10 Foto Gaya Liburan Pamela Safitri Duo Serigala

Agents Warned About E&O Risks in Claiming Cyber, Cannabis Expertise Insurance agents and brokers who market themselves as experts in cannabis or cyber could wind up regretting that positioning. Because both are relatively new exposures subject to changing regulations and coverages, producers marketing themselves as experts could face scrutiny, lawsuits and possible errors and omissions claims, according to speakers at the Professional Liability Underwriting Society (PLUS). “Any time we see someone advertise expertise, we’re going to see a claim,” said Kiera Goral, assistant vice president of Specialty Claims at QBE. Patrick Carley III, a New York-based partner with the law firm of Traub, Lieberman, Straus & Shrewsberry, is seeing a number of E&O claims resulting from producers not understanding cyber, but still purporting to be an expert. “It behooves agents and brokers to be very cautious about exactly what they are representing their expertise to be, especially when it comes to cyber,” said Carley. Given that there are many plug-and-play cyber products on the market, agents may miss coverage gaps, advised Javier Gonzalez, partner and executive vice president of Sales for N.J.-based Axis Insurance Services. That’s why it’s vital for agents to educate clients, he said. After a loss, a client may question why a particular coverage wasn’t offered. Gonzalez suggested that agents and brokers who use checklists when reviewing a client’s insurance portfolio include cyber on those lists. In addition, because the cyber product is constantly evolving, auto-renewing without a review is a bad idea. “I think on the claims side, it’s pretty clear when there’s a large loss, it’s typically going to be as a result of the agent or broker dabbling in a product they didn’t have any previous experience in,” said Gonzalez. It’s especially important to review coverage when a policyholder is changing carriers, said Michell Girardin Freimuth, vice president and insurance agents E&O practice leader for Allied World. She suggested having clients sign off on changes, especially if they are losing coverage. Agents can mitigate this risk by educating younger employees on communication and what to include or not include on social media sites. QBE’s Goral has seen depositions where printouts of social media posts were brought in to support “expert” questioning. She also suggested completing peer reviews and identifying for long-standing clients where there is likely to be a coverage gap before a claim arises. Sponsored by: Insurance Journal. You deserve an upgrade. Go Pro! IJPro. It's Insurance Journal on steroids. Carley added that employee social media accounts should be monitored, and employees should be reminded to memorialize oral conversations with clients. Agency websites should be reviewed regularly, as well. “Their representations track back to you,” said Carley. With respect to agents and brokers’ own cyber exposure, Gonzalez is seeing more social engineering claims arising from email requests not being verified. The same scenario was seen with title agents a few years ago, he said. Multiple policies may be at play in these losses including cyber and E&O if involves policyholder premiums, panelists said. Problems with Pot Cannabis coverage is also fraught with issues. Allied World’s Girardin Freimuth said the first question she gets as an underwriter is whether it’s covered under E&O. Her answer: maybe. It depends on applicable state and federal laws. Goral said it’s a difficult question to answer, given the criminal acts exclusion that may preclude coverage since marijuana remains classified by the federal government as a prohibited substance. Another dilemma is whether to segregate premiums obtained from insuring cannabis-related exposures, said Carley. The theory is that other premiums would be safe in case there is a seizure of funds by the federal government. One strategy he’s seen: an agency created a new entity just to address cannabis risk. According to Gonzalez, carriers and brokers must decide whether they are going to be in that space given the risks. M&A Issues E&O claims are also expected to rise as mergers and acquisitions continue at a healthy pace, according to Girardin Freimuth, who pointed out the importance of reviewing problematic areas such as ensuring insurance policies address prior acts and whether professional services of the acquired agency are covered under the buying agency’s current policy. “Addressing prior acts is the number one issue,” said Goral.

