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Lawyers' Professional Liability Report

… claim scenario. Clients create a team of lawyers from several outside law firms working with designated in-house lawyers and with other non-law firm service providers (sometimes including project managers, accountants, legal process outsourcers, legal staffing firms) to provide legal services for particular projects. Claims arising out of these arrangements lack centralized and documented supervision, management of deadlines and overall accountability, which results in the implication of most law firms involved. Claims seek to hold the law firms responsible for all key decisions impacting legal representation. Underwriters continue to attribute these “causes” to an erosion of disciplined execution of …

https://www.epicbrokers.com/insights/lawyers-professional-liability-report/

What Will COVID-19 Do to Healthcare as We Know It?

… very strict coverage rules. If the Republicans manage to hang on, healthcare responsibility is going to be pushed more to the individuals as signaled by the Individual Coverage Health Reimbursement Arrangement (ICHRA) regulations, which allow employers to shift healthcare to a defined-contribution benefit. No longer will employers be forced to absorb cost increases, which have become even less budget-able with this pandemic. These regulations are complex and force individuals onto the generally undesirable benefits available on individual exchanges, but for some employers and some segments of the population, this option will be appealing. Although our actuarial team …

https://www.epicbrokers.com/insights/what-will-covid-19-do-to-healthcare-as-we-know-it/

Claim Data and Trends

… not make it right or safe. Common sense is more important than a clever parsing of the tax code. Saying “no” to a client or perspective client is ok when you are presented with an “opportunity” in these situations. We have remained open for business since the onset of the COVID-19 pandemic in the United States as we transitioned quickly to a 100% remote worker arrangement in early March. Please contact Jay Moroney and Owen Bailitz for assistance with risk management concerns or your account team with policy and coverage questions. [1] The sordid tale of Aequitas Management …

https://www.epicbrokers.com/insights/claim-data-and-trends/

SBA Payment Protection Program Considerations

… assurance is being provided, exercise appropriate professional skepticism when reviewing the information provided by the application as the risk of fraud is high with a government relief program like this. Here to Serve You During These Challenging Times We have remained open for business since the onset of the COVID-19 pandemic in the United States as we transitioned quickly to a 100% remote worker arrangement in early March. Please contact Jay Moroney and Owen Bailitz for assistance with risk management concerns or your account team with policy and coverage questions. For more of EPIC’s coronavirus coverage, visit …

https://www.epicbrokers.com/insights/sba-payment-protection-program-considerations/

Self-Funded Medical for Middle-Market Customers

Traditionally, middle-market employers have used fully-insured funding arrangements to finance their medical insurance costs while self-insurance or “Administrative Services Only” contracts were relegated to the large employer market. Due to rising costs and a lack of transparency of insured arrangements, smaller employers have begun to evaluate self-insurance as an option for controlling costs. This funding mechanism has become much more accepted as the purchase decision now includes the top financial executive level, and vehicles such as lifestyle-based contribution models have become mainstream, allowing the full impact of these strategies to fall directly to the organization …

https://www.epicbrokers.com/insights/self-funded-medical-for-middle-market-customers/

Financial Impact of COVID-19

… in the U.S. While COVID-19 has not run its course, we believe it should be pointed out that mortality is not unlike prior pandemics to date, though is expected to be higher than that of a given flu season. Many of our clients, particularly those in self-funded arrangements (in some cases with little or no aggregate stop-loss protection), have inquired as to whether this pandemic will destroy their healthcare programs with costs exploding higher in response to broad sickness. Our strong belief at this time is that COVID-19 will not have a dramatic impact on …

https://www.epicbrokers.com/insights/financial-impact-of-covid-19/

EPIC Adds Matthew Marmorek as National Practice Leader, Global (Non-US) Employee Benefits

EPIC Insurance Brokers and Consultants, a retail property, casualty insurance brokerage and employee benefits consultant, announced today that Matthew Marmorek has joined the firm as National Practice Leader, Global (Non-U.S.) Employee Benefits. Marmorek has worked in the international employee benefits industry for almost two decades. He specializes in developing innovative solutions to help multinational organizations meet their global employee benefit needs. He has extensive experience guiding clients through the implementation of financing vehicles such as multinational pooling, global underwriting, and captive arrangements, both on and off-shore, including medical, non-medical, and pension coverage. Marmorek brings deep carrier …

https://www.epicbrokers.com/insights/epic-adds-matthew-marmorek-as-national-practice-leader-global-non-us-employee-benefits/

Can ICHRAs Be Used to Make Healthcare a Defined Contribution Benefit?

The Affordable Care Act (ACA) limited employers’ ability to use Health Reimbursement Arrangements (HRAs) to fund individual premiums, except for Qualified Small Employer HRAs which had limited applicability due to legislative restrictions. Legislators were fearful that employers would use these programs to dump bad risk on the individual marketplace, which under ACA now has a pre-existing condition ban. Makes sense – large claims make up a disproportionate share of an organization’s total claims, and an employer would get a windfall if it could remove those individuals from its plan. In 2017, the Trump administration directed the U.S. Treasury …

https://www.epicbrokers.com/insights/can-ichras-be-used-to-make-healthcare-a-defined-contribution-benefit/