Welcome to The Betterley Report Blog on Specialty Insurance

Welcome to The Betterley Report Blog on Specialty Insurance Products.  In this blog, I hope to shed some light on the different specialty insurance products available to commercial insureds, and how individual products differ from one another.  With luck, we’ll be providing information that helps readers choose the right types of products for themselves and their clients.

If you are familiar with The Betterley Report, you know that I write about specialty insurance products designed for commercial insureds of all sizes.  I have been authoring these Reports since the mid-’90s (!), and am fortunate to have many of the leading insurance companies, agents and brokers, reinsurers, attorneys, and service providers, as well as Risk Managers and CFOs, as subscribers.

As I talk with my readers, they often ask me about new developments in the products I cover.  With each Report limited to an annual freshening, we have not had a way to provide interim updates.  I figure that this blog might solve that problem nicely, since I can report on new products and changes in existing products as they are hitting the market.  Since I don’t want to just be an outlet for press releases, I’ll be sure to offer some observations about those products as well.

These Reports are available only to subscribers, and each Report is updated annually.  Some of the products I research are Cyber Risk, Directors & Officers Liability, Technology Errors & Omissions, Employment Practices Liability, and Intellectual Property insurance.  There are 6 Reports each year.

I write The Betterley Report for insurance professionals that want to find out who has the most appropriate insurance product for their clients, and for insurance companies  looking for competitor intelligence.  To be candid, I also write because I believe that comparative information helps drive improvement in the product .  As an independent risk management consultant (which means I advise clients on the types of insurance they need and which insurers they should buy them from, as well as alternatives such as self insurance), improving the breed is a passion for me.

So, welcome – this is a work in progress, and I hope you will join me in moving the specialty insurance products business forward.

Note: just got my first comment on our October issue (covering Side A D&O products), so I’d better get blogging.

Cyber Insurance for the Small- to Mid-sized Organization – can it be profitable?

Part 2 of my recent WRIN.TV interview focuses on concerns about insuring SMEs on a cost-effective basis.  I comment on:

  • The various sources of Cyber coverages for the SME, including standalone, package, and professional liability policies
  • How  insurers can continue to offer these products at a reasonable cost
  • Challenges in helping more SME’s buy coverage

The interview is here.  It runs about 4 minutes.

Cyber Insurance and the SME Market – How SME’s are the Soft Underbelly of the Cyber Security World

WRIN.TV interviewed me recently about the Small- to Mid-sized enterprise and its place in the Cyber security and insurance worlds.  Note that I used the plural, as the two are still way too separate.

This is a topic that is really interesting, as the interconnections of our global economy create exposures where none existed before.  It is my contention that large enterprises need to tighten up their vendor security to have any hope of being secure themselves.

The 1st part of my interview is here: http://www.wrin.tv/small-and-medium-sized-companies-are-soft-underbelly-of-cyber-security/

Part two will focus on the Cyber insurance market for SMEs and should be available later in February; when it is, I will post the link here.

 

A Briefing on Cyber Insurance for the Compliance Office

Nymity, a global research company specializing in compliance tools for the privacy office, asked me to offer my thoughts on Cyber insurance from the perspective of the Chief Compliance Officer.  The idea was to provide the non-insurance professional with key information about:

  • The coverages available,
  • The risks of not buying coverage,
  • Why so many organizations don’t buy coverage,
  • Coverage traps to avoid,
  • Value-added risk management services, and
  • Five recommendations for buying coverage

Nymity allowed me to publish it in this blog, so here it is: What is Cyber Insurance Interview

I’d like to thank Nymity for making this information available to the Compliance Officer profession.  There are many parties interested in the purchase of a Cyber policy; helping get the word out to all of them is vital.

Please click here for more information about Nymity.

Intellectual Property and Media Liability insurance – state of the market and a forecast for the future; interviews on WRIN TV

For those of us that can’t get enough of IP and Media insurance, here is a 2-part interview on the state of that market and my comments on its prospects.

Part one covers the current state of the IP and Media Liability insurance market: http://wrin.tv/index.php/component/content/article/1265-the-growing-synergy-between-intellectual-property-and-media-liability-insurance-betterley-reports

Part two offers my forecast for its future and observations as to why there aren’t more buyers (yet): http://wrin.tv/index.php/component/content/article/1267-nothing-but-good-news-ahead-for-intellectual-property-insurance-rick-betterley-reports

 

 

RIMS Cyber Insurance Session Tuesday 9-11 AM – Cyber 3.0: Cutting-Edge Advancements in Insurance Coverage for Cyber Risk and Reality

I’ll be on the panel at this Innovative Level session on advanced Cyber insurance, addressing our vision of what Cyber needs to be, both for the benefit of insureds and of insurers. If you are attending, please feel free to come up to the podium after the session to say ‘hi’.
Here is the session description:

Category: Insurance and Contract Management
Level: Innovative
Date: Tuesday, April 29, 2014
Time: 9:00 AM – 11:00 AM
Room: 607

Cyber attacks are on the rise with unprecedented frequency, sophistication and scale. They are pervasive across industries and borders. Network security alone cannot fully address the issue-no security system is impenetrable. Every organization is at cyber risk, but not all understand the vital role that insurance can play. Some mistakenly assume that cyber insurance is primarily for financial, health care or retail institutions. Yet, the U.S. Securities and Exchange Commission advises that all disclosures should include a description of “relevant insurance coverage” for cyber risk. This session is hosted by RIMS Pittsburgh Chapter.
Learning Objective:

Explore the newest cyber insurance products.

Assemble a best practices checklist to facilitate successful placement.
Know how to enhance off-the-shelf insurance forms through negotiation.

Panel:

Ellen Holland, Chief Risk Officer, Oregon University System
Coordinator
Roberta Anderson, Partner, K&L GATES LLP
Speakers
Roberta Anderson, Partner, K&L GATES LLP
Richard Betterley, President, Betterley Risk Consultants, Inc.
Mark Camillo, Head of Network Security & Privacy Products, Americas, AIG
Risk Manager
Debra Samuel, Manager, Insurance Risk Management, Alcoa Inc.

Comments on the EPLI Market Place

Why rates are increasing at a faster pace than most commercial liability products, and comments on Wage & Hour and Social Media coverages.

Less dry, more personal – my WRINTV interview on the EPLI marketplace, in which I expand on some of my thoughts in EPLI Market Survey 2013.

Updates to Our EPLI Market Survey 2013 – The HSB Product

We wrote about the HSB fully-reinsured EPLI product in our December EPLI Market Survey.  We call it a ‘private label’ product as it is developed, serviced, and continually enhanced by HSB but provided by specific insurers.  This product has been an important coverage offering for carriers that may wish to take a more turn-key approach to the complex EPLI line.

HSB notes that the product uses their claims adjusting services (not just guidelines) and that it has recently been made available for employers with fewer than 100 (previously 50) employees. By referral, the product may be available for employers with up to 500 employees.