Coverage of the Cover Holders and Risk Takers-Exchange Conferences
Allen and Bintou Chatterton of Chatterton Insurance said syndicates have become more open to developing business relationships outside of the London market, even with smaller agencies.
Brokers at the third annual CHART-Exchange conference, held in Baltimore, said they rely on the London insurance market to provide coverages for risks deemed too specialized or challenging for standard insurers.
Jonathan Swann, director, CFC Underwriting, said early cyber claims largely focused on breach, but 75% of today's claims are for ransomware and phishing incidents, making it more akin to crime coverage.
Thomas Wilson, partner, Wilson Elser, said brokers and managers looking to launch an insurance program often devote more than a year to starting up, and face a range of regulatory requirements.
Andrew Biggio, president, First Indemnity Insurance Agency, said attorneys should be covered in a broad fashion for liability from wrongful and prior acts, cyber exposures, licensure issues and more.
Copyright © 2017 A.M. Best Company, Inc. and/or its affiliates ALL RIGHTS RESERVED.
