Understanding "Out-of-Band Verification" Clauses

The landscape of cyber insurance and the terms and conditions offered by providers are shifting. An increasingly common clause raising eyebrows is the "out-of-band verification" requirement. This stipulation, often buried within policy details, can significantly impact your coverage in case of cyberattacks like social engineering and funds transfer fraud.

Topics: Breach, Cyber, Ransomware, Hack, Hacking, Data, Insurance, Spear Phishing

Education Law 3023 Requires School Districts and BOCES to Insure and Indemnify All Teachers, including Student Teachers.

Topics: Insurance, School, Risk Management

The vote has taken place, and your District is embarking on a Capital Project!  Exciting times for the students and families, but a big project management commitment for School Business Officials.  Before a single shovel goes in the ground, make sure you have dotted your i's and crossed your t's, especially where Insurance and Risk Management issues come into play.

Topics: Liability Insurance, Insurance, Risk Management, Capital Project, Builders Risk

The IRS has issued proposed rules that would change the way employer-sponsored coverage would be treated when determining if a family is eligible for premium tax credits (PTC) when purchasing individual health insurance through a public Marketplace. The proposed rules would fix the so-called “family glitch” that currently requires employer plan affordability to be based on the employee-only cost for coverage, while not taking into consideration the cost for the employee’s family to participate. The change would allow more spouses and dependents to qualify for premium tax credits toward the cost of individual health coverage purchased through a public Exchange.

 

Topics: Updated Compliance Alert, Insurance, Compliance, Healthcare, Benefits, Affordable Care Act

From 2015 to 2019, large Trucking Auto Liability verdicts went from an average of $2.3 Million to $22.3 Million.   

Topics: Transportation, trucking, Insurance, Nuclear Verdicts

Residents of NY will be allowed to purchase, possess and grow marijuana for personal use.  It will be a regulated and taxed industry that will see significant growth in the coming years.  NY has formed the Office of Cannabis Management (OCM) to establish the regulations about production, distribution and sale of recreational marijuana. 

Topics: Insurance, Risk Management, Marijuana, Legalized Cannabis

It seems that Cyber-Attacks and Ransomware incidents are in the news every day.  Some experts are saying that it is not if, but rather when you are hacked.  Having strong Data Security practices within your organization is the best way to prevent a breach.  A comprehensive Cyber Insurance policy tailored to fit your needs is the best way to recover from a breach. 

Topics: Breach, Cyber, Ransomware, Hacking, Insurance, Risk Management, Claims

As an insurance professional for over 30 years, I’ve learned the importance of having proper coverage, including an umbrella policy.  Not only is it important because, for a few hundred dollars a year, you can increase your liability coverage significantly, but because it gives you an opportunity to be in a better position to “right a wrong” when necessary. 

Topics: Insurance, home insurance, auto insurance, Umbrella, Risk Management, Protection

The stakes are higher than ever for cyber incidents and ransomware attacks.

The pandemic has increased the fear and uncertainty, and led to behavioral changes for students, staff, and even parents.

Topics: Cyber, Ransomware, Hacking, Insurance, School, school budget

 

Topics: Insurance, home insurance, auto insurance