Blog

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.

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Records Management: How Long Should We Retain Records?

Often leading up to spring cleaning, I will get a number of inquiries regarding, “How long should we retain records?”  It’s a good question without an easy answer.  In fact, the answer depends on whom you ask and what record or records you are concerned about.

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Risk Management Starts with Me and You!

The start of a New Year is also an opportunity for renewal of initiatives, of goals and objectives.  In October, I attended the American Society for Healthcare Risk Management (ASHRM) national conference.

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Am I Eligible for a Disaster Relief Loan?

In the wake of Superstorm Sandy, many individuals and small businesses are finding that federal funding is slow in coming, and not totally guaranteed in some cases. Many insurance companies are also struggling to react to the overwhelming volume, delaying the recovery process further. This has left some business owners sorely in need of immediate assistance in order to get back to the business of earning a living.

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Run of Hope

On September 30th, 2012, Parker Smith & Feek employees and their family members totaling 140 strong joined 2000 other runners for the Run of Hope. The annual 5k race, 3k walk raises money to aid the search for a cure for Pediatric Brain Cancer.

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Gleaners, Food Donations, and Protecting Your Good Nature

You’re in the food business, so what better way to show the Holiday Spirit than to do something with food, right? Not only does Parker Smith & Feek have clients who run restaurants and hotels, but also non-profit organizations with elaborate operations of food drives, donations, and distribution to the less fortunate all year long. Working together is what this season is all about, but there are certain insurance exposures you need to be aware of before you donate perishables.
Are You A Gleaner?

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The Holiday Food Donation Dilemma for Insurance

The need for clothing, household items, and food continues in our community, and there are many great organizations that help fill that role. The people providing this service are caring, dedicated volunteers. However, risk management may be the last thing the organization is thinking about. It is important to understand what your current insurance policy includes, and more importantly, may exclude.

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Does WA L&I Cover Out of State Workers?

My clients often ask the question, “I’ve got a job in [state other than WA]. I pay for L&I here, do I need to worry about worker’s comp there too?
My answer to that is, “In most cases, Yes.”

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Is Your Holiday Party Covered?

You’re having a holiday party to tell your employees how much you appreciate them. Hooray! However, the Driving Under the Influence (DUI) laws in Washington State have been changing so rapidly that it can make your head spin. It seems almost every month a business shows up in the news with a lawsuit naming them partially or fully liable for an accident that resulted in a DUI injury or death under the “dram shop” laws.

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Getting the Right Adjuster

When you have a sudden, major property loss, you follow the prescribed process for filing a claim with the insurance company; however, there are a few things you should consider. They most often assign an adjuster to work with you on the claim. This adjuster may or may not have the experience and understanding needed to make the claim and recovery process run smoothly.

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Ex-Mods Up, Ex-Mods Down – 2013 NCCI Changes

Workers Compensation insurers have long relied upon the theory that past results are the best indicator of future performance, and have utilized experience rating to increase or decrease an employer’s premium costs based on prior claims experience. As the underwriters’ actuaries would attest, frequency of claims is more indicative of a safe or unsafe workplace than severity, or cost, of those claims.

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L&I 2013 Workers’ Compensation Rates

After a tumultuous 2011 that threatened the very existence of the public Workers’ Compensation; monopoly in Washington, L&I has seen the path ahead and it is paved in eggshells. Thus, to everyone’s surprise they announced no raises in rates for 2013 despite their contingency reserve issues. This may leave you breathing a sigh of relief and moving on with your life and your business.

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