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TechAssure Names New Member Firm in Kansas, MO

CHARLOTTE, NC – Jan. 9, 2016 – TechAssure, the international nonprofit association of insurance and risk management experts for technology-related risks, has named Brush Creek Partners as a new member effective immediately. Based in Kansas City, MO, Brush Creek Partners is an independent, full-service insurance brokerage firm that specializes in assisting middle-market technology and life science industry clients with their insurance needs.

“Kansas City has a vibrant and growing tech scene and we are pleased to have a high-caliber firm like Brush Creek Partners in the region,” said TechAssure Executive Director, Garrett Droege. “Brush Creek Partners is a great addition to our international network of specialist brokers.”

Brush Creek Partners is dedicated to managing the full range of personal and business risks, including data breach and cyber liability, D&O, E&O and more. Founding Partner, Travis Holt, added, “We’ve considered ourselves thought leaders and innovators in the technology risk management and cyber liability insurance space for a long time, but to have a group like TechAssure validate that is powerful.  We’re excited to bring even more value and resources to our clients with technology-related risks.”

MORE ABOUT TECHASSURE
TechAssure is a unique consortium of risk management experts serving innovative industries, such as technology, telecommunications, life sciences, clean tech, as well as the venture capital and private equity firms that fund them.   Comprised of 22 specialist firms located in strategic locations across the world, TechAssure members collectively serve over 4,000 clients and represent over $3 Billion in premium volume.    The association also produces a proprietary annual benchmarking report for the industries it serves. TechAssure is currently celebrating its 15th year.

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If you would like more information about this topic, please contact H. Garrett Droege, CPCU, CIC at 704-997-3238 or email at garrett@techassure.com.  Or visit www.techassure.com or on Twitter @TechAssure

Brush Creek Partners: Travis S. Holt – Travis.Holt@brushkc.com

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Mark Ware Elected as Chairman of TechAssure Association

Denver, CO, January 1, 2017 – IMA, one of the nation’s largest independent insurance brokers, announced that Mark Ware, Senior Vice President of IMA was recently elected as chairman of TechAssure Association Inc., a consortium of independent insurance agents and brokers who focus on technology-related risks and has demonstrated advanced expertise in managing the technology, life sciences, clean tech industries, as well as the firms that fund them.

In his role as Chairman, Mark will work directly with all TechAssure committee chairs and strategic alliances ti ensure that the association’s goals and objectives are reached.

As the leader of IMA’s Technology Practice, Mark has over 25 years of experience in the insurance industry, and has been with IMA since 2002. Mark has been involved with TechAssure since 2004 and has previously served as Chairman of the multinational trade association. “Mark is one of the true leaders in the technology-risk space and has been a vital part of TechAssure for over a decade,” said Garrett Droege, Executive Director of TechAssure Association. “Mark brings a wealth of knowledge and experience to this role and I am personally excited for where his leadership will take us in 2017.

“TechAssure is one of the most progressive and respected member-driven associations in the insurance industry and I am honored to serve as Chairman for a second term.” said Mark Ware. “We continue to evolve and prosper by expanding our global footprint while bringing world class resources, education, and technology to our members.”

About The IMA Financial Group

The IMA Financial Group, Inc. (IMA) is a diversified financial services company specializing in risk management, insurance, employee benefits solutions and wealth management. It employs nearly 700 associates at offices in Colorado, Kansas, Michigan, New York and Texas. The IMA Financial Group is comprised of IMA, Inc., the ninth-largest independently owned retail insurance broker in the U.S.; Signature Select LLC, a retail insurance broker subsidiary providing personal and  business insurance services for midsized organizations; Towerstone, Inc., a wholesale insurance broker; Eydent Insurance Services, a managing general underwriter specializing in niche solutions; CORnerstone Risk Solutions, an alternative risk services company; and TrueNorth, Inc., an SEC-registered investment advisory firm that provides professional asset management and investment consulting services.

About TechAssure

Established in 2000, TechAssure is an international not-for-profit association dedicated to advancing corporate insurance and risk management practices for companies with technology-related risks. The association is comprised of independent regional insurance brokers located across the United States, Canada, Europe, Australia and India.

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TechAssure Association Announces Axco as Newest Corporate Sponsor

TechAssure Association, Inc. has announced its selection of Axco Insurance Information Services as its newest corporate sponsor partner effective immediately. Through this key strategic partnership, TechAssure member companies can access Axco’s market-leading capabilities and resources that are tailored for multinational businesses. Together, the two organizations will collaborate to improve the business conditions for companies operating globally with technology and cyber risks.

Axco’s North America Regional Lead Anya Robinson noted, “The increasing scrutiny on regulation places a significant burden on those in the multinational insurance community. To help address this challenge, Axco offers a concise, independent analysis of more than 180 insurance markets and we are very pleased to have the opportunity to work closely with the network of agents/brokers known for their industry-leading expertise in the tech insurance field.”

About Axco Insurance Information Services: Axco is the leading supplier of global insurance market information with over 50 years’ experience in researching and publishing industry intelligence on insurance and employee benefits. Its unique business model and methods of research have enabled the development of an extensive suite of products comprising in-depth reports, focused profiles, Q&A databases, intelligent questioning tools, and email services which are delivered to every corner of the globe.

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TechAssure Unveils New Brand Identity

TechAssure is proud to announce the launch of the new corporate logo and update to its brand identity.

TA Logo 100pxht

Over the last 15 years, TechAssure has grown from a small trade association into a global network of the best insurance brokers working in the tech risk sector today. We have refreshed our logo to better brand the association to our key audience and to symbolize our growth and evolution.

