Introducing Management Liability for Small Business

 
NAS is now accepting submissions for Employment Practices Liability, Directors & Officers Liability, and Fiduciary Liability as part of our newly developed Management Liability product.  
 
Management Liability is the 3-in1 solution for businesses with up to 50 employees. In addition to our leading-edge coverage, your clients will have access to NAS eManager, a risk management service that provides unlimited expert phone support and online resources such as customized employee handbooks, training modules, and state specific employment regulations. NAS-eManager is available to both EPLI and D&O policyholders.
 
For more information on Management Liability, click here.
 
 
RECENTLY WRITTEN ACCOUNTS
 
Type of Risk: Engineering Firm in NJ
This account was non-renewed by their previous carrier due to claims activity as there was a severe loss with payments over 150k.  NAS was able to underwrite the account and the claims information and provide a competitive quote to help the broker retain the account.
 
Type of Risk: Life Science Start-Up
As this insured had a lapse in D&O coverage, the incumbent didn’t want to entertain the risk due to financial condition. However, NAS was able to review the funding plans and the interim financials and provide a quote.   Terms were quoted around $7,500 for a 1MM Limit.
 
Type of Risk: Retailer in Southern California
This retailer had a change in control and the incumbent carrier would not waive the takeover provision on the EPL policy.  NAS was able to offer terms with full prior acts coverage and an updated prior and pending litigation date since the acquisition was made by a long time employee of the company.   Broker was successful in retaining the risk.
 
CLAIMS HIGHLIGHT
 
EPLI
A multi-count suit was filed against a farming and harvesting operation (Insured) by a former employee. The former employee alleged that he was the victim of sexual harassment, sexual assault, retaliation, and assault and battery by his direct supervisor over a period of eight months. He asserts that in addition to demanding that his supervisor cease such actions, he also logged several complaints to management. He claims that no action was taken to stop the harassment or intimidation. Fearful and intimidated, the former employee felt he had no option but to leave his position with the company. The employee was awarded a judgment on all counts of $350,000. The Insured also had to pay an additional $176,422 in legal fees.
 
 
D&O
Directors and officers received a notice from a competitor company, alleging misappropriation of trade secrets and violation of employees non-compete.  This was due to the Insured hiring a sales executive from the competitor. Total costs incurred were over $250K.
 
 
NAS EMPLOYEE SPOTLIGHT:
MICHAEL KINSLEY
 
Meet Michael Kinsley! Michael has over 10 years of experience underwriting Management Liability Insurance products. Mike joined NAS in January 2018, moving from the East Coast to sunny California. We are excited to have him on board as AVP, National Product Manager for Management Liability.  
 
 
MANAGEMENT LIABILITY FOR SMALL BUSINESS WEBINAR
 
While high-profile scandals make headlines, it’s important to remember that all organizations have EPLI risk. Could a business with under 50 employees survive an EPLI claim? 
 
Michael Kinsley, AVP-Management Liability, will be leading the discussion on this robust policy and go over our risk management online support system that could help business avoid costly claims.
 
Click here to register for the webinar today.
 
 
NAS ONLINE
 
Employment Practices Liability is available on NAS Online. For a broad coverage form with limits up to $1,000,000, log onto NAS Online and start quoting today!

February, 2019

Data Privacy Day

How are you Safeguarding your Data?

 
Monday, January 28th, is Data Privacy Day. Commemorating the international treaty dealing with privacy and data protection, Data Privacy Day was created to increase awareness of privacy, educate consumers on controlling their digital footprint and share best strategies for protecting consumers’ data.  
 
The National Cyber Security Alliance (NCSA) officially leads the Data Privacy Day campaign and this year the focus will be on the value of information with the core message of, “Personal Information is like money. Value it. Protect it.” The NCSA also provides tips and education resources to help companies and consumers be mindful of what they share at work, home and in their community. 
 
As many are more concerned about their data privacy now than they were a few years ago, Data Privacy Day is a good day to review smart cyber-security practices and remember how valuable your information is.
 
 
NETGUARD® PLUS
CLAIMS HIGHLIGHT
 
An accounting firm’s servers and backups were encrypted by ransomware. The firm was unable to access records and perform work for three days, but never received a ransom request. The firm’s IT contractor restored system access and recovered some files, but the records of 225 clients were unrecoverable and had to be recreated. Cyber insurance paid over $63,700 under the Network Asset Protection coverage component for the costs to recreate the lost data and the income loss resulting from the 3-day business interruption.
 
