Cybercriminals are waging a constant virtual battle to steal or ransom money and valuable information. Now, insurers are worried about the growing threat that actual war may spill over into cyberspace due to the conflict in Ukraine and rising geopolitical tensions worldwide (source 1). To combat the potential for catastrophic losses arising from cyber war and terrorism, Lloyds and other major insurers are deploying exclusions starting in 2023 for state-sponsored and widespread attacks. These exclusions add more uncertainty for insureds even as cyber policies evolve to address the constantly changing threat landscape. It’s crucial for retail agents and insureds to understand how these new exclusions may affect their cyber coverage and exposures. A wholesale broker with deep expertise in cyber coverage and strong carrier relationships can help guide retailers and their clients through potentially confusing policy choices to build the optimal cyber program.

Medical malpractice claims have far-reaching financial, psychological, and social effects on patients and healthcare providers at every level. The loss of key staff members and the negative publicity associated with medical professional liability lawsuits can do significant damage to a hospital or medical clinic. Current trends indicate malpractice claims have been growing in severity, making effective risk management plans and adequate medical professional liability insurance coverage vital to the long-term success and sustainability of any hospital or medical practice.

It was around 10:30 pm on a Saturday night when the email came in. One of the few on-duty employees read it and assumed it was a joke or some form of spam. The email said the network had been locked, and the company would need to pay a ransom of $400,000 to regain control of its system. Unfortunately, the email was not a joke. By Sunday morning, the company’s executive team realized the gravity of the situation. They had been hacked, and their network was now under the control of an anonymous bad actor.

Construction projects are often complex undertakings, involving a variety of different stakeholders, including contractors, architects, designers, subcontractors, suppliers, and project employees. With several entities involved, the potential liability exposures of construction projects can be extensive. While project owners typically require subcontracted design professionals and construction managers to carry Architects & Engineers (A&E) insurance, coverage for a project owner under an A&E policy is still far from guaranteed.

Many are finding that the marketplace for Directors and Officers (D&O) liability insurance is easing in the final quarter of 2022. New entrants to the space are competing for accounts, and underwriters are becoming more comfortable with certain risk classes. Trend data compiled and tracked by CRC Group indicates average renewal rate increases are slowing, and more accounts are renewing with flat to small increases compared with earlier in 2022 (source 1).