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Cyber Liability News
Sep 19, 2019
War Exclusion: Misconceptions about Cyber Coverage

In 2017, the NotPetya malware infected computers and servers across the globe, shutting down businesses and causing billions of dollars in damage. In response, President Trump issued a statement assigning blame to Russia designating the malware as an Act of Cyber Warfare. As businesses worked to recover, claims for damages and lost income began flooding the insurance market. Mondelez, the manufacturer of Cadbury Eggs, recently made headlines after a claim filed under their property policy was denied due to the property policy’s war exclusion. The denial has resulted in the spread of misinformation through articles such as “Big Companies Thought Insurance Covered a Cyberattack. They May Be Wrong” by The New York Times that fail to attribute the denied claim to the property market rather than the cyber market. Articles such as the aforementioned have sent ripples across the insurance world for companies who believe their cyber policy would not respond. When a cyberattack is blamed on a foreign government, many factors can impact coverage, including how the US government designates such an attack. To quote William Wright, partner and joint-head of cyber at Paragon International Insurance Brokers, “whilst it has promoted lively debate and much need language reform in the insurance market, Mondelez vs Zurich is at its core a very good reason for insureds to purchase stand-alone cyber insurance, where the intent and expectation of coverage is to pay claims emanating from pandemic, untargeted malware like NotPetya and Wannacry.” Insurance largely revolves around the word “intent.” When property policies were first written, the intent was not to cover mass cyber events such as NotPetya; therefore, it is not surprising to see the property market utilizing the war exclusion. The war exclusion, which is found in almost all commercial insurance lines, is meant to protect insurers from paying claims related to damages caused from war or war-like actions. To narrow the war exclusion in cyber policies, carriers may provide, for example an affirmative coverage grant for “cyber terrorism” or a “cyber terrorism” carve back to the war exclusion with the expected intention to provide coverage for mass non-targeted cyberattacks.

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Healthcare News
Aug 27, 2019
Beecher Carlson Expands National Healthcare Practice

ATLANTA (August 28, 2019) – Beecher Carlson Insurance Services, LLC (“Beecher Carlson”), a specialized large account insurance broker, announces the expansion of its National Healthcare Practice with the addition of industry veterans Shawn Smith, Kevin Junod, and Nick McKloskey. Smith will be located in Maitland, Florida, Junod will be located in Conshocken, PA, and McKloskey will be located in Atlanta, GA. Smith and Junod will report to Berni Bussell, National Healthcare Practice Leader. McKloskey will report to Ron Taylor, Senior Managing Director. “We are thrilled to welcome Shawn, Kevin, and Nick,” comments Berni Bussell, Beecher Carlson’s National Healthcare Practice Leader. “They not only bring valuable industry insight, expertise, and experience to our practice, but their creativity, resiliency, passion, and leadership are invaluable assets for our clients and our teammates.” Smith has also been appointed to Senior Managing Director - South Region Healthcare Leader. Prior to joining Beecher Carlson, Smith served as Senior Vice President and Healthcare Practice Leader – Florida with a global risk management and insurance brokerage company. He led and oversaw business development and client service for Florida healthcare clients and prospect. Over his 30-year career, Smith has specialized in delivering tailored solutions to healthcare clients. He holds a degree in Economics from Villanova University. With more than 30 years of experience, Junod has been appointed to Senior Managing Director - North Region Healthcare Leader. Skilled in insurance, risk management, and alternative risk, Junod provides innovative insurance and risk management solutions to clients in the healthcare, pharmacy, and manufacturing/services industries. He joined Beecher Carlson from a global insurance brokerage, where he served as Managing Director and Regional Healthcare Practice Leader. In this role he was responsible for leading business strategy and client services. Junod holds a BBA in Business / Risk Management and Insurance from Temple University. McKloskey has been appointed to Senior Vice President - Healthcare. McKloskey joins Beecher Carlson from a global insurer where he served as Regional Vice President of Distribution & Specialty Products responsible for the market management and regional execution of specialty products. With more than 15 years of experience, he specializes in regional, national, and key account management. McKloskey holds a BBA in Risk Management and Insurance from the University of Georgia.

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