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CTRP http://www.ctrp.org Trauma Care Mon, 29 Jun 2015 14:05:41 +0000 en-US hourly 1 Which Financial Losses Can Cyber Risk Insurance Help Cover? http://www.ctrp.org/insurance/which-financial-losses-can-cyber-risk-insurance-help-cover/ http://www.ctrp.org/insurance/which-financial-losses-can-cyber-risk-insurance-help-cover/#comments Mon, 29 Jun 2015 14:00:40 +0000 http://www.ctrp.org/?p=599 Many business owners know that cyber breaches can lead to significant financial liability if an affected third party takes legal action. However, it can be easier to overlook the immediate costs that a business may face even if no claims are made. Fortunately, a strong cyber risk insurance policy can address many of these expenses, including the following ones.

Legally Mandated Measures

After a cyber breach, businesses are required to take several actions. These include investigating the breach, giving notice to people who were affected and setting up an information center for these people. Businesses also generally must provide ongoing credit monitoring for affected clients or employees. These undertakings can quickly become expensive.

Lost Business

The short-term disruption or long-term loss of business associated with a cyber attack can also prove costly. Businesses may face all of the following expenses:

  • Lost revenue if operations ceased due to a cyber attack
  • Costs of getting the business up and running again
  • Expenses associated with publicly managing the situation and maintaining client trust

General business interruption policies may not cover these costs, which makes cyber risk insurance especially important.

Ransoms or Extortions

Some attackers extort money from businesses by threatening a cyber attack if a ransom is not paid. Cyber liability insurance may cover this cost, provided that a threat is found legitimate and capable of significantly affecting a business.

Minimizing Losses

These potential costs underscore why most businesses can benefit from purchasing cyber liability insurance. Cyber threats or attacks can introduce various unique and potentially crippling expenses. The right insurance policy is the only way that business owners can truly ensure protection against this threat.

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What is Professional Liability Insurance? http://www.ctrp.org/insurance/what-is-professional-liability-insurance/ http://www.ctrp.org/insurance/what-is-professional-liability-insurance/#comments Sat, 27 Jun 2015 11:15:03 +0000 http://www.ctrp.org/?p=596 As a professional, you need to make sure that every aspect of your business is protected. Although you may already have a regular business insurance policy, you can’t afford to operate your business without the right type of liability coverage. If you are not sure what kind of liability insurance is right for you, just ask yourself what is professional liability insurance.

Must Be Added Into Policy

First and foremost, you need to be aware that professional liability is not something that is initially covered under a regular insurance policy. Professional liability is what helps to protect your organization against any claims that are leveraged against it from your clients. It doesn’t matter if your clients claim that your company neglected them in any kind of way or that your company failed to provide some type of service. All it takes is one little accusation or mistake, and your organization is stuck dealing with the expensive aftermath.

Protection Against Mistakes and Errors

In this day and age, no business can afford to lack any type of coverage, especially liability. When it comes to choosing a good liability policy, make sure that it includes a sufficient amount of coverage for errors and omissions. Although you may plan and operate every aspect of your organization down to the letter, it doesn’t hurt to protect your organization against any unexpected events or mistakes.

The next time you find yourself asking what is professional liability insurance, just remind yourself that it’s what keeps your business covered against errors and omissions.

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Risk Management and New York Construction Insurance http://www.ctrp.org/insurance/risk-management-and-new-york-construction-insurance/ http://www.ctrp.org/insurance/risk-management-and-new-york-construction-insurance/#comments Fri, 26 Jun 2015 16:15:46 +0000 http://www.ctrp.org/?p=593 Contractors have concerns about general liability risks with issues regarding increasing legal costs that make risk management and safety more important than ever. New York Construction Insurance, obtained from agents familiar with this industry, helps calm the nerves of property owners, general contractors and subcontractors alike.

Since most construction workers employed by independent contractors cannot sue their employers directly, they’re likely to go through the workers’ comp system for any lost wages and medical expenses. Having experienced, well-trained worker reduces the likelihood of this occurring.

