Burns and Wilcox News

Category: Professional

Vital Social Services at Risk Due to Lack of Insurance

In today’s economic environment, social service agencies are being asked to do more with less. Simply put, there is not enough money to expand programming while covering administration and other related operating costs. Under growing pressure from funders and the public, agencies are forced to make tough budget choices around expanding program delivery and managing…

3 Risk Management Tips For Hospitals in the New Healthcare Environment

With new models of care evolving and new entrants into the market, there have been many changes in the healthcare environment since the passage of the Patient Protection and Affordable Care Act. Brad Rosgen, a healthcare practice leader at Farmington Hills, Mich.-based Burns & Wilcox, provides three risk management tips for healthcare organizations in the…

Burns & Wilcox Canada Highlights Importance of Fraud Awareness

Toronto, ON [March 10, 2014] – In support of Fraud Prevention Month, Burns & Wilcox Canada is encouraging Canadian organizations to re-examine the steps they take to protect themselves from fraud. According to the Shred-it 2013 Information Security Tracker survey, each year, the average organization loses an estimated 5 per cent of its revenues to…

Insurance industry ponders risks of Bitcoin, digital currency

Within a cyber insurance industry niche chock full of inherent underwriting challenges is a fast-developing, controversial use of the virtual world. Cryptographic digital currency—most commonly referred to as Bitcoin since it is the world’s largest form of this currency—is gaining legitimacy. Late last year former Federal Reserve chairman Ben Bernanke told the Senate digital currencies “may hold…

Broker Beat: Fierce competition for more cyber buyers

More and more, data breaches are making mainstream headlines—from the massive breach at Target potentially affecting a third of the American population to the release of hundreds of thousands of personally identifiable information records from institutes of higher learning. The cyber market is buzzing, with reports of increases in submissions for cyber coverage. Read more…

Cyber insurance becoming more mainstream

No company is safe these days from a cyberattack. And that’s good news for the insurance business. Increasingly companies are trying to hedge costs associated with attacks on their networks by purchasing cyber insurance. Not only are more start-ups and established insurance providers getting into the cyber insurance business, but more companies including mom and…

3 Ways CHIP/EMV Technology Can Affect Cyber Liability

With experts predicting losses of nearly $10 billion for this year alone incidents of credit card fraud and related costs are on the rise. These growing costs have prompted the credit card industry to reduce in-person counterfeit credit and debit card fraud by implementing CHIP or EMV (EuroPay, MasterCard and Visa) technology. In addition to…

Urgent Care: Medical Liability Coverage Gaps

How the health care overhaul is exposing huge medical liability coverage gaps – and huge opportunities for intrepid agents. Is there such thing as a bulletproof sector of the economy? Maybe. When times are tough, people may delay vacations, rein in their discretionary spending, downsize their living arrangements, even postpone higher education. But however bad…

The ACA Effect: Working in Healthcare P&C

The Affordable Care Act has already changed the healthcare landscape significantly, but opportunities for property/casualty agents abound. For insurance agents, the Affordable Care Act is more than just a game-changer. It is a major shift in the industry landscape, and the resulting tremors are offering changes as well as challenges particularly for those agents with…

KRE Insurance Adapts to Increasingly Global World, Sophisticated Criminals

Proliferation of incidents drives need for Kidnap, Ransom, Extortion coverage; mid-market and nonprofit groups join Fortune 1000 in purchasing policies. Kidnap, Ransom and Extortion (KRE) insurance has become a coverage shaped both by intense carrier competition and a growing global need for it among corporations and the wealthy. Kidnapping and extortion has become an industry…

How to Navigate Today’s Agency E&O Market

While many agencies stick with their agency errors and omissions (E&O) carrier, those that do shop around tend to do so when premiums are rising. According to Insurance Journal‘s exclusive 2014 Agency E&O Survey, more agencies may be shopping around now. Insurance Journal‘s survey found that 61 percent of agencies have had the same E&O carrier…

New Risks Require a Surgical Approach to Healthcare

The last five years have meant rapid change for the healthcare industry: the Affordable Care Act (ACA) was signed into law in 2010; the Medicare Electronic Health Record (EHR) Incentive Programs, also known as meaningful use, were launched in 2011; and this fall, Medicare is changing requirements for how claims are coded. The changing environment…