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Tag: COVID-19

Management Liability in the COVID-19 pandemic world

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Due to the COVID-19 pandemic, many Management Liability underwriters are becoming more restrictive by increasing premiums and restricting terms. Because the world economy was hit hard by this sudden slowdown, insurance carriers are reevaluating their underwriting guidelines. A risk that was acceptable in January or February is now seeing double-digit premium increases if not outright declinations.

Here are a few examples of what underwriters are worried about.

Directors & Officers Liability

Merger or acquisition: litigation over the “new” value of the company being acquired.

Preparation for the pandemic: litigation over the company’s preparation (or lack thereof) for the pandemic. Lost revenue, increased expenses, employee & customer safety, company image, etc.

Employment Practices Liability

Downsizing: Allegations over how the downsizing/furloughed employees were determined (i.e. discrimination).

Recalled Employees: Allegation that employees that were recalled from furlough where chosen (i.e. discrimination).

Cyber Liability

Ransomware: Increased exposure to phishing attacks with a larger number of employees working remotely from home.

We have access to many standard and surplus lines carriers that can help your client through this situation. Give us a call, and ask for help with your new
business opportunities and renewal accounts.

View our flyer: Management Liability in the COVID-19 pandemic world

NCCI Work Comp Audit Changes

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Payroll for employees not working may be eligible for exclusion for work comp premium calculation.

This WILL impact your insureds!

Businesses that have suspended operations due to COVID-19 but continue to pay employees who are at home but not working will not have to include the payroll paid to these employees in the calculation of their workers’ compensation premium.

A company that excludes an employee’s payroll can’t report any claims for that employee.

The rule will be retroactive, most likely to March 1. How long the code will remain available will depend on how long shutdowns are in effect.

Advise your insureds

Advise your insureds on the importance of meticulous record keeping. Good record-keeping could save businesses a lot of money.

Be prepared

This change will contribute to return premium audits. This could mean your agency will be required to return some commission to carriers.

Questions?

Contact your Arlington/Roe Workers’ Compensation broker.

Update: Our Coronavirus COVID-19 Response Plan

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After careful consideration, we have made the decision to move all Arlington/Roe associates to a virtual work environment.

All associates are fully equipped to work from home, and we want to reassure you our service and commitment to helping you is our priority. Our leadership team will continue to meet daily to closely monitor guidance from the Centers for Disease Control (CDC), the World Health Organization (WHO) and other local health authorities.

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New Business Submissions
Please continue to send new business submissions to your primary Arlington/Roe contact. If you aren’t sure who to contact, you can find a list of all of our associates here. When you click on the link, use the filters (pictured below) to sort by department or specialty.
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If you’re still not sure where to go, click the filter on the right and select Marketing. Once you do, find the Marketing Manager in your state and they will help guide you to the right associate.

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Physical Mail
Additionally, because all associates will be working from home, we encourage you to send mail electronically using the following email addresses:

Arlington/Roe associates are eager to provide the level of service you expect. For a good portion of our staff, working remotely is nothing new, so there should not be any interruption in how we do business. We understand the challenges you are facing in your agencies with this event, so we encourage you to reach out to your Arlington/Roe contact(s) if there is any way we can provide additional, value-added service to you.

As a company and community, we share the responsibility to keep each other safe. We will continue to monitor the situation and keep you informed of any changes to normal business operations. As we have emphasized to our associates, please do everything necessary to keep yourselves safe and healthy during this time.

Thank you for your trust in Arlington/Roe. We wish you and your family health, safety and peace of mind.

Our Coronavirus (COVID-19) Response Plan

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Our priority is always the safety of our employee associates, their families, our agency and carrier partners, your insureds, and others involved in our industry in maintaining a clear and transparent line of communication to keep you aware of how we are monitoring and responding to an evolving situation.

We take the Coronavirus (COVID-19) threat very seriously, and we want to assure you we are prepared for a broad range of potential issues. We are focusing on the health and safety of our employee associates while continuing to help you serve your clients. Our leadership team will be meeting on a daily basis to closely monitor guidance from the Centers for Disease Control (CDC), the World Health Organization (WHO), and other local health authorities.

While Arlington/Roe has not had any known cases of COVID-19 within our organization, we would like to share a few updates that might help you when interacting with us during these uncertain times.

  1. For those of our associates who have the capability to work remotely, we are giving them the opportunity to do so. As some or all employees are asked to work outside of the office, our team will be fully capable to continue most if not all functions of their responsibilities with as little interruption of service as possible.
  2. We have put in place guidance for our associates detailing how to protect against the transmission of the virus recommended by health authorities. This includes hand-washing protocols, best practices to avoid spreading germs, additional hand sanitizer around the office, and enhanced cleaning of high-touch areas.
  3. We are currently restricting all associate business travel for the next 30 days (until April 13). Arlington/Roe associates will not attend externally hosted conferences, conventions, agency or carrier visits, or meetings. This travel moratorium will be reviewed over the next few weeks, but currently, we believe this precaution will help keep our associates healthy and limit exposure across the country.
  4. We are restricting all visitors from coming into the office and asking for virtual options to be used in order to avoid travel.
  5. We are reinforcing that employees who feel sick for any reason or who have symptoms of the virus or respiratory tract infections should contact their healthcare provider and not come into our offices.

As we take these measures of caution, we want to stress that it is still business as usual. All employees have been asked to keep up levels of efficiency and productivity either while in or outside of our offices. Since we certainly understand the challenges you are facing in your agencies with this event, please do not hesitate to reach out to your Arlington/Roe contact if there is any way we can provide additional service to you.

As a company and community, we share the responsibility to keep each other safe. We will continue to monitor the situation and keep you informed of any changes to normal business operations. As we have preached to our associates here, please do everything necessary to keep yourselves safe and healthy during this time.

Thank you for your continued trust in Arlington/Roe. We wish you and your families continued good health.