor, clean up, remove, contain, treat, detoxify or neutralize, or in any way respond to, or assess the effects of "pollutants". The expiration date of this policy will not cut short the "period of restoration". Loss Example: In the 3 scenarios below, the same loss will be analyzed using each of the three Monthly Limit of Indemnity options: 1/3, 1/4, and 1/6. Scenario #1: Limit of insurance: $150,000 Monthly Limit Option selected by insured: 1/3 Maximum available per month: 1/3 (.333 or 33.3%) of $150,000 = $50,000
Month
BI loss
Available
Paid
Unpaid
March
$25,000
$50,000
$25,000
---
April
$30,000
$50,000
$30,000
---
May
$55,000
$50,000
$50,000
$5,000
June
$55,000
$45,000
$45,000
$10,000
July
---
$0.00
---
---
August
---
---
---
---
TOTALS
$165,000
$150,000 $15,000
Comments: (1) For June, only $45,000 is available, since the amounts paid under Smithco’s policy for March-May totaled $105,000. Scenario #2: Limit of insurance: $150,000 Monthly Limit Option selected by insured: 1/4 Maximum available per month: 1/4 (.25 or 25%) of $150,000 = $37,500
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Month
BI loss
Available
Paid
Unpaid
March
$25,000
$37,500
$25,000
---
April
$30,000
$37,500
$30,000
---
Maximum available per month: $25,000
May
$55,000
$37,500
$37,500
$17,500
Month
BI loss
Available
Paid
June
$55,000
$37,500
$37,500
$17,500
March
$25,000
$25,000
$25,000 ---
July
---
$20,000
---
---
April
$30,000
$25,000
$25,000 $5,000
August
---
---
---
---
May
$55,000
$25,000
$25,000 $30,000
TOTALS
$165,000
$130,000
$35,000
June
$55,000
$25,000
$25,000 $30,000
July
---
$25,000
---
---
August
---
$25,000
---
---
TOTALS
$165,000
Comments: (1) The total amount paid under Smithco’s policy is $130,000 – which is less than the limit of insurance. While $20,000 of the original $150,000 limit was unused, it cannot be applied to the unpaid balance of $35,000. (See excerpt from CP 00 30 [E.2.b.] above.)
(.166 or 16.6%) of $150,000 = $25,000 Unpaid
$100,000 $65,000
Comments: (1) As noted in Scenario #2, unused funds ($50,000 in this case) cannot be applied to unpaid balance ($65,000).
Scenario #3:
Comments on Scenarios:
Limit of insurance: $150,000
(1) While none of the scenarios fully compensated Smithco, that is not to say that had the facts and circumstances been
Monthly Limit Option selected by insured: 1/6
Continued page 14 Louisiana Agent 13
slightly different, the result could have been more favorable to Smithco. (2) For example, the smaller the monthly limit that is available, the more vulnerable Smithco is to a spike in business income, most notably May and June. So an accurate picture of Smithco’s income stream is critical. (3) The other big variable is how long the “period of restoration” lasts [See F.3.]. This doesn’t require a crystal ball, just a realistic assessment of factors that impact how long rebuilding might take, such as type of construction, nature of the business, options to minimize down time and loss of income, and so forth. Comments on July and August: (1) In the loss examples above, the “period of restoration” runs from March – June. But that does not necessarily mean that Smithco’s operations and income bounce back to preloss levels on July 1. In fact, it often takes time for things to get back to normal for a business which has experienced a significant suspension of operations. Worse still, some industry surveys have shown that for businesses that sustain serious loss, approximately 40% will never reopen, and about half of those do not remain viable over the long term. (2) If Smithco reopens July 1, and their post-loss income is not comparable to what would be normal for that time of year, the Additional Coverage for Extended Business Income (EBI) would be very helpful. This is often referred to as a “lag loss,” and EBI provides up to a 60-day extension beyond the “period of restoration,” so that operations can resume “to the level which would generate the busi-
ness income amount that would have existed if no direct physical loss or damage had occurred.”