The new logo, as approved by TechAssure’s Executive Committee, better reflects our involvement in the technology-related industries and incorporates a unique “TA” icon design that will help unify our brand across multiple channels.

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TechAssure Member Named to Risk & Insurance Power Broker List

R2-16p66_PBTech.indd TechAssure member, Doug Jones, has been named to Risk & Insurance Magazine’s Power Broker – Technology Industry list for 2016. This is Doug’s 4th time being included on this distinctive list.

Doug Jones is a Principal at RHSB, a Dallas, TX-based independent insurance brokerage. He leads RHSB’s technology and life science practice. Jones also serves on TechAssure’s Board of Directors and Executive Committee.

Risk & Insurance Magazine’s Power Broker list compiles the best brokers operating in each industry segment. The full list can be found HERE.

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Guest Post: Two New Cyber-Focused Crime Endorsements

Data-Breach31One of the challenges in designing a comprehensive cyber insurance program lies in the fact that cyber risks are not easily contained within the insurance industry’s pre-defined “boxes.” Cyber risks can affect virtually all lines of insurance, and, yet, most of these insurance policies were never designed to cover such risks. There can often be a sizable grey-area between insurance policies when trying to piece them together. One area that is particularly fraught with peril (pun intended) is cyber crime.

Theft of money has historically been addressed by a crime insurance policy. However, crime policies have historically not offered any coverage for certain cyber crimes. Two new (ISO) endorsements are now available (as of Nov 2015) and seek to address some of these issues. 

We would like to thank Stuart Powell and the IIANC for allowing us to duplicate their post on these new endorsements. 

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Internet crime is not just about data breach losses. While data breach losses are significant and can result in considerable financial damage to businesses and individuals, the internet can be used to commit old fashioned crimes such as the theft of money. Two new ISO Crime Insurance endorsements became available in November of 2015 of which agents should take note.

Fraudulent Impersonation – CR 04 17 11 15 is designed to be used with the Commercial Crime Coverage Policy or Form. (It can also be used with the Government Crime Coverage Policy or Form.) It fills a gap between the traditional crime coverages and newer cyber or data breach coverages.

Traditional crime insurance coverages have not had an Insuring Agreement that would recognize this exposure. The endorsement addresses two groups of people who could be fraudulently impersonated, i.e., “employees” and/or “customers” and “vendors.” The exposure, however, is the same. There would be coverage if the “named insured” receives, in good faith, an instruction to transfer “money”, “securities” or “other property” from a scheduled persons described above ‘but which “transfer instruction” proves to have been fraudulently issued by an imposter without the knowledge or consent’ of the scheduled person(s).

An example of this exposure would be an email purporting to be from the scheduled person authorizing a transfer of money. The transfer is made and, later it is discovered that the email was not from the person from whom it purported to be. The endorsement is not media specific so the “transfer instruction” could be in any form, electronic or otherwise.

One obvious loss control for this type of exposure is “verification.” This would entail a confirmation of the instruction before the transfer would be made. The endorsement has three options that may be selected.

  1. Verification is Required For All “Transfer Instructions”
  2. Verification is Required For All “Transfer Instructions” in Excess of a Specific Dollar Amount
  3. Verification Of “Transfer Instructions” Is Not Required

The degree of verification would have an impact on underwriting and pricing.

It is not difficult to see the value that this coverage could have to a business. Not only would it provide indemnification in the event of a loss, it highlights the value of verification and the potential for loss avoidance.

Include Virtual Currency as Money – CR 25 45 11 15 is designed to incorporate virtual money into the definition of “money” for coverage purposes. This endorsement is also designed to be used with the Commercial Crime Coverage Policy or Form. (It can also be used with the Government Crime Coverage Policy or Form.)

The current ISO Crime Insurance Coverage Policy or Form has an exclusion for virtual money. This endorsement amends the exclusion to except, and therefore provide coverage for, virtual currency to the extent scheduled on the endorsement. The endorsement schedule provided the option to select Employee Theft and/or Computer and Funds Transfer Fraud Insuring Agreement. It provides for a sublimit of insurance for each of the insuring agreements and requires a declaration of the name of the virtual currency and the exchange on which the virtual money is negotiable.

The endorsement describes virtual currency to include, but is not limited to, digital currency, crypto currency, or any type of electronic currency. An example of this type of currency would be “bitcoin.” Wikipedic refers to bitcoin as a “digital asset.” It is a peer-to-peer internet exchange of value. It does not require a governmental medium of exchange such as a central bank currency. Some use the term crypto currency. Bitcoin is a unit of value held in an account which can also be used to purchase item much like a debit card.

Since the value of a bitcoin is not backed by a governmental central bank, the determination of its value is not the subject of public exchange rates. Therefore, the endorsement requires the exchange to be used for valuation in the event of a loss be scheduled on the endorsement.

Both of these endorsements indicate an incremental movement towards addressing cyber exposures beyond data breach that are emerging from the “internet of things.” Stay tuned for there is surely more to come.

Post Originally Appeared on IIANC’s Blog. Reproduced with Author’s Permission.

stuartStuart Powell, CPCU, CIC, CLU, ARM, ChFC, AAI, ARe, CRIS, has over 40 years experience in the industry, both as an independent agent and as IIANC’s resident insurance guru for the last 20 years. A valuable resource for IIANC members providing technical information, Stuart is well-known across the country for his vast insurance knowledge. He regularly teaches for numerous insurance organizations and is on the national faculty for the Society of Certified Insurance Counselors.

Questions? Contact Stuart at spowell@iianc.com or 888-275-8914.