Scaffold Law exists to protect injured workers

The Scaffold Law imposes an absolute, non-delegable duty upon owners and general contractors to provide a safe working environment for laborers who work at elevation to protect them from accidents specifically related to gravity, such as experiencing a fall from heights or being struck by an inadequately secured item.

For trade contractors, having safety measures in place is vital, as well as making sure to hold daily meetings with laborers to ensure that the proper equipment is being used and job site and public protection is being enforced.

Insurers shy away from repeat violators of safety codes

Because the risk of insuring a repeat safety violator is typically much higher, insurers regularly look at policyholders’ training documents to ensure they maintain rigorous training programs for their employees. They typically look at important areas such as fall protection, trenching and other key construction project elements having higher workplace accident rates.

Subcontractors should also have strict hiring practices in place and not resort to bringing labor in off the street and instead, hire only qualified, competent workers who have demonstrated a level of knowledge and safety in their particular construction industry trade. The underwriting process often focuses on loss control measures to eliminate fall hazards, using a detailed analyses of past claims experience and proper contractual risk transfer language for contractors that utilize subcontractors.

Keeping workers healthier can also mitigate the risk of serious injury, illustrating the importance of requiring a zero-tolerance disciplinary policy for workplace safety infractions. Most agents look at risk management practices as a key element in determining which contractors they believe they can provide with New York Construction Insurance to help benefit their business.

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Biting Fleas and Ticks Can Encourage Dogs to Do the Same http://www.ctrp.org/insurance/biting-fleas-and-ticks-can-encourage-dogs-to-do-the-same/ http://www.ctrp.org/insurance/biting-fleas-and-ticks-can-encourage-dogs-to-do-the-same/#comments Thu, 25 Jun 2015 11:30:27 +0000 http://www.ctrp.org/?p=590 It’s official: the warm weather has arrived, which means that the flea and tick season is starting to heat up as well. These pesky little critters can not only make your pet’s life miserable as she bites and scratches in vain to get some relief, the pain can even cause her to be more likely to lash out at a stranger or even a friend who attempts to stroke her when she’s feeling attacked-and the resulting dog bite liabilities can have you as the pet owner feeling attacked.

The difference between them

Fleas are wingless insects with six legs. They can jump incredibly far. They live on your pet for their lifetime (adult fleas can live for about 100 days), laying from 20-40 eggs per day (which are deposited randomly throughout your home as your pet roams), until they die. Only adult fleas feed on the host which, in this case, is your miserable pooch. While they are on board, they can transmit diseases such as bartonellosis and tapeworms, making your pet ill.

In contrast, ticks are of the arachnid family, closely related to spiders, and in most stages of development have eight legs. Unlike fleas, they don’t rely on warm weather to thrive; these parasites are hardier and harder to kill, and can survive in even near-freezing conditions. They can live a few weeks up to three years, laying thousands of eggs all at one time, after which they die. In the meantime, though, they wreak havoc on your pet, and can cause illnesses such as Lyme disease and Rocky Mountain Spotted Fever, which can be fatal.

Just as humans who are normally docile can become snappish and aggressive when they are suffering from an illness, pets’ personalities can undergo a similar transformation. Carrie found this out when her beagle, normally playful and loving, came home after a hike. The pooch scratched itself raw, then chewed mercilessly on its hindquarters until it drew blood, and became withdrawn and unresponsive to Carrie’s ministrations-even attempting to bite her (albeit halfheartedly) when she tried to apply some ointment on the affected area. A trip to the vet revealed ticks had attached themselves near the tail, despite the topical pesticide Carrie had applied to her pet.

The vet removed the ticks carefully, treated Carrie’s beagle with a more effective pesticide and sent them on their way; the pair lived to hike another day. The point is, any pet’s gentle disposition can be transformed by pain and a dog bite can be sustained even by an owner, let alone someone who is unfamiliar to the animal. Talk to a professional insurance agent about obtaining coverage for the dog bite liabilities that are part and parcel of owning a pooch, and consult your vet to determine the best way to protect your pet from fleas and ticks.

