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Medical Identity Theft: Detection vs. Prevention

PERSPECTIVES 2013

President’s Message
 

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Insurance Risks of Transitioning to the Cloud

As computing services have moved from on-site server rooms to co-host facilities and now to the cloud, business managers and IT professionals evaluate the risks and benefits of IT outsourcing at each step in the process. Generally they ask themselves two questions:

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Increasing Employee Understanding and Appreciation of Benefits

One of the obstacles many organizations face, in regard to employee benefits, is implementing an effective approach to employee communication. The average employer spends 41 cents per dollar of payroll on employee benefits, which equates to 29% of the employee’s total compensation package. One study suggests employees only understand/appreciate between 31% and 68% of the cost or market value of their benefits. 

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PS&F’s Lynne Seville Interviewed in Alaska Business Monthly

Insuring Your Volunteers

Volunteers are essential to the operations of many non-profit organizations to fulfill their mission. Whether it’s an event or general operations, first or second time volunteers are usually walking into a position with little to no training. Unfamiliarity with the environment and workflow can increase the risk of injury to the volunteer.  In addition, it is possible they can cause damage to others accidently.

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THE TWO-HUNDRED BILLION DOLLAR TWEET

On April 24, 2013 the Associated Press twitter feed was hacked and reported that two explosions had occurred at the White House, injuring President Obama.  Trading bots reacted within seconds triggering a selloff that caused the Dow Jones Industrial Average, the S&P 500 and the NASDAQ to immediately drop 1%.  This 72 character message wiped out over $200 Billion in investor value in moments. AP quickly issued a redaction and five minutes later the financial markets had regained all of their lost ground. 

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Washington Businesses See Higher Insurance Rates in 2013

Commercial insurance rates for Washington businesses are on a slow-paced assent. Like most industries, price inflation has a lot to do with supply, demand, and profit.
The insurance industry makes money two ways, premiums and investments. Money is lost through claims. The insurance industry is currently experiencing high claims–especially in property coverages–and weak investment yields.

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Are You Exposed to Foodborne Illness Liability?

The Center for Disease Control (CDC) warns that 48 million Americans contract foodborne illnesses and 3000 people die from 31 known pathogens annually. They say many of these illnesses are caught in the home. The CDC cites dairy as the #1 cause, quickly followed by contact with animals. Salmonella in vegetables is also on the rise.

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Attracting Quality Unpaid Interns by Using Benefits

An internship program can be a fantastic way to meet smart and ambitious people who display a sincere interest in your organization. However, some organizations only have the resources to create unpaid internship programs. The inability to offer compensation can make it harder to attract quality candidates, but offering some incentives that fall within the rules of unpaid internships may help.
Unpaid Internships

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Be Careful when Lending and Borrowing Equipment

Borrowing equipment is a common occurrence in the construction business as it can save time and costs to do so.  However, whether it’s for an hour or a week, there is always the risk of damage to the borrowed equipment.  The question then arises as to who pays for the damage.  There are potential loopholes in construction equipment coverage that could make a simple equipment loan a very expensive and confrontational proposition.

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The Pitfalls of D&O Insurance Excess

How many insurers use a standardized policy form for Directors & Officers Liability? None!  Each carrier develops their own policy and problems can arise when the terms of the primary and excess policies aren’t the same. Ideally, the primary policy outlines the terms and conditions of the entire D&O program and the excess policies would follow the primary policy without deviation. Rarely does this happen. Definitions, exclusions and conditions stated in the excess policy nearly always conflict with coverage in the primary.

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