It’s safe to say that most companies underestimate how susceptible they are to workplace violence and an active shooter and threat scenario. While there are some industries that are more prone to incidences, workplace violence is a threat to all work environments. It is in the best interest of all business owners, board of directors, leaders and managers within each organization to assess the exposure, communicate and educate your workforce, and manage the risk to protect your assets and financial interest.
The commercial insurance industry is comprised of a complex blend of risk assessment, prevention, and circumstances that are many times left in the hands of Mother Nature. Underwriters and insureds go to great lengths to ensure that every preventive measure and precaution is taken to mitigate the risk, but all the best practices, experience and prevention could not control the detriment that Mother Nature would cause in 2017. Now, in 2018, the insurance industry is trying to pick itself up and dust off after suffering from a $23.5 billion industry loss last year after $52.9 billion of catastrophic claims were filed. 2 To say that these figures will impact 2018 would certainly be an understatement.
In the News:
Ironwood Adds Risk Management Veteran to Its Property and Casualty Team
ATLANTA, GA (March 1st, 2018) - Atlanta-based Ironwood Insurance Services announced today that Doug Susco will serve as Ironwood’s newest Client Executive/Producer. Susco brings with him almost a decade of experience working within the commercial property and casualty insurance industry on both the carrier and broker side.
Will Underwood, President of Ironwood said “We are thrilled to have such a talented individual join our team. We expect him to do great things and have a long, successful career at Ironwood.”
As 2017 winds down and 2018 is practically knocking at the door, it has been a year resulting in much economic prosperity for many, but also has presented many corporations with large windows of risk. Some of these risks are common from year to year and ebb and flow due to economic conditions. However, some risks, like cybersecurity, seem like they are nasty viruses that are constantly morphing and evolving to their environment, always staying one step ahead.
The summer of 2017 brought a plethora of catastrophic insurance events including: hurricane heavy-hitters Harvey, Ivan, and Maria, two earthquakes in Mexico and scorching wildfires in California causing over $100 billion in insured losses.1 The rising costs of property and casualty (P&C) rates are no secret and our projection is that these increases will continue through at least the first part of 2018. This along with the unique exposures faced by multi-family owners and managers poses a challenge for their insurance renewal. Despite these increasing costs, losses and the inherent risks that may come with writing coverage on Multi-Family Real Estate business, a well-informed property owner partnering with an experienced broker with industry knowledge, can work together to obtain a comprehensive program at the best possible price and coverage terms.
Traditionally, the Surety Industry has been reluctant to provide a bond line for a company whose ownership is being transferred to a Private Equity Fund. The only option for a Private Equity Sponsor during the diligence phase has been to approach the existing bond carrier with the assistance of management and the existing surety broker. Quite often the broker and surety are uncomfortable with a Private Equity transaction’s leveraged balance sheet. As a result, the existing surety requires additional security in the form of personal, outside indemnity, or a letter of credit in the amount of 50% to 100% of the outstanding bond exposure. With that said, the majority of surety underwriters will decline to participate on a post-close basis.
Company auto-related costs are accelerating as new technology becomes available, creating more expensive cars with more distracted drivers. The distractions come in various forms: from high-tech computer systems integrated in the car to the already dangerous situation of using a cell phone while driving. Because the cost of vehicles continue to increase, the cost of repairing damaged vehicles is also increasing. Companies that operate a fleet of vehicles should be aware of all the risks and have plans in place to reduce these risks.
Written by Frank Eldridge and Matt Hene
In recent weeks, three major hurricanes have made landfall in the Caribbean and the continental United States. Hurricanes Harvey, Maria and Irma left widespread damage throughout the Caribbean and Puerto Rico, as well as, the East and Gulf coasts of the United States. While many in the affected areas have had power and water services restored, others are still without these vital services. While these storms have proven to be costly, businesses that have insurance coverage are experiencing a slow and tedious claims process.
Join Ironwood Partner/Vice President, Rick Frederick, as he joins the panel discussion on highlighting the role a robust diligence process plays in a successful transaction. This panel of highly esteemed experts will emphasize how risk/insurance, legal and accounting diligence are interconnected and critical components of the overall diligence effort.
Ironwood Insurance Services is pleased to announce the addition of its newest Property & Casualty Insurance and Risk Management Account Executive, Tanya Roberts.
Ironwood Insurance Services is an Atlanta-based brokerage firm specializing in serving the middle market in the areas of risk management, property and casualty insurance, employee benefits and custom HR solutions. Committed to offering highly specialized resources with a strong, dedicated service team, the firm has grown significantly since its founding in 2007. The firm is pleased to announce the addition of Tanya Roberts, CIC, CISR, to its team as an Account Executive.
Ironwood's property & casualty insurance professionals have specialized knowledge and insights on a diverse range of products and services. Taking the time to understand each client's unique business needs, Client Executives design the appropriate risk management program and help implement a hands-on service plan.
“We’re excited to have Tanya join the Ironwood team. With her experience serving risk management accounts, having built strong underwriting relationships, and her commitment to community service, Tanya will add significant value to Ironwood and our clients” says Matt Hene, Partner at Ironwood.