perimeter of the firm. When they use personal computers or
mobile devices for work, the problems compound because
wifi networks, personal devices and software have neither
adequate hygiene nor corporate controls, supervision and
licences. As a result, individuals and businesses are rapidly
becoming victims of interruption, fraud, privacy breaches
and theft of monies, as well as sensitive data.
Although cyber insurance can cover many of these perils,
some cyber insurers require written policies for Bring Your
Own Device and Work from Home. It’s expected that cyber
markets will begin to address these areas at annual renewals.
Ensure current policies and procedures measure up to the
new threat scape and to potential new underwriting questions.
Umbrella/excess insurance
For the last few years, carriers have been increasing premiums
and reducing limits on umbrella/excess insurance policies
due to recent global loss trends and increasing jury payouts.
Unfortunately, this does not yet take into account the potential
pressure new COVID-19 lawsuits will have on the market.
If a business needs an umbrella/excess tower, it is likely
the business will need more layering/carriers than in years
past. Work with a broker to develop limits benchmarking and
devise the best strategy before going out to market.
Conduct a pre-renewal assessment and create a
market strategy
Businesses facing premium increases and limit reductions
are strongly encouraged to conduct a thorough pre-renewal
analysis with their broker. Review the limits on each policy
and understand the current and potentially heighted exposures
during the COVID-19 pandemic. Develop a strategy
to deal with underwriting questions related to the impact of
COVID-19 on operations and financials to ensure the best
possible outcomes at renewal. n
Travis McElvany is executive vice president/risk manager and a
global broker at HUB International. This article was originally
published in the Quarter 4 2020 issue of Piling Canada magazine
and is reprinted here with permission.
B U S I N E S S
As businesses begin to bring non-essential employees
back to work, there is potential for a different
type of workers’ compensation claim to arise.
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ALBERTA HEAVY Quarter 1 2021 35
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