US Pro CLUE Blog

US Pro CLUE Blog

Cyber Liability Underwriting Exposures (CLUE) is a leading industry news source and information medium specifically developed by US Pro for its agency partners.

CLUE gets its information from many resources, including industry experts, underwriters, insurance publications, and multiple web-based articles to keep our customers current in the areas surrounding Cyber Liability Insurance programs.

 

Solving the Awkward Discussion about Cyber Liability

Posted by on Jun 10, 2016 in Cyber Source | Comments Off on Solving the Awkward Discussion about Cyber Liability

Solving the Cyber Problem

By now, everyone has heard of a data breach. Network extortion is trending, and most people today are so familiar with phishing, they can recognize its unique spelling. Despite all of this, many challenges exist with convincing a commercial insured to buy the coverage, understand what their imminent risk is, or what a Cyber policy provides.

This is called the “Cyber Problem”. Solving it means understanding its existence and why.

First, it is complexity. Cyber insurance policies are very diverse and different in the coverage that they provide. The lack of uniformity in the coverage requires premium to be secondary to coverage in the buying decision. This contradicts most insurance buyer tendencies, however, can result in dire consequences if not followed.

Second, it is specificity. One of the loudest arguments made by any Insured is “I do not have….. Pick the ending to complete the sentence- …customer records. Or …credit card transactions. Or …exposure since all of my stuff is in the cloud. While all of those may be true statements, it means that other real areas of exposure that do exist are being discounted. This insured mindset underscores the importance of understanding all of the potential claims any specific insured or industry faces so that they can be married to the right coverage form.

Lastly, it is simplicity. Cyber is new, it adds to a business’ insurance costs, and it is difficult to understand and explain. Applications can be arduous and time consuming for an Insured. Simplifying the process of getting an indication encourages the discussion with an insured, but US Pro goes one step further.

We believe that empowering our customers with indications from multiple carriers offering quality coverage without the need for applications and questions forces the discussion with the customer. Armed with resourceful information on exposures the customer has and the cost to protect them against claims, the sales process will dramatically improve for you.

Best of all, we have a lot of different ways this can be done, and multiple carriers who we do this through. YOU get the freedom to pick whichever method best suits your immediate needs.

No App Quoting System
Simply enter a few pieces of information online here, and US Pro will send you back 2-4 indications from some of the broadest coverage programs for your consideration. It takes less than 2 minutes and no application is needed to get indications.

The US Pro Customers Only Exclusive
Recognizing US Pro as America’s Cyber Insurance Experts, one of the leading Cyber carriers in America has given US Pro an exclusive program available only to customers of US Pro. This new program cannot be accessed any other way except through US Pro. The standard industry-leading program has been further enhanced to include full prior acts coverage, higher Cyber Crime limits, lower limit options of 250K, and lower minimum premiums. Use the No App Quoting System today and start getting your access to these new blockbuster enhancements.

Pre Priced Application Rater Option
Another one of our leading programs has introduced an innovative way to get both an indication AND application at the same time! The rating program and coverage options have been built into the application, so as it is completed, the indication is also completed. This is an excellent way to quote many business classes on admitted paper for accounts under 100M in revenues who need limits up to 2M. Contact us today to get your access to this awesome new way of doing the Cyber sales process.

Monthly Spreadsheet Advance Quoting
Our favorite tool yet, this combines the elements of all of the above into one easy to use format developed to engage the Cyber sales process for every commercial insured you currently write while protecting your own E&O exposures.

Simply complete the name, address, description of operations, and total revenues for each commercial insured into the spreadsheet by month. Send it back to us 30 days prior to the beginning of each month, and we will send you back multiple quote options, our recommendation, and a checklist for each of the accounts on the spreadsheet.

When meeting with the Insured for the renewal of their other coverages, you will then be able to present and discuss the Cyber proposal for the Insured. If the decide to move forward, we can complete the application. If they decide not to move forward, they can sign and date the checklist we provide to you acknowledging their declination of it. For your part, you end up with more sales, a better reputation with your customers, and protection against E&O suits for failing to offer the coverage to an insured.

