We manage more than a quarter billion dollars of premiums for a diverse range of clients around the globe.
Most industries approach acquisitions and due diligence with special considerations related to risk and mitigation. Acquisitions among healthcare facilities and practices are no exception.
Do you save-up your frequent-flier miles in anticipation of your next business trip, family vacation, or points’ spending spree? What if the next time you logged into your account, you found the points balance displaying a big, round zero?
There may be a number of times that you’ve considered evaluating your company’s insurance broker for various reasons, including: Ensuring a sense of confidence and peace of mind that the broker who is working with you is, in fact, working in your best interests and delivering the best solutions for your firm’s coverage; Conducting your standard vendor evaluation, or; You are frankly not satisfied with your current insurance broker’s services and looking to identify alternatives.
The stepped-up enforcement of the Foreign Corrupt Practices Act (FCPA) has introduced a number of middle market companies to the vagaries of the language in the Act. It was written to cast a very wide net and intended to be a looming force over U.S. companies that do business in foreign markets.
As Cyber Risk continues to evolve, it is becoming very evident that while it is spread over a variety of industries, the types of Cyber Risks are specific to each industry and play a major role in their level of exposure. The healthcare sector in particular, is targeted most heavily by hackers and malicious campaigns due to the private nature and black market value of the data. Personally Identifiable Information (PII) and Personal Health Information (PHI) contain data in which a bad actor can easily steal someone’s identity, open false accounts, perform fraudulent transactions, or hack/gain access to bank and other types of private accounts.
Fake bank accounts, food-borne illnesses, smartphones catching fire, cyber breaches. These are just a handful of recent events that have played out in the news and flooded social media, exponentially effecting conversations, comments and opinions, and most importantly, reputation and revenue. One thing that all of these seemingly different events have in common is that each one can be classified as a crisis, and require a thoughtful and carefully orchestrated response.
When looking for coverage for Foreign Corrupt Practices Act (FCPA) costs, the Directors and Officers (D&O) Policy is often the first stop. It appears to be the policy most applicable, because it defends against complaints of wrongdoing. However, to get significant protection from FCPA costs a D&O policy has to be significantly modified. Just by the moniker, Directors and Officers Policy, you know that the coverage is intended to be limited to a collection of individuals running the entity, not the entity itself. The first modification to look for is “Side C” coverage or the equivalent language indicating that the entity will be covered in the case of FCPA matters.
The Personally Identifiable Information (“PII”) of approximately 10,000 past and present employees of Seagate Technology, a leading electronics and data storage solutions manufacturer, was handed over freely to cybercriminals. The information included W-2 forms, names of beneficiaries, social security numbers of employees and spouses, etc. Needless to say, the impacted people are not thrilled and have brought suit against Seagate for malpractice and a lack of regard for employees affected by the negligent handling of data.
The New Jersey Supreme Court recently reversed its position on coverage for construction defects, affirming the Appellate Division’s decision that consequential damages caused by a subcontractor’s faulty workmanship constituted “property damage” caused by an “occurrence” under the plain language of the developer’s Commercial General Liability (CGL) policy.
Found a promising acquisition? Vet the risk. Make sure your due diligence includes evaluating these key areas:
Our areas of expertise include:
At The ALS Group, we help clients achieve their strategic goals via expert and insightful identification, quantification, and mitigation of the risks that could impact their business, or present opportunities for it.
More Information: [email protected]
Florida
1800 NW Corporate Blvd Ste 202
Boca Raton, FL 33431
Tel: +1-561-437-0024
At The ALS Group, we help clients achieve their strategic goals via expert and insightful identification, quantification, and mitigation of the risks that could impact their business, or present opportunities for it.
More Information : [email protected]
New Jersey
175 Main St
Woodbridge, NJ 07095
Tel: +1-732-395-4250
Florida
1800 NW Corporate Blvd Ste 202
Boca Raton, FL 33431
Tel: +1-561-437-0024
