Author Archives: CRAIN CONTENT STUDIO: MIKE SCOTT

Facebook Data Mining Triggers Need to Review Cyber and Privacy Liability Insurance

After learning through recent news reports that more than 50 million Facebook users unknowingly had personal data from online profiles shared with a data mining firm, consumers are scrambling to review personal information shared on their own social media accounts. This developing scandal will likely prompt organizations of all sizes to reinvestigate their privacy policies…

Why Every Restaurant Needs Product Recall Insurance

Every year, contaminated food causes 48 million people to become sick, putting more than 128,000 individuals in the hospital1. With more than 1 million restaurants in the United States, foodborne illness can have huge implications for people, communities, and businesses2. While a large restaurant chain like Chipotle may have their bases covered to navigate a…

10 Ways GDPR Can Affect Cyber Insurance Clients

On May 25, 2018, the General Data Protection Regulation (GDPR) will go into effect to protect identifiable data on European Union (EU) citizens in ways that the Data Protection Act of 1998 could not have foreseen. GDPR goes beyond just the EU, applying to all organizations across the world that collect personal information on an…

Ask the Expert: High-Value Homeowners Insurance

More than 2 million homes in the United States are worth more than $1,000,000, and that number has doubled in four years’ time1. As the affluent market rebounds from a record setting catastrophe year in 2017, it is more important than ever to discuss the “state of the market” with your clients. High-Value Homeowners Insurance…

Lights, camera, insurance: Feature film coverage

The global film industry is projecting healthy gains with forecasts set to increase from $38 billion in 2016 to more than $50 billion by 20201. One thing that many do not realize is that insurance is needed before any filmmaker can say ‘Lights, camera, action.’ This continues beyond box office movies and is the case…

Commercial Marine Insurance: Comparing Cruise Ships to Local Ferries

The cruise ship industry sees nearly $38 billion in revenue annually around the world, with more than $15 billion invested into new cruise ships1. Ferries, cruise ships, and other passenger vessels are a much different exposure than cargo ships that carry dry cargo, not people. Accidents and catastrophic mechanical failures with passenger vessels often result in…

Premium Audits: Providing a Positive Client Experience

As your client’s business operations change, so may their insurance premiums. To make certain they are paying the correct premium amount an audit is commonly performed—requiring a premium auditor with a high degree of expertise, professionalism and understanding of your client’s business. Oftentimes, premium auditors are the only in-person interaction a policyholder experiences with a…

Navigating Dealer’s Open Lot Insurance with Clients

With more than 45,000 used car dealerships in the U.S., more than 40 million used vehicles are sold each year.1 To protect the vehicle inventory, Dealer’s Open Lot insurance provides coverage for physical damage to a dealer’s vehicles and equipment. Car dealerships can vary from lot to lot, and are unique businesses that require tailored…

Kidnap & Ransom Insurance: Protecting Your Clients

Kidnapping is a severe and historic issue in countless countries across the world.1 Approximately 800,000 people in the United States2 and 100,000 people in Mexico3 go missing annually. With so many people across the world at a high and continuously growing risk, Kidnap and Ransom insurance policies have become more important than ever. Kidnap and…