Experience Matters in Cyber
Unlike other wholesale brokers, we are not just making Cyber easier to market. US Pro is a featured speaker to associations and industry groups about Cyber Insurance throughout America. Our webinars and seminars are in constant demand. We spend a lot of time on the phone with you AND your insured’s, easing concerns, identifying exposures, and closing deals. Cyber is not an ISO coverage, it is not another D&O form. It is the first insurance, the most important insurance, and the insurance to be most likely used by any commercial entity. When making Cyber choices, choose experience. It matters.

 

D&O, EPLI, and E&O Experts!

We have been doing D&O deals since 1986, EPLI deals as one of the fathers of EPLI since 1989, and Professional Liability since 1992.

We started as underwriters of the products first. We evolved into MGA’s of the products we serve next. Since 2008, we have become America’s brightest and best broker of these products. We know the coverage inside out, we know how the risks are rated, and how the rates are developed. This insider knowledge of how the system works means we just get better deals done for you.

Check us out today and send in your submission for D&O, EPLI, Fiduciary, Crime, E&O or Professional Liability of any size or kind. We can help on all of them!

 

JULY 1 RUSHES!!!

We love the RUSHES and we also know that without having competitive options, your renewal is at risk if its not already with the right carrier. Let us help you test that out and send in your JULY 1 RENEWAL today and let’s see what we can find for you!

Buyer Beware: What is really included in your Cyber policy?

Posted by on Jun 8, 2016 in Cyber Source | Comments Off on Buyer Beware: What is really included in your Cyber policy?

The Proof is in the Policy

Understanding Cyber Insurance policies is a daunting task. The policy language from carrier to carrier is unique. New carriers continue to emerge, and new policy forms are born, exasperating the problem for the retail insurance agent. Wholesale brokers are not specialists in the coverage, and carriers themselves do not provide comparisons of their forms to others.

So how do you determine what form is better than another? The common practice is to look globally at the coverage parts provided and the limit of liability for those coverages. This approach is useful in understanding basic coverage or limit differences, but the important part of understanding the coverage is to dive much deeper into the policy.

Let’s take a minute to review Cyber Liability in its simplest form. Cyber Liability Insurance is a COMMERCIAL PACKAGE POLICY that protects the Insured’s digital assets from a variety of potential risks. Some of these are liability-based coverages in nature, and some of these are property-based coverages. Each of the 3 liability coverages have a limit of liability, and all of the first-party costs coverage have their own limits. All of the sub-limits are subject to a policy aggregate.

From this foundation, start asking yourself some more important questions, such as:

  • What kind of wrongful acts are included in Multimedia Liability coverage? What kind of Media is included?
  • What is included in a Security Breach? What is included in a Privacy Breach?
  • What triggers the first party coverage components?
  • Are prior acts covered?

 
These are just a few of the important questions to consider. Many others are appropriate to review from coverage part to coverage part. Recommending the wrong Cyber coverage can be a costly error for the agent to make.

Remember, US Pro is America’s Cyber Insurance experts, so if you need a quote today simply send us your submission to ksneed@usproins.com or click HERE to submit your account through our online portal.

Let us give you some AWESOME Cyber quotes on your July 1 D&O and E&O renewals for you to cross-sell!!

Cyber Liability and the 4 Dollar Benchmark

Posted by on May 12, 2016 in Cyber Source | Comments Off on Cyber Liability and the 4 Dollar Benchmark

The 4 Dollar Benchmark

Although Cyber Insurance is more well known across the agency landscape, still most agencies are not quoting it on every commercial risk. Despite the fact that the highest probability of loss for almost any business today is a Cyber event, commercial insured’s do not understand the real scope of their risk, and the effect the consequences of such an event can have.

