Friday, April 18, 2014

A Fond Farewell

Erin Ayers last "According to The Standard" was published today
Today, The Library joins many in the New England Industry, in wishing Erin Ayers, long-time, and much loved, editor of The Standard, the very best of luck in her future endeavors.

We've always had a soft spot for Erin, here at The Library. Often we'd vie for a spot next to her at our big event because she was easy to talk to and always interesting. Erin was a joy to correspond with, should we need information regarding recent local events or suggestions on where to find a particularly tricky statistic.

Erin, we wish you well and we hope you stay in touch!

For those of you who would like to see Erin's final standard, you can go here:

If you're interested in picking up where Erin is leaving off, you can see the job description below.
Send Resumes to: Susanne Dillman at The Standard

Wednesday, April 16, 2014

Cyber Insurance -- We're Not Done Harping On It Yet!

We just came across a report from Willis entitled: Willis Special Report: 10k Disclosures -- How Retail Companies Describe Their Cyber Liability Exposures. In light of the last article we linked to which described the Target debacle as "the equivalent of 10 free super bowl ads," We thought it might be good to draw your attention to what retailers think about their cyber risk.

Monday, March 31, 2014

Cyber Insurance Still a BIG Deal!

We know we've been re-miss in updating our blog posts, but until we get back on track with that, we thought we'd pop in with a link to a recent Wall Street Journal article entitled: Cyberattacks Give Lift to Insurance: Sales of Cyberinsurance, to a Diverse Mix of Customers, Are Up Sharply this Year, Brokers Say.  According to the article:
Insurers have pushed the coverage hard for a while, and this year may be an important turning point. "The Target data breach was the equivalent of 10 free Super Bowl ads," said Randy Maniloff, an insurance-industry lawyer with White & Williams.

Looks like this blogpost isn't so out of date after all!

Tuesday, March 25, 2014

Unmasking the 2014 Insurance Professional of the Year Award Ceremony

Insurance Professional of the Year Award Winners, Richard Brewer, John Golembeski, Michael Sabbagh, Francis Bellotti, Hope Aldrich, John Conners and Daniel Johnston at the 2013 Insurance Professional of the Year Award Ceremony
This year the Insurance Professional of the Year Award Ceremony will coincide with Halloween. It's no trick, mark your calendars now for, October 31, 2014, when we'll be celebrating more than just All-Hallows'-Eve, as we honor a hallowed member of the Insurance Industry. 

The Insurance Professional of the Year is selected by a committee comprised of a cross-section of the industry. We value your input greatly as it helps the committee in their decision process. Please send in your nominations for the 2014 Insurance Professional of the Year as soon as possible.

As a reminder, the individual selected to be professional of the year shall be someone who: has earned the respect and affection of the insurance community and is recognized as hardworking, public-spirited, and trustworthy. 

The award is meant to honor outstanding citizens who have distinguished themselves through service to their industry and the community at large. If you know of a worthy candidate who fits these criteria, we'd love to hear about them. 
For a full list of the past winners, you can visit our website, here. Please forward any nominations for a 2014 winner that you might have to by April 1, 2014.

Tuesday, May 22, 2012

April Showers. . .

Please Note: this post was supposed to go up while I was on vacation last week! Sorry for the delay, I hope it still proves informative.

Where did April go?! We're heading into the end of May and somehow with one thing and another I didn't manage to get our "Collection Selections" e-newsletter highlighting journal articles and new books published.

I also haven't had a chance to update the blog or start spring cleaning my desk! We did manage to write and post a new newsletter for the library though, so I would definitely recommend going over there and taking a look if you didn't see it when it came out on May 7th.

I  have a few ideas on blog posts I'd like to get up and running. We had a couple of Q&As in the newsletter which I think we could flesh out a little more. One on co-insurance penalties and one on no-fault vs. non no-fault auto insurance states (an important topic here in New England since we can so easily cross borders into either territory). I was also talking with some friends this weekend about homeowners/renters insurance and, having just put in a claim on my personal articles policy, I thought it might be useful to take a look at some homeowners basics.

While most of my current ideas run toward the consumer end of the spectrum, we would love to provide more technical information on the blog for those professionals who are readers. Please, as always, feel free to email blog suggestions to

In the meantime, I thought I might highlight some of the articles I wanted to mention in the April Collection Selections newsletter.

Our Library hosted a new seminar on May 8th taught by Craig Stanovich. He was discussing Cyber Risk and Privacy Violation Insurance. It was a very timely topic since a flood of new information on the topic came out this spring.

