2015 Professional Liability Conference Great Success

Sharon Dold

The 2015 Professional Liability Conference was a great success. The focus was on cybersecurity. With several large breaches at health insurers over the past year, cyber insurance has risen to the top of most Blue Plan risk managers’ priorities.

Conference speakers covered a range of topics. The meeting kicked off with greetings by Mr. Scott Serota, President and CEO of the BCBSA and by Mr. Scott Beacham, President and CEO of BCS.

From there, we shifted quickly to cyber risks. Simon Barker of Blue Moon Consulting spoke about reputational risks. One of BCS’s reinsurance representatives, Tom Draper, spoke about developments in cyber insurance. Later that day, we worked through a table top exercise with Ted Kobus of BakerHostetler, which gave risk managers an idea of the questions and issues that arise during a breach. Chris DiIenno of Lewis Brisbois addressed legal and regulatory trends related to cyber breaches.

The next day, the focus was on the cyber program, since named CyberBlue 2016, that Plans and BCS are jointly creating. The risk manager work groups presented an update of their activities and reinsurance representatives provided more details on the inner workings of the  program. 

We had a great discussions with lots of input from the conference attendees. We hope to see you again next year!

For more information visit:
Professional Liability | BCS Insurance Company

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D&O and Professional Liability 2013 Review

Sharon Dold

Directors and Officers Liability and Professional Liability insurers continue to see a significant volume of claims.  The law firm of Troutman Sanders prepared this summary of a selection of 2013 court decisions. They have categorized the claims by issues such as timely notice, prior knowledge, prior acts, dishonesty exclusions, and insured versus insured exclusions.  Policy forms vary from insurer to insurer.  Laws also vary from state to state.  With those points in mind and with the wide variety of cases discussed, we found this paper to be an interesting read.

D&O and Professional Liability 2013 | Troutman Sanders
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2013 Cyber Liability & Data Breach Insurance Claims study

Sharon Dold

While we read much in the press about cyber attacks and privacy breaches, we hear little from the insurance companies who are paying the claims. The third annual Cyber Liability & Data Breach Insurance Claims study, by NetDiligence® examines 145 actual data breach insurance claims. NetDiligence® has summarized its findings in a report that looks at costs, types of data exposed, and causes of loss to help risk management professionals better understand and plan for the risks of data insecurity.

Cyber Liability & Data Breach Insurance Claims
NetDiligence: Continuing to Shed Light on Cyber Claim Costs

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2013 Professional Liability Conference a Success

Sharon Dold

The 2013 Professional Liability Conference was a great success. A lineup of insightful speakers covered a range of topics and issues that effect our industry. Key topic highlights of guest speakers include:

Lori Nugent of Wilson Elser on cybersecurity

  • Cyber Preparedness: Where We’ve Been and Where We’re Going
  • Top Challenges Breached Companies Face
  • Legal Environment for Addressing Breaches
Ciara Frost of Kerns, Frost & Pearlman on emerging issues for Managed Care companies

  • Healthcare Reform and Its Impact on Liability Exposures
  • Meyer v. Health Plan of Nevada—Does it portend increased future liability for Payors and ACOs?
  • Other potential litigation arising from the Patient Protection and Affordable Care Act
Additionally, Scott Nehs of the Blue Cross Blue Shield Association gave a presentation on the current legal climate impacting the Blues.

With engaged discussion and networking opportunities, the Professional Liability Conference was a great venue for industry professionals to meet, exchange knowledge, and learn together. We hope to see you again next year.
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Sharon Dold

With some of the new rules under HIPAA HITECH being put into place in September, we thought it was good time to provide an overview of some of the updates. This article discusses what did and what didn’t change in 2013.

Cyberliability Update For The Healthcare Industry  |  David Lewison, Insurance Thought Leadership
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Willis Reports on Fortune 1000 and Cyber Risk

Sharon Dold

While risk managers usually cite cyber and privacy risks as among their top concerns, many public companies remain “silent” in their disclosures according to a recent study by Willis North America. This raises a concern that companies may see themselves unlikely targets for a breach. It is not overstating the case to say that virtually all organizations are at risk and would benefit from evaluating their cyber insurance needs.

Willis Report: Among Fortune 1000, Many Public Companies Remain Silent on Cyber Risk | Willis Group Holdings

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2014 Renewals Soon Approaching

Sharon Dold

With 2013 well past the halfway mark, Blue Cross Blue Shield risk managers are likely beginning to think about 2014 and preparing for insurance renewals. As you plan your renewal strategies, please keep in mind that BCS Insurance continues to offer $40 million in limits for both directors and officers liability and managed care errors and omissions liability insurance. In addition, we can provide $25 million in limits for employment practices liability. Our cyber and privacy has been well-received and continues to evolve as the market changes.

In a time of market change, BCS is pleased to be one of the only insurance companies consistently providing professional liability insurance to Blue Cross Blue Shield Plans and their affiliates for nearly 30 years.

We are happy to work with Blue Cross Blue Shield risk managers, along with their brokers and consultants, to help meet your risk management goals. Please consider BCS as you make your plans for 2014.

We look forward to seeing risk management professionals at our Professional Liability Conference September 18-20.

For more information on BCS’s products or the 2013 Professional Liability Conference, feel free to email me on our Contributors page.
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