We are often asked by our agents what the average Cyber claim/loss amount is. This is a question that cannot really be answered due to the third party/first party nature of the coverage. Many different parts of a Cyber policy can be triggered by a single event, however, there is no real formula for when this is more likely to happen.

Instead, the better approach for the agent is to measure your customer’s MINIMAL exposure using simple math: Total # of records x $4. The sum of this formula is the minimum amount of out of pocket cost a commercial entity will spend in order to respond to the breach. Again, this is only the first party notification costs and nothing else, which all entities will pay should they experience a privacy breach.

Next week we will focus on the biggest hidden danger in purchasing Cyber Insurance of any kind today: the extreme difference in the policy language and knowing what is really covered from carrier to carrier.

Remember, US Pro is America’s Cyber Insurance experts, so if you need a quote today simply send us your submission to ksneed@usproins.com or click HERE to submit your account through our online portal.

What’s the Difference in Cyber Liability Insurance Anyways

Posted by on Apr 6, 2016 in Cyber Source | Comments Off on What’s the Difference in Cyber Liability Insurance Anyways

What’s the Difference?

Any Cyber Insurance policy is filled with many kinds of coverage parts. These can range from the barest of coverage forms, generally those used by carriers who add it on to a package policy, to the broadest coverage forms used by the leading carriers today.

So how do you choose the right policy? How do you know what the exposures are? These and many other questions are left unanswered, and agents are not given the right tools to get the answers their commercial insureds need.

US Pro is America’s Cyber Insurance Experts. Today, we want to focus on a few important differences that will make a big difference in coverage when an event does occur.

Coverage Triggers
The first step to having the right Cyber coverage is making sure that all the coverage parts needed are included in the policy. However, there is much more to this than just the coverage itself. A good understanding of how the coverage is triggered and by what events is what matters the most. Having the coverage included on the policy is great, but if an event is not a covered cause of loss that triggers the coverage to respond, the Insured is out of luck.

Limits of Liability
Cyber Liability policies are written with one overall aggregate limit for the policy period. Yet within this limit, coverage is then segregated between third party coverage and first party coverage components. Third party coverages have an aggregate limit, and first party coverages do as well. Together, they cannot exceed the policy aggregate, which in most cases is the same amount. Hidden within these general limit practices are the sub-limit of liability amounts for each specific coverage part. It is very important to understand which coverage parts are most likely to be triggered and then to maximize the best sublimit possible for these coverage parts.

Definitions
Another big difference with the various Cyber forms is within the definitions themselves. Key definitions to consider include who is an Insured, the several types of Wrongful Acts covered, as well as what the Covered Causes of Loss are. While coverage can seem and sound broad in scope, the definitions of the policy can be limiting and in some cases exclusionary as compared to other Cyber forms.

Coverage Components
Choosing the right coverage parts is the most important part of the Cyber process. Having strong coverage components is akin to laying the foundation of your entire Cyber program. Using the other considerations written about herein, building the policy with the right coverage parts triggered by broad events, strong coverage provided by the policy definitions, and effective and reasonable sub-limits is the best approach to take in creating your customer’s Cyber coverage.

Claims Management
Once you have built for your customer the right Cyber coverage, it must include strong Claims Management and response provisions. The Insurer should provide the policyholder with resources for immediate assistance in responding to and managing an event under the policy. Having strong Claims management and effective event response is the most important part of mitigating the potential financial impact and reputational harm to an Insured.

There are many other working parts to the Cyber policy, some of which have huge repercussions to an Insured when a claim does occur. Cyber is unlike any other insurance we have seen. It is a complicated Package policy for the intellectual property of an Insured, and no two carriers are the same. Expert product knowledge matters more in Cyber Liability than any other line of insurance a commercial insured can purchase.

It is imperative you make the right choice for your client. You must be an expert, or use someone who is. As America’s Cyber Insurance Experts, we invite you to choose us.

To get your cyber quote today, simply fill out the online submission form, by clicking here!

