<![CDATA[Blog]]> https://www.risk-strategies.com/ en info@risk-strategies.com Copyright 2021 2021-05-13T16:49:07-04:00 <![CDATA[Fine Art Hurricane Preparedness]]> https://risk-strategies.com/knowledge-center/article/fine-art-hurricane-preparedness#When:20:14:54Z Hurricanes are a longstanding threat and global climate change is increasing their severity and occurrence. Increasing storm intensities can make even a near miss a real problem.

Those with fine art in areas vulnerable to these increasingly extreme storms should understand what’s needed to best mitigate the risk of loss. As with most things related to good risk management, preparation is key – from knowing where to get credible forecast information to in-place protection measures and having an evacuation plan and resources ready to go if needed.

Want to get ready? The Risk Strategies Fine…]]> 2021-05-10T20:14:54+00:00 <![CDATA[Navigating the Threat Landscape of Fiduciary Liability]]> https://risk-strategies.com/knowledge-center/article/navigating-the-threat-landscape-of-fiduciary-liability#When:14:19:37Z Lawsuits against plan sponsors alleging excessive fees related to management of defined benefit and contribution plans rose 80% in 2020. This trend will continue in 2021, and these suits are big problems for underwriters and fiduciaries. Facing increased risk for liability, it’s important fiduciaries understand what’s driving this trend and what steps you can take to protect your business.

Rise in Litigation

Lawsuits against fiduciaries have gradually increased since the early 2000s. The recent spike, however, is largely attributable to the growing number of law firms pursuing excessive fee class action suits under the Employee Retirement Income Security Act…]]> 2021-05-07T14:19:37+00:00 <![CDATA[E-Bike Couriers and Lithium Battery Exposures]]> https://risk-strategies.com/knowledge-center/article/e-bike-couriers-and-lithium-battery-exposures#When:19:30:50Z Delivery via bicycle is not a new phenomenon, especially in large cities like NYC, Boston and Chicago, where the ability to travel through traffic congestion is crucial. However, over the last few years, the popularity of electric bicycles – a.k.a. e-bikes – has risen dramatically.

Currently defined in three class capabilities, the mid-point, class II vehicle, have a top speed of 20 miles per hour and enough charge to work 10 to 12 hours a day. Depending on their class capabilities, state, and local regulations, e-bikes are typically approved for both bike lanes on the road and sidewalks and…]]> 2021-04-26T19:30:50+00:00 <![CDATA[Vendor Selection: Best Practices for Risk Management]]> https://risk-strategies.com/knowledge-center/article/vendor-selection-best-practices-for-risk-management#When:17:48:33Z When we talk about third-party vendors, we’re talking about the companies you employ to provide services to you or your customers. They can be incredibly useful and cost-effective resources, but they also present a big risk to those who contract with them. If third-party vendors experience a data breach, it potentially exposes you and your clients, and it will be your responsibility to investigate, respond, and cover the costs of the damage.

Vendors can range from custodial companies, to IT services, to professional service firms. Whatever their contracted function, they have access to your physical premises and/or your network data.…]]> 2021-04-20T17:48:33+00:00 <![CDATA[Webinar Recap - Lessons Learned from the Field: Real Life Claims Stories]]> https://risk-strategies.com/knowledge-center/article/webinar-recap-lessons-learned-from-the-field-real-life-claims-stories#When:13:02:48Z With Robert Rosenzweig, Risk Strategies National Cyber Risk Practice Leader ; Richard Sheridan, Chief Claims Officer at Berkley Cyber Risk Solutions and Steve Krusko, Chief Underwriting Officer at Berkley Cyber Risk Solutions.

As cyber risk professionals, ransomware attacks don’t just represent numbers to us – they’re the real-life struggles that businesses we work with every day face. In our latest webinar we highlight three real-life examples of insurance claims that were filed after ransomware attacks to demonstrate where businesses are vulnerable and how to mitigate future risk.

