Burns and Wilcox News

Tag: professional

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…

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…

Emerging Trends in Lawsuits Against Real Estate Professionals

The current real estate market has caused an increase in activity for real estate professionals. With this increase in activity, there has also been an increase in litigation against real estate agents, brokers, appraisers, home inspectors, mortgage specialists and other real estate professionals across the country. Read more at JDSupra.com

Burns & Wilcox E&O Can Cater to Small-Shop Real Estate

Burns & Wilcox offers an E&O product for both real estate agents and appraisers that is designed for both small and medium-sized businesses. In particular, the company’s Express offering serves “the small, small business—the one- or two-person real estate shops that need adequate coverage, but don’t really pull in the revenues to pay a lot…

Lawyer settles malpractice lawsuit over conviction

Thu, 19 Jun 2014 12:29:46 GMT — A lawyer accused of poorly representing a Detroit-area man who spent seven years in prison has agreed to a $505,000 settlement to end a malpractice lawsuit against her. Jackob Trakhtenberg of Royal Oak was convicted of sexual assault in 2006. His conviction was thrown out after the Michigan Supreme…

BIM Lawsuit Offers Cautionary Tale

Insurance settlement related to a building information model shows that BIM without communication can be costly. A lawsuit over construction of a life-sciences building at a major university stands as the first known claim related to the use of building information modeling by an architect. Furthermore, the claim and its settlement serve as a cautionary tale…

The Changing Landscape of Professional Liability

Professionals who don’t have comprehensive professional liability coverage are leaving themselves exposed to all kinds of potentially devastating risks – from lawsuits to data breaches. Let’s face it – nobody’s perfect. Even the most experienced professionals make mistakes from time to time. And in our litigious society, even when your service delivery is flawless, a…

5 Ways Directors and Officers Insurance Can Give Tech Entrepreneurs a Strategic Advantage

An organization’s governing board takes on significant responsibilities in the course of its day-to-day operations. Not only do its directors and officers work to develop the company’s business plan and shape the culture of the organization, they make crucial financial decisions and accept legal responsibility for the company. Read more at Insurance Market Source