Exclusive Cyber Program Available Only to US Pro Customers!

Posted by on Mar 29, 2016 in Cyber Source | Comments Off on Exclusive Cyber Program Available Only to US Pro Customers!

America’s Cyber Insurance Experts Just Got Even BETTER!

 
US Pro Insurance Services, nationally known as America’s Cyber Insurance Experts, is excited to announce that we have been exclusively selected to roll out a new enhanced NetGuard program tailor made for US Pro customers nationwide!!

This exciting new variation of the leading coverage form in America, is specially designed for US Pro and its customers to better serve the Mainstreet America insureds they represent. As a result of our feedback to the underwriters, and our expertise in the line of business, the carrier has developed important enhancements that will result in many more successful sales while maximizing coverage available to them.

Exciting NEW Lower Limit Choice and Lower Minimum Premiums!

  • Minimum limits begin at $250,000 limit of liability starts at $400
  • Minimum premium for $1,000,000 limit of liability starts at $500

 
Included in these exciting industry-leading enhancements include:

  • Full prior acts coverage provided for risks with no claims/events
  • Cyber Crime coverage included
  • Privacy Breach Response Costs provided outside the limit for most classes
  • BrandGuard Coverage included
  • Broadest trigger for Business Interruption and Data Restoration losses industrywide

 
Best of all, indications can be provided for almost all classes under 30 million in revenues or 50,000 records using our online submission portal WITHOUT having to complete an application.

No longer do you have to compromise important coverage to get to an affordable rate! Let US Pro start saving your insureds money WHILE we give them the best coverage available today!!

Online submissions. No application required for a quote. $250,000 limit choice. Full prior acts. Dramatic rate reductions. At US Pro, we are America’s Cyber Insurance Experts – find out today.

Want a way to calculate the cost of a Privacy Breach to your Insured?

Posted by on Oct 16, 2015 in Cyber Source | Comments Off on Want a way to calculate the cost of a Privacy Breach to your Insured?

US Pro’s “NEW” Breach Response Calculator

 
What if you could answer the question you are always asked?
The question we are asked more than all other questions. The question you are asked more than all other questions. No one could really answer it before, and understanding the reasons why is what led US Pro to create the industry’s first AND only Breach Response Costs Calculator.

This innovative tool is superbly easy to use and provides an estimated minimal financial impact for any kind of risk class using 3 simple questions. The Minimum Breach Response Costs figure is then immediately calculated and shown. Best of all, it is available only to US Pro customers as a free proprietary tool for increasing your sales success.

What are Minimum Breach Response Costs (BRC)?
BRC are the first party expenses incurred by an Insured as a result of a privacy compromise of third party personal confidential information in their care, custody or control. These include the following expenses:

  • Notification costs incurred to notify affected individuals of a breach of their personal information
    Legal and forensic expenses incurred to determine the cause of a breach and navigate state by state notification laws.
  • Customer support and credit monitoring services provided to affected individuals
  • Crisis Management and Public Relations expenses incurred to mitigate reputation damage or potential economic harm.

Every entity who has a privacy compromise will incur all or some form of these costs, so understanding what the minimal expense impact is for your customer is essential. The Breach Response Calculator was developed to help you determine just what that potential impact is.
 

Be An Expert, Or Use an Expert.

 
Beware of those who do not know what they do not know.

Even though comprehensive Cyber Liability Insurance has been available for about 8 years, the diversity in coverage offered from carrier to carrier, the lack of uniform policy formats or languages, the advent of new programs and carriers who lack experience or understanding, and the constantly changing nature of the exposures and challenges facing commercial Insureds.

These are the main symptoms causing the knowledge deficiency of wholesalers and retailers alike. US Pro asks the question- Are you a Cyber Liability expert? If you answer this question No, then ask yourself “Is your broker one?” The top commandment in the 10 commandments of Cyber Insurance is to “Be An Expert, or Use an Expert”. We are America’s Cyber Insurance Experts- put us to work for you today!!