What You Missed

Current Threat Landscape

Ransomware remains on the rise…]]> 2021-04-19T13:02:48+00:00 <![CDATA[State of the California Market 2021]]> https://risk-strategies.com/knowledge-center/article/state-of-the-california-market-2021#When:20:48:52Z The disconnect seems obvious. You have lived in California for years and not experienced any claims on your home, yet home insurance premium has jumped this year., You have been loss free and loyal customers, but your insurance carrier is non -renewing your home insurance policy.

To connect the dots and understand how you and your insurance company got to this point, consider the following trends affecting their industry :

  • From 1964 to 1990 less than $100 million per year was paid out for wildfire damage related claims.

  • From 1990 to 2010 wildfire-related claims increased to…]]> 2021-04-16T20:48:52+00:00 <![CDATA[Is the SPACs sparkle dimming? Not likely]]> https://risk-strategies.com/knowledge-center/article/is-the-spacs-sparkle-dimming-not-likely#When:21:08:24Z Interest in Special Purpose Acquisition Companies (aka, SPACs) has reached fever pitch as new backers jump into the market and regulators begin looking more closely at the deals and their structures. I recently hosted a wide-ranging, highly informative Risk Strategies webinar featuring EarlyBird Capital Chairman of the Board, and original SPAC innovator, David Nussbaum; former SEC lawyer and current partner at Holland and Knight, Bradley Houser; and XL Insurance Senior Vice President Justin Gilmore. The session covered a lot of ground - examining the current SPAC environment, evolving deal structures, participants, and risks, as well as important federal regulation changes.

    …]]> 2021-04-08T21:08:24+00:00 <![CDATA[Cybersecurity and Cloud Solutions]]> https://risk-strategies.com/knowledge-center/article/cybersecurity-and-cloud-solutions#When:13:25:27Z The COVID-19 pandemic has led to an acceleration of adoption of cloud solutions and other remote access tools, with many businesses choosing to put aside previous concerns about potential security risks to accommodate a remote workforce. However, hasty adoption of any new technology that is not combined with robust security frameworks, policies and controls can leave businesses vulnerable. A formal vendor management process and having specific controls in place can mean the difference between a cloud solution being a huge advantage to agile operations or leaving the business open to attacks and unauthorized access.

    Cloud Technology

    Cloud computing solutions…]]> 2021-04-02T13:25:27+00:00 <![CDATA[One Year Later: COVID Advice for Contractors]]> https://risk-strategies.com/knowledge-center/article/one-year-later-covid-advice-for-contractors#When:18:23:43Z We are now one year removed from the early days of the Covid-19 pandemic.

    Late March and early April 2020 brought fear, confusion and stress to contractors throughout the United States. The swift shutdown of offices, jobsites and public life immediately changed the way we interacted and communicated.

    Our outstanding partners in surety and insurance, as well as those within the Risk Strategies' family, offered quick guidance and thoughtful counsel to brokers and contractors alike via conference calls, webinars and video communication apps.

    Ultimately, the "worst case scenario" didn't come to pass for most construction companies. The construction marketplace was…]]> 2021-03-30T18:23:43+00:00 <![CDATA[COVID-19’s Lasting Effect on Retail and Delivery]]> https://risk-strategies.com/knowledge-center/article/covid-19s-lasting-effect-on-retail-and-delivery#When:21:13:24Z Last March, the delivery industry could only guess how the rapidly spreading COVID-19 pandemic would impact operations. In a matter of weeks, U.S. retailers shuttered their brick-and-mortar stores with no sense of when and how they would reopen.

    With nowhere to go, shoppers quickly shifted their buying behaviors online, forcing retailers to quickly alter their business models and rev up e-commerce efforts – thrusting the delivery industry into overdrive.

    As we cross the one-year mark of COVID-19’s disruption, and the rollout of vaccines brings hope for a new normal, we took a look back on the ways the…]]> 2021-03-29T21:13:24+00:00