Fifteen years into the soft market cycle, it shouldn’t come as a surprise that the Medical Professional Liability (MPL) market is turning around. Many will remember that the Long-Term Care (LTC) market began to show signs of hardening in 2017, and the Hospital segment began to follow suit in the second quarter of 2019. While the Facilities and Physician segments have lagged behind, they’re also turning the corner toward a firmer market. While the COVID-19 pandemic is to blame for many current challenges, this hard market was well on its way prior to the pandemic. In actuality, the battle against COVID-19 has functioned in many ways as a temporary pause button for the MPL marketplace, giving insureds a short period of respite due to moratoriums on litigation. However, significant market changes are anticipated for the remainder of the year and beyond. Understanding the 5 primary drivers of the tightening market can be important to helping clients comprehend the changes that are coming.

Everyone knows the fine print matters, but it is especially important when it comes to the additional insured endorsements sometimes requested by partners. Clauses requiring such endorsements can be expensive in ways insureds may not realize. Understanding the hidden costs of an additional insured endorsement can keep an insured from unfairly paying for another’s mistakes or unintentionally elevating insurance costs. Contractual provisions requiring additional insured endorsements can vary, and the differences can make a world of difference.

The U.S. Patent and Trademark Office (USPTO) has issued more than 10 million patents since 1836 (source 2). The number granted has grown exponentially over the last twenty years, with more than 350,000 patents issued in 2019 (source 1). As the number of patents increases, so does the opportunity for infringement. Patent infringement occurs when a patent owner alleges that products or services being manufactured, sold, or distributed by another company infringe on their patent rights. When this happens, litigation often ensues, with the plaintiff seeking an injunction against further sale of the infringing product or service along with payment of royalties or damages. The cost of defending or settling such a claim can be devastating. As of 2017, the average total cost for defending a patent infringement case worth up to $10 million, was $1.7 million.6 While larger companies may be equipped to handle millions of dollars in legal fees and settlements, patent litigation can bleed small to mid-sized companies dry.

A growing number of organizations are using biometric data, such as fingerprints and retinal scans, as a convenient way to improve security. From touchpads that unlock smartphones and computers, to scanners providing access to places of business, biometric data seems to be a fast, easy and secure way to authenticate individuals and unlock access.

Over the last several years concern around big issues like economic disparity, climate change, and social justice have increased across the country. In light of these issues, many are drawn to the idea of tying investment decisions to personal or social values in an effort to effect social change through environmental, social, and corporate governance (ESG) investing (source 6). As of 2018, the popularity of ESG investing had grown to include more than $30 trillion in assets, based at least in part on investors’ demands for clarity around a company’s attitude toward social issues (source 5).