Contact ksneed@usproins.com today to get your login ID and password and start crunching BRC numbers for your insured’s today!

Finally – A Way to Calculate Cyber Exposure for your Insured

Posted by on Oct 1, 2015 in Cyber Source | Comments Off on Finally – A Way to Calculate Cyber Exposure for your Insured

US Pro’s “NEW” Breach Response Calculator

 
What if you could answer the question you are always asked?
The question we are asked more than all other questions. The question you are asked more than all other questions. No one could really answer it before, and understanding the reasons why is what led US Pro to create the industry’s first AND only Breach Response Costs Calculator.

This innovative tool is superbly easy to use and provides an estimated minimal financial impact for any kind of risk class using 3 simple questions. The Minimum Breach Response Costs figure is then immediately calculated and shown. Best of all, it is available only to US Pro customers as a free proprietary tool for increasing your sales success.
 
What are Minimum Breach Response Costs (BRC)?
BRC are the first party expenses incurred by an Insured as a result of a privacy compromise of third party personal confidential information in their care, custody or control. These include the following expenses:

  • Notification costs incurred to notify affected individuals of a breach of their personal information
  • Legal and forensic expenses incurred to determine the cause of a breach and navigate state by state notification laws.
  • Customer support and credit monitoring services provided to affected individuals
  • Crisis Management and Public Relations expenses incurred to mitigate reputation damage or potential economic harm.

Every entity who has a privacy compromise will incur all or some form of these costs, so understanding what the minimal expense impact is for your customer is essential. The Breach Response Calculator was developed to help you determine just what that potential impact is.
 

Be An Expert, Or Use an Expert.

 
Beware of those who do not know what they do not know.
Even though comprehensive Cyber Liability Insurance has been available for about 8 years, the diversity in coverage offered from carrier to carrier, the lack of uniform policy formats or languages, the advent of new programs and carriers who lack experience or understanding, and the constantly changing nature of the exposures and challenges facing commercial Insureds.

These are the main symptoms causing the knowledge deficiency of wholesalers and retailers alike. US Pro asks the question – Are you a Cyber Liability expert? If you answer this question No, then ask yourself “Is your broker one?” The top commandment in the 10 commandments of Cyber Insurance is to “Be An Expert, or Use an Expert”. We are America’s Cyber Insurance Experts- put us to work for you today!!
 

Contact ksneed@usproins.com today to get your logon ID and password and start crunching BRC numbers for your insured’s today!

NO APP CYBER INDICATIONS for MOST CLASSES

Posted by on Sep 21, 2015 in Cyber Source | Comments Off on NO APP CYBER INDICATIONS for MOST CLASSES

Simply complete and click.

 
Cyber Liability Insurance. Every business needs it, but few have it. Most do not even understand it. US Pro is making this conversation a whole lot easier for you.

Get your ballpark indication for most industry classes by going to www.usproins.com and clicking on the Specialty Lines Tab, and then the Cyber Liability tab. Here you will find our new Cyber Liability Ballpark Indication Form. Simply answer the 7 questions and click the Submit button and we will send you right back the ballpark indication. No applications needed to get an “indication” anymore.

For your convenience, here is the link to that page:
http://usproins.com/specialty-lines-products/cyber-liability-insurance/

This newest part of our website is just the first of more coming enhancements that will help you become a better salesperson of Cyber Insurance, and more successful with your sales. At US Pro, we are more than just a broker. We are the Specialty Lines expert on your team.

So go ahead. Simply complete and click today!
Feel free to contact me with any questions, or a request for an agency webinar. Submissions for Cyber or D&O, EPLI, Fiduciary, Crime, Professional Liability, or Medical Professional Liability can also be sent to me directly at ksneed@Usproins.com.

We look forward to working for you today!