A few months later, the IRS alerted the firm of 11 fraudulently filed client tax returns. An IT forensic investigation concluded that the fraudulent tax returns were likely filed with client information that hackers exfiltrated from the firm’s computer system in the earlier ransomware event. Cyber insurance paid over $48,800 under the Privacy Breach Response Costs coverage component for IT forensics, a call center, breach notification costs, credit monitoring, and attorneys’ fees to draft the notification letters and provide breach guidance to the firm.
 
Overall, Cyber insurance paid over $112,500 for the claim.
 
 
NAS EMPLOYEE SPOTLIGHT:
AMANDA STANTZOS
 
Amanda joined NAS in 2014 after earning her degree in Finance from California State University, Northridge. Currently, Amanda is an Assistant Vice President of Cyber Liability and Technology E&O. 
 
Amanda’s roots are in Southern California but she is always on the go! Even when she’s traveling, you can be sure to find her sprinting on the treadmill in the nearest Barry’s Bootcamp.
 
 
NAS ONLINE
 
Make sure your clients are cyber strong!
 
For ballpark estimates, customized quotes and managing renewals, sign in to NAS Online and start quoting today.

January, 2019

MEDEFENSE® Plus: Essential Coverage for Healthcare Providers

 
MEDEFENSE® Plus is NAS’ unique insurance solution for healthcare providers. Providing coverage for actual or alleged billing errors, MEDEFENSE® Plus provides broad policy language and free choice of counsel and reimburses defense costs, fines and penalties, and shadow audit expenses incurred in proceedings brought by federal or state government agencies, qui tam plaintiffs, and contractors working on behalf of the government, such as ZPIC and RAC.
 
Eligible classes include medical groups and healthcare facilities that provide direct patient care services and bill to Medicare, Medicaid, or other public and private payors. 
 
 
RECENTLY WRITTEN ACCOUNTS
 
Risk: Oral Surgeon
Product: MEDEFENSE® Plus
Premium: $1,200
New business account that fit in the our Medical Group Program Packet rate. No claims or loss history, 1 dentist, and necessary protocols in place which made them a fit for the program.
 
Risk: Nursing Home and Rehabilitation
Product:  MEDEFENSE® Plus with e-MD®
Premium: $10,331
New business account written on NAS Online. To fit online, this risk must have less than $50M in revenue. This account was claims free and fit under the revenue criteria.
 
MEDEFENSE® PLUS
CLAIMS HIGHLIGHT
 
The Insured is an owner of urgent care facilities with locations in many states. Two qui tam actions were filed against the Insured alleging fraudulent billing for unnecessary allergy and flu testing. 
 
The qui tam action alleged that the Insured inflated its billings for urgent care medical services (known as “up-coding”). The Insured was reimbursed over $1 million in legal fees under the insurance.
 
 
NAS EMPLOYEE SPOTLIGHT:
KAREEN BOYADJIAN
 
Kareen is a Southern California native who graduated with a Sociology degree from UC Santa Barbara and joined NAS in 2011 as an underwriting assistant. Currently, Kareen is an Assistant Vice President in the Specialty Underwriting Department and the National Product Leader for MEDEFENSE® Plus and e-MD®.
 
When Kareen isn’t traveling or hunting for ice cream, she’ll be enjoying her signature Jameson on the rocks at her favorite pool hall.
 
 
NAS ONLINE
 
Did you notice one of our recently written accounts was placed through NAS Online? 
 

January, 2019

No One Does Cyber Like NAS

 

For over 40 years, NAS has lead the industry with innovative products like NetGuard® Plus, Personal CyberPlus and NAS CyberNet® Risk Management.

 

But what does Cyber Strong really mean?

 

Check out this infographic below to see NAS by the numbers and share it with your colleagues and clients.

 

August, 2017

NAS Cyber Digest Reveals Uptick in Ransomware

 

NAS has deep roots in cyber insurance, allowing us to quickly identify changing trends, as well as new and growing risks to businesses. Each year our cyber claims department handles over 2000 claims, gathering important data to help us better prepare for the cyber threats our clients will face in the future.

 

Our 2016 Cyber Digest analyzes these changing trends for both the small and medium sized businesses across a myriad of industries. Our findings this year prove that the uptick in cyber attacks show no signs of slowing down.

 

The Hard Facts: 

Of the 900 claims filed, ransomware events doubled for those in healthcare, and quadrupled for businesses in other sectors.

 

Additionally, cyber related financial fraud claims increased 8x between 2015 and 2016.

 

To read more of our findings, click here.

June, 2017