Foto Terbaru Pamela Safitri Duo Serigala, Bikin Susah Fokus

Toy Wars: Lego Sues to Halt Sales of Zuru ‘Copycat’ Figurines at Walmart Lego A/S wants to make sure any plastic toy figurine unwrapped in an American home during the holidays isn’t what the toymaker calls a copycat of its own products. The Danish toymaker is asking a federal judge in Connecticut to prevent Zuru Toys Inc. from selling some of its Max Build More and Mayka lines of construction toys at Walmart Inc. stores. In a lawsuit filed on Thursday, Lego claims the Zuru products copy the distinctive look of Lego Minifigures, and would confuse consumers into thinking they were Lego toys. “While the Lego Group welcomes fair competition, Zuru’s nationwide launch” of the Max Build More products at Walmart’s retail and online stores in October “was anything but fair play,” Lego said in a filing with the court. Lego, like many toymakers, is known for being aggressive in protecting its brand, which includes popular movies, theme parks and sets based on the Star Wars and Harry Potter brands. The main patents on its iconic connecting blocks have expired, so it relies instead on patented designs, and the copyrighted and trademarked looks of the figurines — from Luke Skywalker to Batman. Unless it’s stopped, Lego said, “Zuru will continue to exploit the actual and inevitable consumer confusion caused by its inferior infringing products during this prime holiday buying season, while causing irreparable harm to the Lego Group’s goodwill and reputation.” Lego has filed a request for an emergency restraining order to halt Zuru’s sales of the figures, and said the Max Build More products should be kept off the market until the infringement lawsuit is completed. A hearing has been scheduled for Friday afternoon in New Haven, Connecticut. Europe’s biggest toymaker was founded by a carpenter Ole Kirk Kristiansen, who started making wooden toys in the 1930s and named his company after the Danish phrase for “play well.” The company has remained in the family and is now run by Kristiansen’s grandson. Zuru has an origin story that’s similar to Lego’s, albeit having taken place almost a century later. The Hong Kong-based company was founded by New Zealand siblings about 15 years ago and started with the eldest brother Mat Mowbray’s school science fair idea for a hot air balloon kit set. It’s turned the Mowbrays into celebrities in their home country. Sponsored by: Insurance Journal. You deserve an upgrade. Go Pro! IJPro. It's Insurance Journal on steroids. Zuru sells a range of products, including fidget spinners with images of the Marvel Avengers characters, but is best known for its Bunch O Balloons, which lets you fill multiple water balloons at once, and was the subject of patent litigation when Zuru sued a competitor over what it claimed were knockoffs. Thomas Dunlap, a lawyer with Dunlap, Bennett & Ludwig in Leesburg, Virginia, who’s represented Zuru in the Bunch O Balloons and other intellectual property cases, said the company is reviewing the new Lego complaint. Zuru advertises on its packaging that the Max Build More products are “Lego Blocks Compatible.” It bills the figurines as “mini figures” while Lego’s are called Minifigures. The case is Lego A/S v Zuru Inc., 18-2045, U.S. District Court for the District of Connecticut (New Haven).