(3) If more than 60 days are needed for operations and income to return to normal levels,
there is an option to purchase Extended Period of Indemnity (EPI) coverage. Under ISO Manual Rule 51.D., the number of days can be extended beyond the 60 days provided under EBI for up to 730 days (2 years). (4) However, neither EBI nor EPI increase the limit of insurance. In Scenario #1, Smithco’s limit of $150,000 was exhausted in June, so EBI/EPI would not provide additional coverage. But in Scenario #2, $20,000 was still available after the June payment, so EBI/EPI would be beneficial. In Scenario #3, $50,000 is still available ($25,000 for July and $25,000 for August). (5) On the other hand, Smithco may have no operations or income in July or August because repairs were not completed in a timely fashion. In the definition of “period of indemnity,” this period ends when Smithco’s property is “repaired, rebuilt or re-
placed with reasonable speed and similar quality.” [See F.3.b.(1)]
(6) One frequent reason for a delay in rebuilding is the requirement to comply with current building codes. The last part of the definition of “period of restoration” includes the following: The "Period of restoration"
does not include any increased period required due to the enforcement of or compliance with any ordinance or law that: (1) Regulates the construction, use or repair, or requires the tearing down, of any property.” For this exposure, Smithco’s policy should have endorsement CP 15 31 10 12 Ordinance or Law – Extended Period of Restoration.
(7) A frequently used alternative to the Monthly Limit of Indemnity option is the Maximum Period of Indemnity (MPI) option. It is simple and straightforward. In Louisiana Agent 14
Smithco’s case, it would provide the $150,000 limit for up to 120 days. But there are three potential disadvantages for Smithco with the MPI. First, the loss was $165,000 –which was $15,000 greater than the limit of insurance. Second, the “period of restoration” might go beyond June (120 days), so even if the limit of insurance was $200,000, or more, coverage stops at 120 days. Lastly, the limit of coverage (e.g., $150,000) applies both to Business Income and Extra Expense losses, whereas the Monthly Limit of Indemnity option only applies to Business Income losses. General Comments: (1) The unamended CP 00 30 is based on a coinsurance model, which causes trepidation in some producers and insureds, especially since a fully completed CP 15 15 10 12 Business Income Report/
Worksheet is required when coinsurance is used. The BI report/worksheet is a 6-page, very detailed document only a CPA or totally committed insurance nerd could love. (2) One inherent risk in choosing to avoid coinsurance by using the Monthly Limit of Indemnity option, or the Maximum Period of Indemnity option, is that the opportunity might be bypassed to get a realistic picture of an insured’s true Business Income and Extra Expense (BI/EE) exposures. As the three scenarios demonstrated, lack of sufficient detailed information about an insured’s business operations and other important information can leave insureds quite vulnerable to significant, if not catastrophic, losses.
Continued page 16
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Additional Information: “Business Income Basics...Coinsurance Alternatives” “Selling Business Income Insurance” “Business Income and Ordinance or Law”
“Business Income and Cancellation of Contracts” “Business Income and Undeclared Buildings” “Business Income vs. Manufacturer’s Selling Price”
“Extended Business Income”
“Business Income Coverage and Hourly Employees”
“Understanding the Business Income Monthly Limit of Indemnity Option”
“Hurricanes and Business Income”
“Net Income vs. Continuing Expenses”
“Hurricanes and Commercial Insurance Q&A”
“Are Mortgage Payments Business Income ‘Continuing Expenses’?”
“Business Income and Civil Authority Curfews”
“Business Income Coverage...What Does ‘Necessary’ Mean?”
“Business Income Coverage for Mandatory Hurricane Evacuations”
“Policy Intent ‘Suspended’?”
“Business Income and Specialty Vehicles”
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“Business Income Coverage for Autos and Mobile Equipment” “Business Income Coverage for Non-Profits”
These materials are intended for educational purposes only and should not be relied upon as legal advice. Please consult a qualified attorney for legal advice.
“Business Income Coverage for Unprofitable Business” “Business Income Coverage for Weather Damage to Golf Course Greens and Trees” “Business Income Loss Due to Mall Shooting” “Business Income and Additional Insureds” “Extra Expense Coverage for Advertising Campaign” “Extra Expense...What Is ‘Necessary’?” “Business Income ‘WITHOUT’ Extra Expense”
Continued page 16
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How Does IIABL Help Your Agency with Agency Management? Sales & Marketing
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“Belts and Suspenders” Bill Wilson, CPCU, ARM, AIM, AAM
One of my industry heroes was Don Malecki, CPCU, ARM. You will find a photo tribute to him at the foot of every page on my web site. Don was one of the most brilliant coverage analysts I’ve ever known. I was fortunate that I got to know him well over the past couple of decades and privileged to call him a personal friend. So, when I was asked to take over Don’s regular CLEW newsletter column, I was humbled and honored. [Coverage, Litigators, Educators & Witnesses – a part of the CPCU Society.] One of the first articles I recall reading by Don talked about a “belt and suspenders” approach to risk management. Don referenced this principle often in his voluminous writings. Google “risk management belt and suspenders approach” and the first hit will probably be a Rough Notes magazine article of Don’s. So, it’s only fitting that my first coverage column return full circle back to that concept. A “belt and suspenders” approach usually reduces risk through some measure of redundancy. I’ll give you two examples, the first involving additional insured vs. indemnitee status on a CGL policy and other involving auto insurance vs. loss damage waiver when renting an auto.
