DEVELOPING A MANAGED OPERATIONAL SERVICES MODEL

Cyber insurance has become a common risk mitigation strategy to lessen the financial impact of a cyber incident. However, it's not until an incident happens that we really think about the type of coverage we carry and how it affects our ability to recover. Dickinson Cybersecurity Law Attorney John Lande and consulting and audit firm SBS CyberSecurity first aired a webinar on April 30 to discuss common questions and issues that arise during an incident as well as what information you should know about your policy to quickly take action. It is now available as an on demand resource. The webinar also includes case studies that cover real-world scenarios that will arm your institution against the next incident.

Unless you collect the same item or have an interest in the same hobby as an insured, you may be asked to insure items about which you have little first-hand knowledge. Every homeowners policy has limitations that apply to certain classes of personal property and liability arising out of activities in which an insured may be involved. Examine the difference in valuation methods based on Actual Cash Value, Replacement Cost, and Agreed Value. Evaluate significant differences in the level of protection for owned versus non-owned motorized "toys" under a homeowners policy. Examine how a personal umbrella policy can help fill in the potential coverage gaps.

For decades, the creation and evolution of insurance markets, products, channels, technology, and customers unfolded at a slow and steady pace. It took months if not years to launch a new product. Core business technology was replaced only every 20-30 years and the projects took many years and multi-millions to implement. Customers were the Baby Boomers and Gen Xers who followed similar life stages and had similar needs and expectations. Companies managed and lived with slow transformation because everyone was in a similar position.

Insurers are facing increased litigation challenges from the growing phenomenon of social inflation. From changing judicial and jury attitudes to plaintiff reptilian trial tactics and nuclear verdicts, insurers are at risk for significantly higher claims costs, settlement amounts, and jury verdicts. From another angle, third-party litigation funding (TPLF) continues to grow and complicate claims handling.