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Italian Oil Services Firm Saipem Blames Cyber Attack on Shamoon Virus Variant A hack on Italian oil services firm Saipem that crippled more than 300 of the company’s computers used a variant of the notorious Shamoon virus, Saipem said, a development that links the case to a massive attack in 2012 on Saudi Aramco. “The cyber attack hit servers based in the Middle East, India, Aberdeen and in a limited way Italy through a variant of Shamoon malware,” the company said in a statement on Wednesday. Work is under way “in a gradual and controlled manner” to fully restore operations after the attack, it said. The Shamoon virus was used in some of the most damaging cyber attacks in history, starting in 2012 when it crippled tens of thousands of computers at Saudi Aramco and RasGas Co Ltd in the Middle East – attacks that cyber-security researchers said were conducted on behalf of Iran. Saudi Aramco is Saipem’s biggest customer. The attack crippled between 300 and 400 servers and up to 100 personal computers out of a total of about 4,000 Saipem machines, the company’s head of digital and innovation, Mauro Piasere, told Reuters. No data will be lost because the company had backed up the affected computers, he said. The company said it first identified the attack on Monday. Piasere said the company does not know who was responsible for the attack. Sponsored by: Insurance Journal. You deserve an upgrade. Go Pro! IJPro. It's Insurance Journal on steroids. However, Adam Meyers, vice president with U.S. cyber-security firm CrowdStrike, said he believed Iran was responsible because early technical analysis of the new Shamoon variant showed similarities to the 2012 campaign. Shamoon disables computers by overwriting a file known as the master boot record, making it impossible for devices to start up. Former U.S. Defense Secretary Leon Panetta has said the 2012 hack of Saudi Aramco was probably the most destructive cyber attack on a private business. Shamoon went dormant until it resurfaced in late 2016 in a series of Middle East attacks that continued through early 2017. “It went dark for a long time and it seems to be back,” said Eric Chien, senior researcher at cyber-security firm Symantec. “The question is whether any others were affected by it.” Security researchers widely believe that people working on behalf of the Iranian government were behind previous Shamoon attacks, which Tehran strongly denies. Anti-U.S. imagery was found in the code, researchers have said. Officials in Iran could not be reached for comment. Saipem, one of the world’s largest subsea engineering and construction firms, is controlled by Italian state lender CDP and oil firm Eni. (Reporting by Stephen Jewkes in Milan and Jim Finkle in New York Editing by Sonya Hepinstall; additional reporting from the Dubai newsroom; editing by Rosalba O’Brien and Sonya Hepinstall)

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Lawyer Says Family Wants Justice After Massachusetts Gas Explosions Death The family of a teen killed when a series of natural gas explosions and explosions rocked communities north of Boston plans to file a wrongful death lawsuit against the utility company. Attorney Doug Sheff told reporters Thursday Columbia Gas was reckless and should have to pay for last month’s death of Leonel Rondon. The high school junior died after the chimney of an exploding house crashed into his car and crushed him. He had received his driver’s license just hours earlier. Sheff says Rondon’s family “wants justice” and to “find meaning in such a senseless death.” He says the complaint will be filed at a later date. A Columbia Gas spokesman didn’t immediately respond to an email. The National Transportation Safety Board says over-pressurized gas lines caused the explosions. Copyright 2018 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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New Jersey Insurance Broker Stole Nearly $1M While Selling Fake Health Insurance An insurance broker who stole nearly $1 million while continuing to sell health care coverage he knew was fake has been sentenced to 18 months in prison. David Clark, 75, of Morristown, N.J., previously pleaded guilty before U.S. District Judge Michael Shipp to an information charging him with conspiracy to commit wire fraud. Judge Shipp imposed the sentence in Trenton federal court. According to documents filed in this case and statements made in court, Clark owned and operated Real Benefits Association LLC (RBA), a New Jersey limited liability company he incorporated on Dec. 17, 2003, under a similar name. Clark established RBA as a purported labor organization and as a way to market and sell health insurance to the general public through the RBA Welfare Plan. Initially, the Welfare Plan was fully insured through Perfect Health, a licensed New York insurance company. Participants paid insurance premiums to bank accounts of RBA or the Welfare Plan, which Clark then remitted to Perfect Health. Perfect Health was purchased by Health Insurance Programs (HIP) in 2008, and HIP discontinued its insurance policy with the RBA Welfare Plan. The federal government notified Clark that RBA did not qualify as a