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Ask the Expert Q&A: Errors & Omissions Insurance

Ask the Expert Q&A: Errors & Omissions Insurance

Professional errors are a risk in any industry and can lead to severe financial loss. To learn more about the Errors and Omissions (E&O) Insurance, we spoke with Kenneth Labelle, Broker, Professional Liability, Burns & Wilcox Brokerage, Chicago, Illinois. What are the greatest risks related to Errors & Omissions? K.L.: There are hundreds of different classes of E&O business, from…

Consulting Firm Agrees to $1.75 Million Settlement in Water Treatment Plant Suit

Consulting Firm Agrees to $1.75 Million Settlement in Water Treatment Plant Suit

A consulting firm will pay $1.75 million to settle claims of breach of contract and professional negligence related to the design and construction of a large, lined pond that was part of a $13 million water treatment plant. The Community Services District of Cambria, California sued the firm, CDM Smith, in 2018, claiming the pond required repairs, redesign and modifications…

Driverless Deliveries, Contactless Restaurants: Shift to Digital Alters Liability Landscape

Driverless Deliveries, Contactless Restaurants: Shift to Digital Alters Liability Landscape

Walmart will soon begin testing a grocery delivery program that uses autonomous vehicles, the retailer announced November 10. The pilot program, a partnership with California-based driverless car company Cruise LLC, will send grocery orders directly to customers in Cruise\'s electric, self-driving cars. The program, set to launch in Scottsdale, Arizona early next year, builds on an express delivery service Walmart…

Hurricane Laura Slams Energy Industry Reeling from Pandemic

Hurricane Laura Slams Energy Industry Reeling from Pandemic

Oil and gas production in the Gulf of Mexico was slowed significantly beginning on August 23, as a pair of tropical storms approached U.S. shores and forced the shutdown and evacuation of nearly 300 offshore platforms. Hurricane Laura, one of the most powerful storms to ever hit the U.S., made landfall on August 27, devastating the city of Lake Charles,…

Taking on New Risks: Businesses Evolve to Face Challenges Posed By COVID-19

Taking on New Risks: Businesses Evolve to Face Challenges Posed By COVID-19

Businesses in the United States and Canada have had to adapt to an unprecedented set of uncertain and rapidly evolving circumstances in recent weeks. According to a recent Goldman Sachs survey of U.S. small business owners, 96 percent say that they have already been impacted by coronavirus, or COVID-19. [bw_inline_quote author_id=\"Tyson Peel\"] Some businesses have reduced hours or shut down,…

Architectural Firm Pays School District $1.7 Million for Damage

Architectural Firm Pays School District $1.7 Million for Damage

Last month, KDA Architecture agreed to pay $1.7 million to settle a lawsuit filed by the Yakima School District in Washington over water and mold damage. The alleged design flaws were related to a nearly 750-foot blue wall, constructed of stainless-steel shingles and porcelain tiles that cut through the center of the high school campus. Shortly after completion of the…

Pacemakers and Other Implanted Devices at Risk of Hacking, Warns FDA

Pacemakers and Other Implanted Devices at Risk of Hacking, Warns FDA

On October 1, the Federal Drug Administration (FDA) issued a warning about the so-called URGENT/11 cybersecurity flaws that leave certain Wi-Fi-enabled medical devices vulnerable to being remote-controlled by hackers, such as cardiac pacemakers, implantable cardioverter defibrillators (ICDs) or insulin pumps. The FDA indicated that devices potentially at risk are those utilizing IPnet, a decades-old software application that enables wireless networking.…

Physician Pleads Guilty in $1.2 Billion Medicare Billing Fraud Scheme

Physician Pleads Guilty in $1.2 Billion Medicare Billing Fraud Scheme

Dr. Joseph DeCorso entered a guilty plea in New Jersey federal court on September 12, on charges he allegedly conspired to commit $13 million in Medicare fraud by prescribing medically unnecessary orthotic braces while working for two telemedicine firms between July 2017 and March 2019. He also agreed to pay $7 million in restitution to the government. DeCorso’s sentencing is…

Insuring Santa Claus

Insuring Santa Claus

From his bustling workshop to his nine loyal reindeer, Santa Claus operates one of the most complex enterprises in the world. That level of global intricacy requires an expert review of risk management strategies. “There are a number of insurance products that I would think Santa would have in place,” said Chris Zoidis, Corporate Executive Vice President, Burns & Wilcox.…

Insurance Vulnerabilities in Building & Implementing New Software Programs

Insurance Vulnerabilities in Building & Implementing New Software Programs

Software errors and omissions can cause millions of dollars in financial stress to a company. From tennis shoes to canceled flights, a simple mistake could mean the end for a business. For example, the software that ensured proper fulfillment of Air Jordan basketball shoes had a glitch that resulted in unequal distribution, costing Nike a reported $100 million in lost…

Seller Beware

Seller Beware

’Flipping’ Real Estate Agents Double Exposed to Risk The prevalence of house flipping (buying and reselling a home for profit) has risen across the U.S. Recent reports have found that in many American cities, flipping is back above the record levels set in 2005, two years prior to the mortgage market collapse. One reason for this renewed interest in flipping…

New Risks Require a Surgical Approach to Healthcare

New Risks Require a Surgical Approach to Healthcare

The last five years have meant rapid change for the healthcare industry: the Affordable Care Act (ACA) was signed into law in 2010; the Medicare Electronic Health Record (EHR) Incentive Programs, also known as meaningful use, were launched in 2011; and this fall, Medicare is changing requirements for how claims are coded. The changing environment has kept providers on their…

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