MANAGEMENT LIABILITY INSURANCE EXPERTS

Posted by on Sep 14, 2015 in Cyber Source | Comments Off on MANAGEMENT LIABILITY INSURANCE EXPERTS

MANAGEMENT LIABILITY INSURANCE
D&O/EPLI Experts for more than 30 years!

 
Solutions and savings.
30 years ago, D&O was becoming a household name in America as the Banking and Savings & Loan industry was in a freefall with the collapse of Lincoln Savings & Loan. The resulting domino effect forever changed the financial industry, and put a bright spotlight on the D&O Liability Insurance lines of business.

EPLI followed a few short years later in late 1988, beginning first in the nonprofit sector, and then extending into the for-profit sector in the very early 1990’s. Today, these lines of business combined with Fiduciary Liability and Crime coverage, create a Management Liability policy.

Whereas some companies and nonprofits carried this insurance 30 years ago, almost all of these entities do now. Understanding each of the industry classes and the exposures they face is the key to choosing the coverage that will be best for them.

There are a lot of carriers writing D&O and related lines, and there are some important differences in coverage amongst them. Our people have been doing D&O since the days of the S&L collapse, and our former underwriting background makes us the expert you need to get the right deal done for you.

We can do public companies, private companies, healthcare, and nonprofits for almost all classes of the following lines of business, and we can package them together in one policy, or any of them can be written on a mono-line basis:

  • D&O Liability
  • Employment Practices Liability
  • Fiduciary Liability
  • Crime

Let our superior service and knowledge go to work for you today. Simple send your submission in to ksneed@usproins.com today for immediate response.
 

CYBER LIABILITY NEWS – NO APP NEEDED FOR INDICATIONS

 
US Pro now gives YOU the ability to get ballpark premium indications without an application! Our effort to get you to offer indications on every commercial customer just got a lot easier for you. Simply enter in the information and CLICK- that’s all! One minute of your time and US Pro will send you back an indication on most industry classes right away. Ineligible classes can be quoted with an application in less than 24 hours.

We are also working on developing some great tools for our customers to use to become better Cyber salespersons. Watch for these exciting announcements to come in the future.

At US Pro, adding value and growing your business is our strength. Learn more today.

Professional Liability and D&O is What We Do!

Posted by on Sep 9, 2015 in Cyber Source | Comments Off on Professional Liability and D&O is What We Do!

FEATURED: Professional Liability
E&O for all classes of professionals.

 
Professional liability is required for most contracts in today’s business world. Understanding what is needed, and where to go and get it, is the key to staying a step ahead of the competition. Whatever the risk is, we want to see if there is a solution we can find, including:

  • Architects & Engineers or Contractors Professional Liability
  • Lawyers Professional Liability for firms of 10 or more
  • Technology Risks
  • Collection Agencies
  • Insurance Agents E&O
  • Title Agents/Abstractors
  • Real Estate Agents/Brokers
  • Mortgage Brokers/Bankers
  • Third Party Administrators
  • Publishers and Printers
  • Consultants
  • Allied Medical Professionals
  • All other Miscellaneous Professional Liability Classes too!

Check us out at ksneed@usproins.com for immediate response.

EPLI
Our long line of carriers who write this have helped us transform our EPLI background from one of the first underwriters to create it, to one of America’s most knowledgeable brokers selling it. All classes, all sizes, whatever the issue is- send it over to us to have a look today!

Have an association looking for an EPLI program for its members? Ask us to create one for you!

Crime
Having a problem with a current customer’s Crime placement? Looking for better terms on a renewal? Is the class of business giving you fits trying to get a quote? US Pro has several markets for Crime waiting to see your submissions. Let us help you solve the Crime!

Cyber Liability/Tech
As America’s Cyber Insurance Experts, we simply spend more time learning, growing and living in the Tech and Cyber insurance world. Let US Pro help you understand the terms and coverage and important exposures to protect against as your Most Valuable Partner in the growing world of Cyber Liability Insurance.

Send us your submissions for any of the above lines, or Environmental, today to ksneed@usproins.com for an immediate response.