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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.…

Self-driving Uber Crash Points to Risks in Autonomous Vehicle Technology

Self-driving Uber Crash Points to Risks in Autonomous Vehicle Technology

Autonomous vehicles (AV) are changing the way the world drives. Yet this emerging industry is also changing how technology companies think about limiting liabilities in case their products do not work as intended. In the aftermath of the death of a pedestrian struck by an Uber self-driving vehicle on March 18 in Arizona, the future of the company’s self-driving program…

The Rise in Mobile Apps & Need for Tech E&O Insurance

The Rise in Mobile Apps & Need for Tech E&O Insurance

Technology firms are beginning to silently carry the small business sector as 62 percent of small businesses already have, or are in the process of building, a mobile application to support their business. Of those businesses, 30 percent have revenue generating mobile applications or apps.1 With approximately two-thirds of the country’s small businesses depending on them, technology companies should have…

Rise of the Gig Economy Increases Need for Miscellaneous Errors & Omissions Insurance

Rise of the Gig Economy Increases Need for Miscellaneous Errors & Omissions Insurance

Forty-three percent of the workforce in the United States is expected to be made up of freelancers by the year 2020, as compared to just 6 percent nearly 30 years ago.1 The rise of what is described “the gig economy” is driven by business professionals wanting greater autonomy outside of the 9-to-5 world. An increasing number of consultants increases the need…

Capitalize on Real Estate E&O Insurance

Capitalize on Real Estate E&O Insurance

Just as home buyers insure their purchase, real estate agents need to safeguard the role they play in the transaction. Purchasing a home is one of the most emotional decisions a family can make. As the broker of that decision, a real estate professional’s relationship with the buyer can be a very personal one—leading to deep gratitude or bitter disputes.…

Four Housing Trends to Know for Real Estate E&O

Four Housing Trends to Know for Real Estate E&O

There are approximately 2 million active real estate licenses in the United States alone, and housing sales are increasing.1 As of November 2016, the national home price index has surpassed its peak set in July 2006 before the last major recession.2 As sales increase and real estate agents become stretched, there is a potential for increased litigation from errors and…

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…

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