Category: Articles

  • How Trade Credit Insurance Protects a Company’s Assets, Unlocks New Markets

    —

    by

    admin
    in

    Accounts receivable are critical to a company’s balance sheet, directly affecting cash flow and profitability. Yet while most companies insure against property loss, liability, and other unpredictable, high-exposure events, their most valuable asset is open to loss. There is a safer way to do business: trade credit insurance. Trade credit insurance protects businesses from the…

  • Client Advisory: Social Engineering in the Age of AI

    —

    by

    admin
    in

    Threat Actors are integrating AI in their social engineering attacks. With artificial intelligence (AI), social engineering schemes are becoming more sophisticated, creating new challenges in the insurance industry. Social Engineering Tactics 98% of cyber incidents involve some form of social engineering1. Historically, threat actors have manipulated trust, exploited fear, and created a sense of urgency…

  • Compliance Q&A: State Individual Mandate Reporting Requirements

    —

    by

    admin
    in

    Question I thought Affordable Care Act (ACA) reporting was a federal requirement and that individuals are no longer required to have health insurance to avoid penalties under the individual mandate, but I’ve heard that coverage and reporting may be required in some states. Is this true? Summary While health insurance is no longer required at…

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

    —

    by

    admin
    in

    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

    —

    by

    admin
    in

    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

    —

    by

    admin
    in

    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

    —

    by

    admin
    in

    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

    —

    by

    admin
    in

    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

    —

    by

    admin
    in

    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

    —

    by

    admin
    in

    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…