Cyber attack insurance and risk management

Cyber Attack

When cyber attacks like data breaches and hacks occur, they can result in devastating damage. Businesses have to deal with business disruptions, lost revenue and litigation. It is important to remember that no organization is immune to the impact of cyber crime. As a result, cyber liability insurance has become an essential component to any risk management program.

Cyber liability insurance policies are tailored to meet your company’s specific needs and can offer a number of important benefits, including the following:

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Carry an ‘umbrella’ to protect you from a potential downpour

Umbrella Policy

One of the most important types of insurance you company can buy is Excess Liability Insurance, commonly known as Umbrella Insurance. It protects your business from holes or limits in existing policy coverage as well as from financially draining lawsuits. Just as you carry an umbrella to protect you from a potential downpour, Excess Liability Insurance protects your company from the types of claims that could close your business.

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D&O Fills The Coverage Gap

D&O Insurance

Whether you’re a nonprofit, privately held or a public company, it is likely that your business can benefit from a D&O (Directors and Officers) Policy.  In today’s business climate of corporate transparency and accountability, an organization’s officers and directors face a myriad of employment related exposures.

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ThomTalk: HSS Deadline Changed

On November 16, 2014, the Department of Health and Human Services (HHS) announced that the deadline for contributing entities to submit their 2014 enrollment counts for the transitional Reinsurance Fee has been extended. Employers sponsoring self-funded group health plans and insurers subject to the Reinsurance Fee now have until 11:59 p.m. ET on December 5, 2014 to upload their average covered lives data into and submit their ACA Transitional Reinsurance Program Annual Enrollment and Contribution Submission Form. The deadline was previously today, November 17.The 2014 Reinsurance Fee can be paid in one combined payment or in two installments.

The first installment of $52.50 per average covered life is due no later than January 15, 2015. If an employer chooses the combined payment, the fee must be paid all at once, no later than January 15, 2015.

The second installment of $10.50 per average covered life will be due by November 15, 2015.

HHS confirmed the January 15, 2015 and November 15, 2015 payment deadlines remain the same.

The Reinsurance Fee is an annual, fixed fee per average covered life for the calendar years 2014, 2015 and 2016. The Reinsurance Fee equals the average number of covered lives in the calendar year multiplied by the national contribution rate, which is $63 for 2014. Self-funded employers are responsible for paying the fee. Insurers are responsible for paying the Reinsurance Fee for their insured plans.

Maximum Loss Versus Possible Loss

Maximum Loss Versus Possible Loss

What is the difference between probable maximum loss and the maximum possible loss.

Risk management professionals are sometimes concerned that the focus of attention is on the probable maximum loss and not the maximum possible loss.  One only need recall several “classic” losses to see how this shortsightedness can occur.

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