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Classic Cars and Insurance Companies in CT http://www.ctrp.org/insurance/classic-cars-and-insurance-companies-in-ct/ http://www.ctrp.org/insurance/classic-cars-and-insurance-companies-in-ct/#comments Wed, 24 Jun 2015 11:15:01 +0000 http://www.ctrp.org/?p=587 Classic car owners are passionate about their vehicles. With warmer weather here, they are once again taking their beloved vehicles out of storage for the driving season. This is an opportune time to contact your agent to review your policy, discuss any changes, and to make sure you have the most appropriate coverage for your automobiles. Classic car insurance companies in CThave the ability to offer superior coverage at lower premiums as well as provide other benefits specifically tailored to antique and collector cars.

Differences between a classic car carrier and a standard auto carrier

The main difference between a specialty classic car carrier and a standard auto carrier is, a) the type of policy offered and, b) how the policy accounts for a vehicle’s value. Guaranteed, or agreed value coverage is typical for most companies specializing in classic car insurance. A traditional auto policy writes an actual cash value (ACV) or stated value policy, which may not provide adequate coverage.

Guaranteed value coverage simply means that the owner and insurance provider agree upon the car’s value at the time the policy is issued, and that value will not be depreciated in the case of a total loss. An ACV or stated value policy will potentially depreciate the car’s value, which reduces the amount of the claim.

Many collector car owners have an emotional connection to their automobiles and there’s often a sentimental value far greater than any actual dollar value. It is important to accurately value your vehicle when purchasing a policy so speak to a representative at the classic car insurance company or consult a price guide. There are a number of classic car price guides available to research current market values, including Hagerty Price Guide, NADA and Old Cars Price Guide.

Work with insurance companies in CTthat understand the unique needs associated with collectible vehicles because specialty insurers recognize that the risk for loss are far less in a classic car than in a regular-use vehicle, making the premiums much lower in some cases.

Also, search for a company that handles claims in-house which makes for more efficient claims handling and ensures that the person handling the claim has experience with the unique needs a collector car may require during the repair process. Policy options often include repair shop of choice, roadside assistance with guaranteed flatbed towing, and coverage for spare parts and tools.

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Appraisers and Their Need for E and O Insurance http://www.ctrp.org/insurance/appraisers-and-their-need-for-e-and-o-insurance/ http://www.ctrp.org/insurance/appraisers-and-their-need-for-e-and-o-insurance/#comments Tue, 23 Jun 2015 07:00:10 +0000 http://www.ctrp.org/?p=584 All appraisers need errors and omissions, that’s e and o insurance, simply because they provide a professional service for people in the market to buy or sell a home. Sellers are often much easier to deal with, since they decide how much they’re willing to sell their property for and whether or not the price is negotiable. Buyers, on the other hand, can be more difficult because they need to be aware of the condition of the house, and that cannot always be determined in a walk-through.

Make sure to get it in writing

As an appraiser, when confronted with an angry buyer, you must use your judgment to decide whether what you’re concerned about could possibly lead to a claim. Is the person just asking for information regarding their purchase, or asking for clarification on some issue or are they behaving in an angry manner and being accusatory? If the phone call is threatening, you should ask the caller to put their complaint in writing. This helps to tell you exactly how serious the situation might become.

If things become serious, and they do put their complaint and/or demand in writing, you should definitely inform your insurance company about the situation. You may receive their complaint letter and think the allegations are complete nonsense and a waste of time. You should still let your insurance company know about it. The company should be informed about all accusations and not just the ones you deem to be valid.

For example, the appraiser decides that the subject property’s condition falls under C2, which simply means that the improvements feature no deferred maintenance, little or no physical depreciation, and require no repairs. It’s not reasonable to assert that a borrower can rely upon the appraisal for information about the property’s condition because that is not the purpose for which the appraisal was prepared.

The fact is that the appraiser is not a home inspector and the appraisal report is not a home inspection. The appraiser only performs a visual observation of accessible areas in and around the property and the appraisal report cannot be relied upon to disclose actual conditions and/or any existing defects in the property.

Regardless of what the appraisal does or doesn’t reveal, in terms of what underlying concerns that a buyer might have, e and o insurance is the only way that an appraiser can defend against accusations of misrepresentation or errors and omissions in the commission of their work.