On March 19th, Business Insurance devoted an entire issue of their publication to Cyber Risks.Clearly if you're interested in the topic, you should take a look at that entire issue, but one article that might be of interest, especially to producers, is entitled Few Firms Buy Coverage for Cyber Risks: Survey. Not only does it provide information on the purchasing patterns for cyber insurance but it has a table showing "Why Companies Do Not Buy Cyber Coverage." There's also a great article by Scott N. Godes of Dickstein Shapiro, LLP entitled Surprising Sources of Coverage. While he recommends checking the company's Cyber Insurance Policies for coverage first, he also suggests that there might be coverage found in Commercial General Liability policies, Crime policies, Commercial first-party property policies and Employment Practices Liability policies.

Also out this spring, was Verizon's 2012 Data Breach Investigation Report. They have collected eight year's worth of data breach information from around the world. Their "goal is that the data and analysis presented in this report prove helpful to the planning and security efforts of [their] reader." It's a great resource for Risk Managers!

In April, Towers Watson published their 3rd Annual Risk and Finance Manager Survey. In their executive summary, they mention that 72% of North American Companies have not purchased network security/privacy liability policies. Not only is this survey of great importance to risk managers, producers would do well to take a look at it to when trying to figure out what their clients are likely to need/why they might not have the coverage they require.

For those looking for more in-depth coverage on Cyber Liability, The Library also recently purchased a copy of the National Underwriter book: Cyber Liability and Insurance: Managing the Risks of Intangible Assets.  You can click here to take a look at the table of contents. The book even includes some specimen forms!

This was just a short sampling of some recent Cyber Liability items we have in our collection. If you're interested in more coverage of this, or another insurance-related topic we encourage you to stop by the library or shoot us an email!

Wednesday, April 25, 2012

Consumer Services for Lost Life Insurance

One of the many services that The Insurance Library provides for consumers, is to locate current contact information for life insurers. Often people obtain a policy when they first start working, get married or have their first child. They then stick with that policy for the next 50 or so years. In the meantime, the policyholder may receive a letter or two informing him of mergers, acquisitions or just name changes. Unless they're hoarders (and let's be honest, even if they are how would they find a particular piece of paper?), most people end up throwing out the update. When the time comes for beneficiaries to make claims, they only have that original policy with a company name that might be three times removed from the current name. The Library is always happy to use our resources to help consumers trace the insurance company forward and provide them with current contact information.

A recent article in the New York Times caught my eye, though. It deals with another request we often get from consumers, lost policies. Sometimes a person calls and, instead of having a copy of that original policy, (giving us a foot in the door on the research) they just know that their loved one had a policy, but can't find any documents mentioning with which insurance company the policy was placed.

It's unfortunate, but there's not much we can do in a situation like that. If the person who died worked for a company for a significant amount of time, it's often useful to contact that company and see if there was a group life policy put in place through them. They would be able to let the beneficiary know which life insurance company they used and benefits can be found that way. There are also some companies out there who can try and trace if the person applied for life insurance, but it costs money to initiate the trace and they don't always get results.

The Insurance Information Institute has a great article outlining steps consumers can take when searching for lost life insurance policies.

State insurance regulators in at least 30 states are working hard to make lost policies less of a problem. The New York Times article I mentioned above discusses three life insurance companies who have settled with various states over "failing to keep track of policyholder deaths, trapping money that should have gone promptly to the beneficiaries." The companies have pointed out that: "Contractual language in the life policies says the survivor, or a representative, must file a claim to receive the payment. State insurance regulators said [the companies] made the case that they had not broken any laws by failing to seek out the survivors, but could have done more than they did."

We'll see how this issue progresses and if there are any major developments we'll try to write on this topic again!

Thursday, April 19, 2012

Don't Say We Didn't Warn You!

About a year ago we posted on wedding insurance. While most of those links are all still appropriate if you're searching for wedding insurance information, wedding season is gearing up again and we thought we'd revisit the topic. It's especially appropriate since Property Casualty 360 just put an interactive article on their website entitled: Top Wedding Insurance Claims of 2011.

We encourage you to take a look at their article which is well illustrated and has good explanations. Below is a pie graph we created based on their article, though, in case you're looking for the quick and dirty break down of Travelers' wedding insurance claims from last year:

Just like we mentioned last year, if you have any questions about whether your own homeowners insurance or other policies cover wedding-related risks, or whether you should get a stand-alone policy, you should contact your Insurance Agent.