Additional Insured vs. Indemnitee The following is an actual email inquiry I received from a Texas agent: “In the past, we have not been individually adding Additional Insured endorsements, relying on them being an indemnitee in the ‘insured contract’ wording of the CGL or BOP policies, which gives them AI status without endorsing that on the policy. Our state now has a law that says if we put AI status
on the certificate, we MUST have an AI endorsement added to the policy. Is this correct or can we still rely on ‘indemnitee in an insured contract’ and not go to the trouble or expense of using AI endorsements?” Honest, I did not make this up. I have found that many agents do not fully understand the difference between being an additional insured and an indemnitee. While we can’t explore all of the details, each has an important distinction within a CGL policy. With ISO forms, an additional insured is not covered for its sole negligence but does receive defense outside of limits. An indemnitee, on the other hand, IS covered for its sole negligence but defense is usually inside limits. Each status (AI vs. indemnitee) within the CGL policy has its upsides and downsides, but working together they increase the likelihood that a claim will be covered in some measure. Auto Insurance vs. Loss Damage Waiver No doubt, you have had insureds ask you if they need to buy the physical damage waiver from the rental car company if they have auto insurance. The answer, if you want to maximize their protection from financial loss (and your protection from an E&O claim), is a resounding “Yes.” The reason is that each approach provides protection the other doesn’t. For example, most auto policies do not cover diminished value assessments by the rental company. I’ve seen DV charges of several thousand dollars in multiple claims. In another claim, a customer was hit with a $9,000 loss of use charge when a rental car company could not get repair parts following the Japanese tsunami. His auto policy Continued page 26 Louisiana Agent 20
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paid $600 of that. And the list goes on. On the other hand, the loss damage waiver may be voided by rental agreement violations, from driving off paved roads (common in Hawaii) to DUI charges. ISO auto policies have no exclusions for this, though some lesser forms do. So, as you can see, most auto policies and loss damage waivers work together in a belt and suspenders approach. When considering questions like these two, ask yourself, “What would Don do?”
Bill Wilson, CPCU, ARM, AIM, AAM Founder & CEO, InsuranceCommentary.com Bill@InsuranceCommentary.com or InsuranceCommentary@outlook.com
Com•men•tar•y … an expression of opinions or offering of explanations William C. Wilson, Jr., CPCU, ARM, AIM, AAM is the founder of InsuranceCommentary.com. He retired from the Independent Insurance Agents & Brokers of America in December 2016 where he served as Assoc. VP of Education and Research and was the founder and director of the Big “I” Virtual University for over 17 years. He is the former Director of Education & Technical Affairs for the Insurors of Tennessee and, prior to that time, he was employed by Insurance Services Office, Inc. He is a graduate of the Illinois Institute of Technology with a B.S. degree in Fire Protection & Safety Engineering.
Continued page 31
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Company
Crum & Forster Indemnity North River Ins Co United States Fire Ins Co Travelers Indemnity Travelers Indemnity of America Travelers Indemnity of Connecticut Travelers Property Casualty of America
Coverage Type 19—Commercial Auto
17—Other Liability Commercial GL
State Farm Fire & Casualty State Farm Mutual Auto
19—Private Passenger Auto
Allamerica Financial Benefit
19—Private Passenger Auto Revised Rate
Number of Policyholders:
Overall % Impact:
Overall $ Impact:
+23.1%
$1,049,533
54
New: 1/1/2019 Renewal: 1/1/2019
+1.018%
$223,525
2,213
New: 2/1/209 Renewal: 2/1/2019
-1.8%
-$28,520,541
1,057,189
New: 9/10/2018 Renewal: 9/10/2018
+4.4%
$975,146
6,912
New: 9/1/2018 Renewal: 9/1/2018
Changes
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Trusted Choice Expands Digital Content Catalog One of the challenges you face when marketing your agency is continually creating new content. Producing searchable and enjoyable content requires much of your time and attention—time you could spend growing your book of business. Trusted Choice helps you reclaim that time and focus through a recently expanded catalog of digital content on a variety of insurance issues. With access to even more graphics and articles in the Trusted Choice library of shareable content, you can easily download and share content directly with consumers through agency newsletters, blogs and social media.
