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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/

Covering Coronavirus: Risk Considerations Volume 1, Issue 7

… may be useful in addressing some of these issues. Available in English, Spanish and Bilingual, they are not only an immediate help, but can be displayed or distributed once post-pandemic work practices resume to encourage employees to continue to exhibit safe and healthy behaviors. The Training & Awareness team can arrange printing and distribution for company-wide usage, and can help companies go further, creating custom videos and implementing other strategies proven to shift behavior through a positive, cohesive learning process that leads to engagement and goal/objective alignment. Reach out to an EPIC broker to request any of these …

https://www.epicbrokers.com/insights/covering-coronavirus-risk-considerations-volume-1-issue-7/

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/

IRS Provides Guidance on FFCRA Tax Credits

… health plan expenses are determined separately for each plan. Then, for each plan, the employer should allocate expenses to the employees who participate in that plan. In the case of an employee who participates in more than one plan (e.g., a group health plan and a health flexible spending arrangement (HFSA), the allocated expenses of each plan in which the employee participates are aggregated for that employee. Fully insured plans. An eligible employer who sponsors a fully insured group health plan may use any reasonable method to determine and allocate the plan expenses, including: the COBRA applicable premium for …

https://www.epicbrokers.com/insights/irs-provides-guidance-on-ffcra-tax-credits/

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/

CARES Act Addresses COVID-19 Economic Crisis

… 2021. Expanded Reimbursable Expenses under HSA Starting with expenses incurred on or after January 1, 2020, the CARES Act provides that costs for over-the-counter drugs and menstrual care products will be reimbursable under an HSA. Additionally, Archer Medical Savings Accounts, Health Care Flexible Spending Accounts, and Health Reimbursement Arrangements will be able to reimburse these expenses. Unemployment Insurance The CARES Act creates the Pandemic Unemployment Assistance program to be in effect through December 31, 2020. Individuals will be able to get an amount equal to the applicable amount available under state unemployment insurance laws, plus up to $600 …

https://www.epicbrokers.com/insights/cares-act-addresses-covid-19-economic-crisis/