As anyone who’s involved in the professional liability arena knows, it’s a dynamic and constantly evolving market that is influenced strongly by trends in the economy, social norms, and a host of other factors. To get a sense of where the market has been and where it’s likely to go, Rough Notes spoke with Lisa Doherty, president and chief executive officer of Business Risk Partners (BRP) in Windsor, Connecticut, a managing general underwriter and program manager that specializes in professional liability, management liability, and data breach/ privacy insurance as well as hybridized specialty solutions.
The Evolution of Employment Practices Liability Insurance
It’s been interesting to watch the growth of employment practices liability insurance (EPLI) during more than 25 years of working in the specialty insurance industry. Twenty years ago EPLI was rare in the United States and, even a decade ago, most companies didn’t buy it. Today, however, many firms have stand-alone EPLI coverage: 41 percent of those with more…
PROFESSIONAL LIABILITY: TRENDS AND OPPORTUNITIES
Anyone who reads the headlines knows that professional liability risks and losses are big news. From data breaches and allegations of sexual harassment to real estate transactions gone wrong and design professionals’ errors, businesses of all kinds and sizes are facing an increasing number of claims and lawsuits in the professional liability arena.
Coverholders Playing Greater Role in Lloyd’s Global Expansion
Lloyd’s of London began and remains a specialized market (not an insurance company). It accepts risks that are too large, or too complex, or both, that do not lend themselves to coverage through more “normal channels.” Each policy resembles a “bespoke,” i.e. custom made, suit, tailored for the individual client that requires specialized coverage. Placing specialized coverage requires both …
The Agent’s Duty To Advise: Courts Get Tough
Think twice about hyping yourself … you could end up defending a big E&O claim. If you’re like most independent agents and brokers, you’re under intense pressure to set yourself apart from other agents, direct writers, and all those online vendors that are trying to take your business away. So you hire a youthful genius to create an eye-catching …
4 Tips to Sell Cyber to Small and Midsized Businesses
Cyber liability insurance is growing by leaps and bounds—as fast as EPLI by some comparisons but in a fraction of the time. According to online information security provider Symantec, businesses of all size were a potential target for attackers in 2012. The largest growth area for targeted attacks—comprising 31 percent of all attacks last year—was with businesses having fewer …