labor organization and was required to cease operating. Clark continued, however, to market and sell the health insurance plans to unsuspecting participants. Participants began to complain to their respective state insurance departments when their medical claims were not being paid, which prompted various departments throughout the United States to issue cease and desist orders. Clark and conspirators continued to market and sell bogus health insurance, and from December 2008 to July 2011, they collected approximately $1.8 million in premiums for RBA health insurance coverage. Clark diverted $962,027 from the premiums paid by RBA participants for his personal use, including by using victims’ premiums to fund personal debit and credit card purchases, college tuition payments and deposits to a relative’s bank account. In addition to the prison term, Judge Shipp sentenced Clark to two years of supervised release. Source: U.S. Department of Justice

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New York Says Exxon Misled Investors About Climate Risks New York’s attorney general on Wednesday sued Exxon Mobil, saying the Texas energy giant has misled investors about the risks that climate change poses to its operations. The lawsuit filed by Attorney General Barbara Underwood is the latest in a series of actions against the company claiming it has not been forthcoming with investors and the public about climate change. The complaint states Exxon courted investors such as the state’s public pension funds with inaccurate information, assuring them it was accounting for the possibility of stricter regulations of greenhouse gas emission in its planning, when it was doing much less than it claimed. “Exxon built a facade to deceive investors into believing that the company was managing the risks of climate change regulation to its business when, in fact, it was intentionally and systematically underestimating or ignoring them, contrary to its public representations,” Underwood said in a statement. Exxon Mobil looks forward to refuting the claims and getting the lawsuit dismissed, spokesman Scott Silvestri said Wednesday. “These baseless allegations are a product of closed-door lobbying by special interests, political opportunism and the attorney general’s inability to admit that a three-year investigation has uncovered no wrongdoing,” Silvestri said in an email. The lawsuit follows a three-year investigation by Underwood’s office and similar probe in Massachusetts. Exxon Mobil had sued the attorneys general of both states after they subpoenaed documents about Exxon’s research into the role of fossil fuels in climate change, calling their investigations politically motivated and accusing them of trying to take away the company’s right to free speech. A federal judge dismissed that lawsuit. The complaint asks for an order requiring Exxon to correct past misrepresentations and provide restitution to shareholders. Two of New York’s public pension funds hold Exxon shares with a combined value of about $1.5 billion, Underwood said. Sponsored by: Insurance Journal. You deserve an upgrade. Go Pro! IJPro. It's Insurance Journal on steroids. Consumer and environmental groups hailed the lawsuit as a significant step in addressing what they called Exxon Mobil’s deception around climate change. The lawsuit “opens a new front in the climate change fight, with the prospect of a judicial reckoning and severe financial penalties for one of the biggest fossil fuel companies in the world,” Blair Horner, executive director of New York Public Interest Research Group, said in a statement. A federal judge in June dismissed lawsuits brought by San Francisco and Oakland, California, that sought to hold big oil companies including Exxon Mobil liable for climate change. New York’s lawsuit comes less than three months after the Securities and Exchange Commission dropped a similar investigation. Copyright 2018 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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A.M. Best Revises Outlooks to Stable for Agency Insurance Company of Maryland A.M. Best has revised the outlooks to stable from positive and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of bbb+ for Agency Insurance Company of Maryland Inc. (AIC), based in Hanover, Md. The ratings reflect AIC’s balance sheet strength, which A.M. Best categorizes as adequate, as well as its strong operating performance, limited business profile and appropriate enterprise risk management (ERM), according to an A.M. Best press release. The revision in the outlooks to stable reflects the company’s steady increase in net and gross underwriting leverage ratios over the latest five-year period due to its significant premium growth, which has come from the company’s personal auto book and its entry into the commercial auto space, the release added. AIC’s adequate balance sheet strength reflects the company’s strong overall risk-adjusted capitalization, conservative investment portfolio and favorable reserve development, according to the release. However, A.M. Best explained in the release that AIC’s net and gross underwriting leverage ratios are elevated and compare unfavorably with the nonstandard auto composite. As a result, policyholder surplus and operating results are exposed to potential adverse underwriting, pricing and claims trends. The strong operating performance reflects the company’s underwriting results, which when coupled with steady net investment income, have generated consistent pre-tax operating profits. AIC maintains a limited business profile as a writer of personal and commercial automobile in three states. ERM is appropriate for AIC’s risk profile as the company continues to develop and improve its risk management capabilities in the mid-Atlantic auto market, the release stated. Source: A.M. Best