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Cyber Insurance and the Continuing Threat of Attacks http://www.ctrp.org/insurance/cyber-insurance-and-the-continuing-threat-of-attacks/ http://www.ctrp.org/insurance/cyber-insurance-and-the-continuing-threat-of-attacks/#comments Mon, 22 Jun 2015 15:00:46 +0000 http://www.ctrp.org/?p=580 Cyber attacks continue to make the news, but more importantly, they are a growing concern and a growing cost to many companies in the US and abroad. Cyber crimes have caused a rise in the sale of cyber insurance due to the escalating frequency of attacks that have even posed a growing threat to our national security from attacks within and outside of the country.

The continued occurrence of serious data breaches, including the Sony Pictures hack that resulted in the canceled theatrical release of “The Interview“, a satirical film about North Korean leader Kim Jong-un, and the Home Depot, Staples, and Target data thefts, impacting hundreds of millions of consumers and several financial institutions, has certainly brought to the forefront the many complex issues of cyber security and the protection of sensitive personal information.

Because of the many high-profile cyber incidents that occurred in 2014 agencies have seen even more of a demand to provide their clients with options on coverage to help pay the costs of these expensive breaches for everything from point-of- sale (POS) breaches against customer accounts to targeted denial-of-service attacks intended to disable a company’s network and cause wide-spread panic.

Most companies turning to cyber solutions to help pay costs

Insureds sought financial protection through insurance in larger numbers, due in part to the attacks against major companies. Meanwhile many smaller businesses were overwhelmed by cyber theft occurrences in medical offices, retail sales divisions, and a host of other outlets. In 2014 alone, the number of U.S.-based Marsh clients purchasing standalone cyber insurance increased 32 percent over 2013, according to the report Benchmarking Trends: As Cyber Concerns Broaden, Insurance Purchases Rise, by Marsh USA.

Most of these large breaches drew attention for their effect of raising the level of attention given to cyber risks within companies, and for spurring changes to payment card systems in the U.S. and beyond. Along with any disruption resulting from cyber crimes and the ensuing reputational damage, many companies experiencing a data breach could also find itself attracting the unwanted attention of regulators, including the Federal Trade Commission.

Insurers responded to this demand by offering broader cyber insurance coverage in 2014, including coverage for contingent business interruption (CBI) and cyber-induced bodily injury and property damages and this trend has continued throughout the first quarter of 2015.

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Temp Staff Workers and Hired Non Owned Auto Coverage http://www.ctrp.org/insurance/temp-staff-workers-and-hired-non-owned-auto-coverage/ http://www.ctrp.org/insurance/temp-staff-workers-and-hired-non-owned-auto-coverage/#comments Thu, 11 Jun 2015 14:00:44 +0000 http://www.ctrp.org/?p=576 Temp agencies do not generally have a fleet of cars available to their staff and workers. If errands need to be run, or materials or goods need to be dropped off at a company or facility they will generally have employees perform these tasks in their own private cars. Since this is performed during business hours, the company can be held accountable for any damages, along with possible injuries, in the event that an accident occurs where the employee is deemed responsible.

If an employee of your company has a serious auto accident during the commission of work in their own vehicle or in a hired non owned vehicle, even in cases where they can use their personal insurance but it isn’t enough to cover the claim, your company will be responsible to pay the balance of any resulting settlements. These claims can be catastrophic and the cost of this insurance is quite low annually by comparison. Every business owner should seriously consider this coverage, and temp agencies, because they so often send candidates to different locations on a regular basis, run greater risks when it comes to automobile accidents.

What is hired automobile coverage?

Hired Auto coverage can either supplement or replace a car rental agency’s liability coverage. But because this insurance policy doesn’t cover physical damage to a rented vehicle, it is suggested that your company also purchase the rental agency’s physical damage coverage. The Hired Auto policy’s liability coverage protects only your company, and not the employee driving the rented vehicle, which means that the employee would still be personally liable for injuries or property damage to third parties.

It would be ashamed to lose your business due to inadequate insurance when it comes to having employees use their personal automobiles while at work. Regardless of the reason, there are serious risks involved in operating your business in this way, and no amount of money saved can offset the high price of litigation. Hired non owned auto coverages are usually added as endorsements on a General Liability policy. These types of coverage meet contract requirements for Commercial Auto coverage when the company has no vehicles titled in its name.

