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Biggest Obstacle to Cyber Insurance Sales Is Customer Education

Courtesy of Insurance Journal

 

The biggest challenge in selling cyber insurance is educating businesses about the need for cyber coverage, according to a new survey.

The survey of insurance professionals found that among carriers offering cyber insurance, 40 percent say businesses don?t think they need cyber coverage and 29 percent believe they?re already covered under existing policies.

Only 12 percent say the biggest challenge is that premiums are too high.

The survey, conducted by Hanover Research and sponsored by Verisk?s ISO, comes at a time when the cyber insurance market continues to grow. Most insurers surveyed said they are expecting to sell five percent or more coverage next year.

In a report released in April, insurance broker Marsh said demand for cyber insurance rose by 21 percent across all industries in 2013 compared to 2012, and early indications in 2014 were that the buying trend was…

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Contractors Need to Be Involved in the Claims Process, BELFOR CEO Says

Courtesy of Insurance Journal, By Stephanie K. Jones

In a property loss, contractors are the customer service providers. They spend more time on the loss and more time with the customers than anyone else involved in the process, according to Sheldon Yellen, CEO of BELFOR Property Restoration.

And the claimant, ultimately, is the customer. ?He may be a claimant today but tomorrow you want him as a customer,? he said.

Yellen is noted for his unconventional and compassionate management style. (His appearance on the CBS reality program, ?Undercover Boss,? resulted in an Emmy nomination for that episode.)

By his own admission, in making business decisions he places more emphasis on the character of the people involved than he does on pure math or traditional business practices.

Preferring to ?lead from behind,? in Yellen?s world his employees come first. In that respect he has a lot of people ahead of him.…

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Insurance fraud operation across South Florida nets 22 arrests

Twenty-two people from across Miami-Dade County were charged in a fraud scheme that bilked insurance companies out of $7.6 million by intentionally setting fires or causing floods in homes, Miami-Dade State Attorney Katherine Fernandez Rundle announced Tuesday.

"We?re here today to announce 22 arrests in what amounts to be another insurance scam that?s intended to take cash out of your wallets," Fernandez Rundle said from her downtown office building.

Investigators were able to crack the ring led by public adjuster, Jorge Fausto Espinosa Sr., when authorities were tipped off by someone involved, who provided information in exchange for a lighter prison sentence.…

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Private flood insurance plan being reviewed in Tallahassee

As thousands of coastal residents worry about higher flood-insurance rates, an effort to attract more private insurers to offer flood coverage in Florida may go back to the start of the Senate review process.

After concerns were expressed by several senators on Thursday about technical changes in the Senate proposal (SB 542), sponsor Jeff Brandes, R-St. Petersburg, said he will meet with Senate Banking and Insurance…

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Car Insurance Deductibles: Are They Right For You?

When choosing car insurance, it is likely that you?ll come across the term ?deductible?. You may have also heard that high deductibles are likely to lower your car insurance premiums. What exactly are ?deductibles?, and are they right for you? I?ll show you how deductibles can help you lower your insurance premiums and explain them in detail so that you can see if it suits your particular situation.

A car insurance deductible is the amount that you pay towards vehicle repair, or any other type of damage or accident before your insurance kicks in. Your insurance company won?t pay anything until you?ve paid off the deductible. Therefore, the higher a deductible is, the lower your insurance rates will be because you assume more risk on your own.

For example, if you have a $1,000 deductible and your vehicle has suffered $2,500 in damages, you…

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