Assemble your arsenal of consumer content from our Content-To-Share library and explore other tools, training modules and ready-made advertising materials to help market and develop your agency brand.
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ACORD, Aon and Beazley unveil Cyber Data Breach Standard ACORD, the global insurance standards-setting body, has unveiled the insurance industry’s first ever standard for cyber data breach. The ACORD Cyber Data Breach Standard was developed in collaboration with global professional services firm, Aon, and specialist insurer Beazley. Cyber risk is continually evolving, and the insurance industry is fighting to keep up. As organizations continue to be impacted by cyber-related losses, demand for coverage is steadily growing. This is driving the need for streamlined, standardized cyber risk data exchange – something nearly 60% of insurers said they lacked, according to the ACORS/NAIC Cyber Insurance Survey, 2017. “ACORD has been at the forefront of cyber standards since we created the standard to capture cyber exposure in 2015,” said Bill Pieroni, president & CEO of ACORD. “This expanded standard supports the evolution of cyber coverage and data breach events. We would like to thank Aon and Beazley,
whose contributions greatly accelerated the development and increased the quality of this global standard.” The new ACORD Cyber Data Breach Standard increases operational efficiency and effectiveness for cyber risk stakeholders, establishes a baseline for compliance and audit-related activities, and enables solution providers to leverage standards for increased support.
“This question set will help organizations approach cyber risk in a united manner,” commented Christian Hoffman, president, US Cyber Solutions at Aon. “Connectivity and collaboration across organizations including, but not limited to, information security, legal and risk management is critical. A set of uniform standards is an ideal place to start this transition.” ACORD identified a need to expand and enhance
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Webcasts E&O Risk Management August 7, 16, 26 Available on Demand
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8 Contractors, Contractors,
22 The New ISO PAP: A
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Look Backwards and a Look Forwards
21 Cyber Insurance: When
16 Explaining the Total Cost of Risk
Convenience Turns Catastrophic
28 Coinsurance; Down and Dirty Explanation
28 Excess and Umbrella
Fundamentals PLUS
Seminars E&O Risk Management 10/16/2018 –Shreveport 10/17/2018—Lafayette 10/18/2018—Kenner 10/19/2018—Covington
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the existing cyber liability standard to better support the rapidly evolving marketplace. Working with Aon and Beazley, both key stakeholders in the cyber market, the firms focused on data breach, examining common challenges with manual, disparate practices for sharing information during risk assessment and policy workflow. ACORD synthesized these components to create and refine the draft standard. “Beazley has been underwriting cyber for more than a decade. We work with companies ranging in size from small businesses to the Fortune 500. We’re delighted to have been a part of this process and offer our expert advice,” said Paul Bantick, UK technology, media & business services focus group leader for Beazley. The ACORD Cyber Data Breach Standard is available to all ACORD members for review and feedback. It will then be incorporated into the next scheduled release of the ACORD Property & Casualty Standards, and will continue to evolve as the market expands and adapts in
alignment with ACORD’s member requirements. “Data breach is just one example of the many cyber exposures which require fast and accurate information exchange between parties,” Pieroni added. “ACORD will continue to welcome contributions like this from industry leaders, which will expand the portfolio of our cyber standards for the benefit of the entire insurance industry.” IIABL offers cyber liability program with coverages designed especially for independent insurance agencies with significant discounted pricing. For additional information contact: Rhonda Martinez, rmartinez@iiabl.com 225.236.1352 Jamie Newchurch, jnewchurch@iiabl.com 225.236.1350
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ACCIDENT FUND
AMERISAFE
AMERICAS INSURANCE
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EMC INSURANCE
EMPLOYERS
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GULFSTREAM P&C
HOMEBUILDERS SIF
IROQUOIS SOUTH, INC.
LANE & ASSOCIATES
RPS COVINGTON
STONETRUST INSURANCE
LUBA WORKERS’ COMP
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IIABL 2018—2019 BOARD OF DIRECTORS & OFFICERS
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