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PPP Loan Insurance

PPP Loan Insurance The Paycheck Protection Program (PPP) provides a forgivable loan to small businesses to directly incentivize keeping workers on the payroll during the COVID-19 pandemic. The Small Business Administration (SBA) will forgive loan repayment so long as specific employee retention criteria are met and the funds are used for eligible expenses. In these precarious times, retention of PPP funds is critically important to its recipients. Unfortunately, with a new program comes uncertain regulation. The SBA audit window is six years. If deemed an ineligible recipient, the recipients of PPP loan proceeds may have to return the loan …

https://www.epicbrokers.com/insights/ppp-loan-insurance/

Surety State of the Union July 2020

… next 30 days. We can expect to see a rise in defaults on contract surety bonds because of this. However, the market for performance and payment bonds has remained strong since it is the largest annual surety demand by volume, and each project or contractor has their own level of risk and is judged individually. Contractors in the oil and gas space could have some jobs canceled entirely due to cutback, impacting future backlog. Surety capacity is still available to these contractors, but the job opportunities are likely to become more scarce. Those who bid more government work will find …

https://www.epicbrokers.com/insights/surety-state-of-the-union-july-2020/

Covering Coronavirus: Risk Considerations Volume 1, Issue 18

… The best sources overall for timely information on the coronavirus pandemic remain the Centers for Disease Control (CDC), the World Health Organization (WHO) and Occupational Safety and Health Administration (OSHA). EPIC continues to compile resources to aid in understanding the impact of the pandemic on employers, their workforces and the management of risk. Supply Chain & Business Risks U.S. DOL Acts to Help American Workers and Employers The United States Department of Labor (DOL) recently took a range of actions to support and protect American workers and employers amidst the ongoing coronavirus pandemic. Perhaps the most significant was its awarding …

https://www.epicbrokers.com/insights/covering-coronavirus-risk-considerations-volume-1-issue-18/

Covering Coronavirus: Risk Considerations Volume 1, Issue 17

… The best sources overall for timely information on the coronavirus pandemic remain the Centers for Disease Control (CDC), the World Health Organization (WHO) and Occupational Safety and Health Administration (OSHA). EPIC continues to compile resources to aid in understanding the impact of the pandemic on employers, their workforces and the management of risk. Supply Chain & Business Risks Check Idle Buildings for Legionnaire’s Disease Before Reopening America’s reopening efforts are bringing some employees back to office buildings that have sat idle for several months. Before allowing employees to enter a building; however, it is important to flush and sanitize …

https://www.epicbrokers.com/insights/covering-coronavirus-risk-considerations-volume-1-issue-17/

Oak Hill Capital and The Carlyle Group Announce Formation of Galway Insurance Holdings

Investment firms Oak Hill Capital (Oak Hill) and The Carlyle Group (Carlyle) today announced the formation of Galway Insurance Holdings, a new holding company. Galway launches a new diversified brokerage distribution and underwriting platform on behalf of the Private Equity owners and their respective management teams and employee stakeholders. The foundation of the investment is via Oak Hill’s contribution of #14 ranked retail broker in the US, EPIC Brokers and Consultants into Galway, while Carlyle will contribute Specialty Distribution aggregator #8 ranked JenCap Holdings, a portfolio company of Carlyle Global Financial Services Partners II. The strategy is further amplified …

https://www.epicbrokers.com/insights/oak-hill-capital-the-carlyle-group-announce-formation-galway-insurance-holdings/

Covering Coronavirus: Risk Considerations Volume 1, Issue 16

… The best sources overall for timely information on the coronavirus pandemic remain the Centers for Disease Control (CDC), the World Health Organization (WHO) and Occupational Safety and Health Administration (OSHA). EPIC continues to compile resources to aid in understanding the impact of the pandemic on employers, their workforces and the management of risk. Supply Chain & Business Risks FMCSA Extends and Modifies Emergency Declaration The Federal Motor Carrier Safety Administration (FMCSA) has extended its emergency exemption for Commercial Motor Vehicle drivers assisting with coronavirus relief efforts. The extension is effective June 15 and expires on July 14. The scope of the …

https://www.epicbrokers.com/insights/covering-coronavirus-risk-considerations-volume-1-issue-16/

Cost Modeling Projections

Introduction The cost impact to the U.S. healthcare system by the COVID-19 pandemic has been estimated by reputable studies in a range of 6%-15% of U.S. healthcare spend in 2020. These studies are of special interest to self-insured employers, health plans, and reinsurers for pricing and planning purposes. An important feature of these models is that they do not attempt to quantify the behavioral changes of beneficiaries who are unable or unwilling to seek care during times of social distancing and hospital resource scarcity. EPIC calculates that in 2020, COVID costs for the U.S …

https://www.epicbrokers.com/insights/cost-modeling-projections/

How Will Commercial Property Insurance Policies Respond to Riot, Vandalism, and Civil Commotion?

Riot, civil commotion, and vandalism are commonly covered perils under commercial property policies. Damage to an insured’s building and personal property caused by these perils should be covered. Separate coverage for plate glass is generally also available and policies should be reviewed to confirm. Lost income due to civil unrest caused by “Civil Authority” or actual damage to covered property may be available to offset the financial loss caused by the civil unrest. In response to the recent unrest, the following policy terms should be reviewed: Civil disturbance: Also called “civil unrest,” this is a broad term encompassing any …

https://www.epicbrokers.com/insights/how-will-commercial-property-insurance-policies-respond/