Category: Articles

  • Client Advisory: Cyberattack Forces Oil and Gas Services Provider Halliburton to Take Systems Offline

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    Latest example of threat actors targeting the oil & gas industry Halliburton stated it was hit by a cyberattack on August 21, 2024 when an unauthorized third party gained access to some of its systems. The top U.S. oilfield services firm is working with external advisers to assess and remediate the situation, the company said…

  • Client Advisory: Addendum to SEC Rules from 2023

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    As a follow-up to our client advisory in early 2023 (please see below), the McGriff Executive Risk Advisory practice would like to share that the insurance market is now responding with coverage for clawbacks. After a lot of interaction with regulatory agencies and legal opinions on whether or not coverage can be provided, AIG was…

  • The Impact of Severe Convective Storms on Property Insurance

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    Severe convective storms are among the most frequent and severe natural disasters in the U.S. Warm, wet air rising from the earth causes them to manifest in various ways, depending on atmospheric circumstances, ranging from soaking thunderstorms with lightning to tornadoes, hail, and damaging straight-line winds. As urban areas grow and more people move into…

  • Understanding Named Insureds on a Policy

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    When placing insurance for companies with multiple subsidiaries and entities, it is important to understand what qualifies as an additional insured under the commercial policy and what does not. Failure to understand and adequately name subsidiaries and entities on policies could lead to denied claims and potential E&Os for McGriff. The Issue An insured client’s…

  • Tackling Ableism in the Workplace: HR’s Role in Addressing Subtle Discrimination

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    Since the passage of the Civil Rights Act of 1964, the workplace has been tasked with assuring that access to employment is free of discrimination based on any number of individual characteristics. The additional laws surrounding the Americans with Disabilities Act (ADA) and amendments expanded this focus even more. Today, applicants and employees may expect…

  • Compliance Q&A: 2025 ACA Affordability Safe Harbors

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    Question I am an Applicable Large Employer (ALE) sponsoring a calendar year health insurance plan. I don’t know how much I should contribute to the cost of my employees’ health care. I want to avoid “pay-or-play” penalties, but I can’t afford to contribute more than the minimum required amount. What IRS affordability “safe harbor” works…

  • Understand Your Coverages for Water Damage on a Property Policy

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    When water from any source suddenly rises (or backs up) and causes property damage, you might understandably assume a property policy would automatically cover the resulting damage. In reality though, water damage is covered by property insurance policies in only five situations covered below. (A sixth cause of damage, water intrusion, is never covered by…

  • Client Advisory: How the CrowdStrike Outage Illustrates the Value of Cyber Insurance

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    In July, 2024, a widespread tech outage affected businesses and organizations across the globe. The tech outage serves as a reminder to all organizations, no matter their security software, to maintain strong business continuity plans, and cyber insurance, to ensure resilience against system failures. What happened? An issue with CrowdStrike cybersecurity software caused an online…

  • Compliance Q&A: Retroactive Termination of Individuals’ Benefits Coverage

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    Question We just realized that a participant who has been ineligible for coverage for some time is still listed as an active employee on our group health plan. Can we terminate coverage back to when this person was first ineligible for coverage? If not, what do we need to consider now?  Summary Because the Affordable…

  • Borrowing Considerations to Fund Retirement Plan Liabilities

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    Pension sponsors often deal with fluctuating annual contributions and a funded status that never seems to improve. A troubling reality since a well-funded plan and predictable plan contributions would obviously be ideal.   A pension plan’s annual contribution can be determined by considering the plan sponsor’s funding policy (limited by ERISA’s minimum contribution requirements). Nevertheless predictable…