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Lawyers' Professional Liability Report

… earnings of $18.3b and capital gains of $27.2b.[ii] Underwriting profitability improved compared to the prior year period and operating earnings were stable, reflecting improved pricing. Insurers also appear to have maintained focus on underperforming lines of business (including professional liability) seeking higher rates and exercising limit and risk selection discipline.[iii]  Although 2019 Year End statutory financial statement filings of March 1, 2020, have yet to be analyzed, anecdotal evidence supports the conclusion that 2019 finished strong. Year-end financial data are unlikely to provide significant insight into what might be anticipated in 2020. In mid-March …

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

Covering Coronavirus: Risk Considerations Volume 1, Issue 8

EPIC Risk Advisory Bulletin Volume 1, Issue 8 The global COVID-19 (coronavirus) pandemic remains both dynamic and fluid. We continue to see unprecedented disruptions at home and abroad. In this issue, we take a focused look at: General Information on Coronavirus Supply Chain and Business Risks Repurposing Campuses for Hospital Overflows Insurance Products and Coverage Information Liability Immunity for Healthcare Workers   Proposed Ban on Surprise Medical Bills  Legislation and Litigation Roundup  Human Resources and Employee Benefits Newly Released FAQs on FFCRA and CARES Act FFCRA Navigation Flowchart   CDC Safety Guidelines for Critical Infrastructure Workers  DOL Guidance on Recording Coronavirus …

https://www.epicbrokers.com/insights/covering-coronavirus-risk-considerations-volume-1-issue-8/

COVID-19: New York Emergency Regulation

… professional liability, medical malpractice, credit life and health, credit unemployment, life, annuities, workers’ compensation, fidelity & surety, credit, marine and inland marine, marine protection indemnity, gap, and involuntary unemployment. The Executive Order and Regulation also apply to prepaid legal services plans and legal service insurance, the Motor Vehicle Insurance Association Assigned Risk Plan, New York Property Insurance Underwriting Association, and Medical Malpractice Insurance Association. Please note that while the Regulation and relief provided therein applies to personal lines policies acquired in the excess and surplus lines market, it does not apply to commercial policies purchased by Small Businesses in the excess …

https://www.epicbrokers.com/insights/covid-19-new-york-emergency-regulation/

EPIC Insurance Brokers & Consultants Launches Restructuring Services Offering

EPIC Insurance Brokers & Consultants, a retail property and casualty insurance brokerage and employee benefits consultant, announced today that the firm has launched a Restructuring Services operation under its Financial Services division to support the restructuring process for distressed situations with risk mitigation and risk transfer insurance capital solutions. Led by Executive Vice President, Philip V. Moyles, Jr., head of Financial Services, the group will work with restructuring, legal, accounting and bankruptcy professionals as well as turnaround investors, to improve liquidity, preserve the business enterprise and develop and implement programs that address the issues adversely impacting financial performance. EPIC’s Restructuring …

https://www.epicbrokers.com/insights/restructuring-services-offering/

Notarizing and Executing Legal Documents While We Shelter-In-Place

BACKGROUND The COVID-19 pandemic has resulted in stay at home orders and social distancing requirements in almost every state in the country. This, in turn, has led to challenges for notaries public to conduct their obligation to witness execution of legal documents. Some states have addressed this issue by passing laws or issuing temporary regulations authorizing “virtual” notarization without in-person meetings. LESSONS TO LEARN Lawyers’ professional liability (LPL) policies protect law firms and lawyers from claims of negligence in the rendering or failure to render legal professional services – including notary services. The breadth of coverage provided by an …

https://www.epicbrokers.com/insights/notarizing-and-executing-legal-documents-while-we-shelter-in-place/

COVID-19: Workers’ Compensation FAQs

My employee alleges that they contracted the coronavirus while at work. Will this result in a compensable workers’ compensation claim? If the employee is a health care worker or first responder, the answer is likely yes (subject to variations in state law). For other categories of employees, a compensable workers’ compensation claim is possible, but the analysis would be very fact-specific. If there was an exposure to COVID-19 in the work place is the employee likely to establish a compensable workers compensation claim? Each state has different laws around what establishes a work related injury. In most cases …

https://www.epicbrokers.com/insights/covid-19-workers-compensation-faqs/

Covering Coronavirus: Risk Considerations Volume 1, Issue 7

EPIC Risk Advisory Bulletin Volume 1, Issue 7 The global COVID-19 (coronavirus) pandemic remains both dynamic and fluid. We continue to see unprecedented disruptions at home and abroad. In this issue, we take a focused look at:. General Information on Coronavirus Supply Chain and Business Risks Cargo Theft Response Services and Safety Tips Insurance Products and Coverage Information Webinar: Management Risk & Cyber/Privacy Legislation and Litigation Roundup Human Resources and Employee Benefits Sharp Increase in OSHA Complaints Webinar: Filing CA Workers’ Compensation Claims Navigating New Leave Requirements as a Result of Coronavirus Release of U.S. Treasury Paycheck Protection …

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

Claim Data and Trends

… factors driving severity and certain areas we are monitoring as emerging areas of concern. Ponzi Schemes Although by no means new, we continue to see Major Firms ensnared by Ponzi schemes and other client level fraud. Over 40% of the Severe Claims in our database involve fraud perpetrated by employees, management or business owners. In all of these claims the accounting firms and their employees did not commit any fraud. Rather, it was fraud perpetrated by employees/owners of the client who purposefully hid the wrongdoing. A recent example of a fraud case trapping a Major Firms Group accounting firm …

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