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Ohio Supreme Court: Subcontractor’s Faulty Work Not Covered by Contractor’s Policy The Ohio Supreme Court in early October ruled that a general contractor’s commercial general liability policy does not cover the faulty work of a subcontractor. In its consideration of Ohio N. Univ. v. Charles Constr. Servs., Inc., the court relied on its 2012 ruling in Westfield Ins. Co. v. Custom Agri Sys., Inc., in which the court held that an insurance claim filed by a contractor under a CGL policy for property damages caused by its own faulty workmanship is not a covered occurrence under the policy. In that case the court looked at the definition of occurrence in the CGL policy and found that it is defined as an accident. The court, in Custom Agri, held that because the “property damage caused by a contractor’s own faulty work” was not an accident, it was not covered under the CGL policy. The court said the issue in the appeal of Ohio N. Univ. v. Charles Constr. Servs. is virtually the same as the issue it considered in Custom Agri — with one difference. In Ohio Northern, the question “is whether the general contractor’s CGL policy covers claims for property damage caused by a subcontractor’s faulty work,” the court said. By applying the holding of Custom Agri and considering that the damage to the property in the Ohio Northern case was caused by the faulty work of a subcontractor, the court held once again that the damage is not covered under the contractor’s CGL policy, because the damage was not caused by an accident. The case stems from 2008 and an approximately $8 million contract between Ohio Northern University and Charles Construction Service, under which Charles Construction was to build The University Inn and Conference Center at Ohio Northern in Ada. The complex was completed in September 2011 but shortly after its opening extensive water damage was discovered. According to the Ohio Supreme Court’s written slip opinion, under the contract “Charles Construction promised to perform all the work itself or through subcontractors.” Charles Construction was required to secure and maintain a CGL policy that included a products completed operations hazard (PCOH) clause, which “covers damages ‘arising out of completed operations,’ and terms that specifically apply to work performed by subcontractors,” the court’s document states. Charles Construction obtained the CGL with the PCOH clause from Cincinnati Insurance Co. The CGL provided a maximum payout of $2 million and the maximum payout for the PCOH was another $2 million. In the course of repairing the water damage to the Ohio Northern complex, other serious structural defects were found. The cost of repairing the property damage caused by those defects came to about $6 million. Sponsored by: Insurance Journal. You deserve an upgrade. Go Pro! IJPro. It's Insurance Journal on steroids. Ohio Northern sued Charles Construction for breach of contract and other claims related to damage to the hotel complex. Charles Construction filed third-party complaints against some of its contractors and submitted a claim to CIC, asking the insurer “to defend it in court and indemnify it against any damages,” the court’s opinion states. CIC sought a declaratory judgment against Charles Construction and stated “that it would defend Charles Construction while reserving its right to argue that the CGL policy did not cover ONU’s claim.” CIC later sought declaratory judgment that it did not have to defend Charles Construction and in 2015 the trial court agreed. The Third District Court of Appeals reversed the trial court’s decision, noting that Custom Agri applies to construction defects caused by the insured’s own work but does not address PCOH or subcontractor-specific claims. It also found the CGL policy language regarding subcontractors to be ambiguous and so found in favor of the insured. The Ohio Supreme Court disagreed, reversed the decision of the appeals court, and reinstated the trial court’s finding that CIC had no duty to defend Charles Construction. In its opinion, the court noted that after the Arkansas Supreme Court in a similar case found that the language in the CGL policy did not include coverage for damage caused by a subcontractor’s faulty workmanship, that state’s legislature amended the insurance code to provide that a CGL policy sold in Arkansas must define occurrence to include property damage resulting from faulty workmanship. “If it were so inclined, the Ohio General Assembly could take similar action in response to our opinion today,” the Ohio Supreme Court suggested.