Following TRIPRA’S reauthorization earlier this month, the federal backstop program is set to continue for the next six years. While the extension provides significant relief for buyers of terrorism insurance, it may also lead to a reduction of capacity due to an increase in insurer retention. As a result, stand-alone terrorism policies may be beneficial for businesses that need broader coverage not reliant on government backing. Stand-alone policies are often cost-effective, competitive and available on a worldwide basis. While every business has specific needs when it comes to their terrorism exposure, those that are subject to any of the risk areas below should consider purchasing a stand-alone terrorism policy. Read more…
We’ve all heard that ‘sitting is the new smoking’ and our lack of physical activity during the work week is one of the contributing factors to many Americans being overweight or obese. For most of us, we’re in a routine of sitting the majority of our day: at a desk, or in a cubicle during work, followed by the car or train on the commute home before heading over to the sofa to unwind once there. Our society is in the midst of an obesity crisis, affecting everything from medical costs to health insurance premiums, and in some cases making small adjustments to this daily routine can be part of the solution.
- Phase 1 Clinical Trials Compensation Guidelines
- Phase II, III and IV Clinical Trials Compensation Guidelines
The shared economy continues to expand – from home rentals and personal drivers, to babysitting and cleaning jobs – this new breed of businesses are popping up all over, allowing customers to make simple online arrangements with service providers for a myriad of tasks. The premise behind the shared economy takes established business models and turns them on their head, and thanks to their unconventionality, these companies are “disrupting” major markets by luring consumers away from the more traditional forms of the same service. Entrepreneurs are launching their online companies via an app that can promise faster, cheaper and more accessible services, all while quietly avoiding many of the cumbersome insurance and regulatory laws that govern their traditional counterparts. Read more…
While the release of scandalous celebrity emails made front-page news during Sony Corp’s data breach last month, the leakage of private employee information is far more damaging. Amidst the thousands of documents stolen from the company were the personal health records of more than three dozen employees and their children. Numerous emails and reports related to employees’ health were leaked during the attack, which exposed the personal information (salaries, social security numbers, home addresses, phone numbers, financial data, scans of passports and performance evaluations) of 47,000 current and former Sony employees. Included in the stolen health documents was a spreadsheet from the company’s HR department that listed the birth dates, gender, health condition and medical costs for 34 workers. Another file contained a list of personal details of one employee’s child with special needs, including reports about the child’s diagnosis, treatment and medical claims history. Read more…
The U.S. Senate voted 93-4 yesterday in favor to pass the Terrorism Risk Insurance Program Reauthorization Act of 2015 (TRIPRA) following passage of the same version of the bill (H.R. 26) in the House on Wednesday. Thursday’s vote ended weeks of anxiety for buyers of terrorism insurance caused by the Senate’s failure to reauthorize the bill on December 31st, 2014. Once signed by President Barack Obama, the law extends the federal terrorism reinsurance program for six years.
The bill includes several changes with respect to the reinsurance mechanics of the Act, none of which are expected to impact insurance buyers:
- Program Trigger phased in increase starting on January 1, 2016 by $20 million per year:
- 2015 – $100 million
- 2016 – $120 million
- 2017 – $140 million
- 2018 – $160 million
- 2019 – $180 million
- 2020 – $200 million
WGA announces the Top Ten Risks of 2015, a forecast of some of the major business risks facing companies over the coming year.
1. Clean Tech Risks in Response to Lima Protocol
The recent U.N. Climate Change Conference in Lima, Peru just ended, calling for nearly 200 countries to set out specific climate change targets during Q1 of 2015. Massive new concentrations of wind and solar energy farms bring about new risk aggregations for the coming decades. Read more…