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Tips to Successful Insurance Appointment Setting http://www.ctrp.org/insurance/tips-to-successful-insurance-appointment-setting/ http://www.ctrp.org/insurance/tips-to-successful-insurance-appointment-setting/#comments Wed, 10 Jun 2015 13:45:23 +0000 http://www.ctrp.org/?p=572 It’s important to develop good insurance appointment setting skills that will help determine just how successful you’re going to be. Your success will depend in part on your ability to establish a face-to-face meeting with your prospect. First you need to learn what (and what not) to say by using a couple of proven techniques and tips.

Focus your initial contact on booking your presentation

The process begins once you’ve got some leads to contact. Remember that what you’re selling on the initial telephone call is the appointment so focus on just booking that. A key tip is to develop a script that seeks to sell an appointment; selling insurance comes later. The biggest mistake you can make is to qualify or sell the prospect while on the phone.

Using their first name helps make the situation more comfortable and friendly. You should quickly remind the consumer that the contact was their idea. State the reason for the call, for instance, they sent back a card (contacted your website, etc) requesting information on such and such a product.

If you get a “yes” response then you can move on to explaining to them that you’re the agent assigned to their case and you can give them a quick explanation about their options and answer any questions they may have. Follow up by setting an appointment to go over the services in more detail.

Offer two time slots, which makes a prospect’s decision simply one or the other. Once the appointment is set, end the call by thanking them and letting them know you look forward to speaking to them again. The average time on the telephone is generally under two minutes.

Remember to respond to any questions they may ask you along the process with, “That’s a good question and that’s one of the things we’ll go over when we get together.” As your insurance appointment setting skills increase you’ll discover that the above script works quite well and most appointments will actually get done very quickly during the duration of the phone call.

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Dog Bite Liabilities and Spaying or Neutering Your Pets http://www.ctrp.org/insurance/dog-bite-liabilities-and-spaying-or-neutering-your-pets/ http://www.ctrp.org/insurance/dog-bite-liabilities-and-spaying-or-neutering-your-pets/#comments Tue, 09 Jun 2015 12:15:43 +0000 http://www.ctrp.org/?p=569 The debate rages over whether spaying and neutering pets is the best solution to pet overpopulation and euthanasia, but these are both a continuing problem in the US and the many other parts of the world that needs to be addressed. Many experts feel that it is the duty of pet owners, and society as a whole, to be part of the solution to a situation that can have some serious consequences due to so many homeless animals running the streets.

Spaying or neutering your dog is an important part of being responsible pet owners. Unneutered male dogs that are not able to mate experience frustration, and dog bite liabilities are often the result of their anxieties.

A USA Today article from May 7, 2013 cited that pets who live in the US with the highest rates of spaying and/or neutering also tend to live the longest. According to that report, neutered male dogs, on average, live 18% longer than un-neutered male dogs and spayed female dogs live 23% longer than un-spayed female dogs. Another positive aspect to consider in addition to the increased longevity of altered pets is the reduced risk that many of the animals face with regards to certain types of cancers.

Unaltered pets often show patterns of misbehavior

While the types of problem behaviors exhibited by unaltered pets may vary between species and genders, these issues should factor into your decision. For example, dogs that aren’t spayed or neutered often tend to be more hyperactive and display behavioral problems (i.e. gnawing on household items and chewing through fences), as well as running away, and not bonding with family members or other pets. But perhaps the biggest issue in intact males is their unprovoked aggression and biting. Statistically, unneutered male dogs are responsible for over 90% of reported bites, with children being 60% of those that are bitten.

Altered pets display a much calmer disposition

Both male and female dogs are all less likely to bite, fight, roam, or cause accidents in which people or other pets get hurt. Spayed and neutered pets also generally bond better with people, are less destructive and aggressive, and make better pets since their focus is no longer on breeding.

Pet owners can certainly benefit from the reduced dog bite liabilities associated with spayed and neutered pets. Speak to an insurer about any insurance benefits associated with having this procedure done.

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