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Why The D&O Market Will Get Harder

Why The D&O Market Will Get Harder
If you have your finger even remotely on the pulse, you will know that one of the major trends in 2020 going into 2021 was how data breaches were going to affect directors’ and officers’ liability claims. According to a new report by Allianz Global Corporate & Specialty (AGCS), “outside the U.S., securities class actions are being filed in rec...ord numbers and the threat of facing an action has increased in many jurisdictions – notably in Australia and Canada.” The AGCS report identifies five “megatrends” going into this year: Securities class action activity and COVID-19 impact; Global economic developments and insolvency exposure; The D&O exposures of privately-held companies; The impact of diversity, climate change, and environmental and social governance (ESG) factors; Cyber attacks “Often the aftermath of data breaches has been devastating to the companies affected, including fines, costly breach notification procedures, business interruption, and intensely negative publicity,” the report continued. So, how does this all affect directors’ & officers’? The consequences of these megatrends will mean that directors’ and officers’ around the country are at an increased risk of getting sued over potential failures to properly protect their firms against cyber risk. Moreover, COVID-19 has led to a majorly increased risk of insolvency – something that the report covers by stating, “Insolvency is a key cause of D&O claims, as insolvency practitioners look to recoup losses from directors. There are many ways that stakeholders could go after directors following insolvency, such as alleging that boards failed to prepare adequately for a pandemic or for prolonged periods of reduced income.” These risks aren’t exclusive to larger, publicly traded companies either – as directors and officers in private firms face lawsuits over employee related matters. The aforementioned “megatrends” of diversity, climate change, and ESG factors will likely lead to an increase in civil lawsuits. These lawsuits, if successful, could completely put a firm out of business. Though this all sounds scary on the surface, there are ways to mitigate risk. Contact one of our licensed experts today at 905-696-9090 or simply email us to find out how we can help you stay protected.     Source: Canadian Underwriter More
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Why You Need Personal Cyber Insurance

Why You Need Personal Cyber Insurance
Did you know that the average individual loses over $4,000 to cyber criminals? With the ever-growing presence of technology in modern society, more people are at risk of cyber crime than ever before. Hackers look to the vulnerable, unprotected sections of the population and attempt to steal sensitive data such as social insurance numbers as well a...s bank and credit card information. How, then, can the average person stay protected? The answer may lie in personal cyber insurance. To anyone paying attention to the insurance industry, the rise of cyber insurance is no surprise. Though the focus has primarily been on protecting companies, insurance companies are now beginning to provide protection to individuals. In a regular homeowners’ policy, protection against identity theft is often already included; now, insurance companies are expanding what it means to be safeguarded against ID fraud – with further protections against cyber extortions and attacks being included. The question then is this: should you buy personal cyber insurance? In short, yes. Let’s face it – cyber crime is not going to disappear. In fact, we’ve barely scratched the surface. As people become more interconnected due to continued technological advancement, the frequency at which individuals become targets for cyber criminals also increases. Cyber crime now costs corporations worldwide billions of dollars every year as many struggle to cope with the fast-paced advancements being made in the online world. These losses are beginning to hit individuals as well – a worrying sign, to say the least. However, how does this protection work? If we know that cyber crime won’t go away, what can be done? Purchasing personal cyber insurance will mean that an insurance company will provide financial reimbursement for the costs associated with a cyber attack and potential theft of critical digital information – up to the limits of the policy. Though there are a multitude of ways that a hacker can cause financial damage, the insurance policies offer key protection in three different areas: personal and home protection, extortion, and financial loss from fraud. Having these protections in play means that even if an individual is a victim of a cyber attack that succeeds in stealing their banking information, that person can be assured that losses will be covered. This may also buy more time for those fighting against the attack in helping catch the culprit. These protections, though important, are still in their infancy – with experts predicting that policies will continue to evolve to match the needs of the people. While cyber criminals may continue to become bolder in their attacks, the defences of individuals will also improve. Understanding that information makes it even more clear why investing in individual cyber security is so important. Those who commit cyber crimes follow the path of least resistance – they avoid those with even basic security measures in favour of those with no contingency plans in the event of an attack. It costs nothing to inquire about how you can stay protected online – so call one of our licensed experts today at 905-696-9090 or This email address is being protected from spambots. You need JavaScript enabled to view it. document.getElementById('cloak3a5bd4a898a840083e81dbd384f527b8').innerHTML = ''; var prefix = 'ma' + 'il' + 'to'; var path = 'hr' + 'ef' + '='; var addy3a5bd4a898a840083e81dbd384f527b8 = 'better' + '@'; addy3a5bd4a898a840083e81dbd384f527b8 = addy3a5bd4a898a840083e81dbd384f527b8 + 'hubbardinsurance' + '.' + 'com?subject=Personal%20Cyber%20Insurance%20Inquiry'; var addy_text3a5bd4a898a840083e81dbd384f527b8 = 'simply email us';document.getElementById('cloak3a5bd4a898a840083e81dbd384f527b8').innerHTML += ''+addy_text3a5bd4a898a840083e81dbd384f527b8+''; . Let us help you stay safe!     More
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Pandemic Scams To Watch Out For

Pandemic Scams To Watch Out For
No matter what happens around us – be it a global pandemic or the apocalypse itself – you can be sure that there will be a group of people looking to take advantage of you. Covid-19 has been no different. Though the Canadian Centre for Cyber Security states that they have taken down an abundance of fake government websites, emails, and notificatio...n apps designed to dupe unsuspecting people into handing over sensitive information; data still suggests that a startling amount of Canadians continue to fall prey of these scams. So, how do these scams work? Evan Koronewski, a spokesperson from the Canadian Centre for Cyber Security, stated that these fraudulent websites and apps “deliver fake COVID-19 exposure notification applications, designed to install malware on users’ devices.” The malware installed then steals critical personal information and money from the unsuspecting user. “This work continues each and every day as we identify and remove more of these fraudulent domains,” continued Koronewski. Some of these fraudulent domains include fake Public Health Agency of Canada and Canada Revenue Agency. Data suggests that a significant amount of Canadians fell victim to scams such as these – with the Canadian Anti-Fraud Centre finding 8,583 Canadians were affected. Beyond the ransomware and identity theft attacks, the scams also involve tricking people into buying fake vaccines and test kits. As of present day, the Canadian Anti-Fraud Centre estimates that over $7 million worth of damage has been done. To avoid these scams, make sure to verify every website and app you visit – and avoid following links from third-party sites. In order to make sure you are protected, contact one of our licensed experts today at 905-696-9090 or This email address is being protected from spambots. You need JavaScript enabled to view it. document.getElementById('cloak94f7a868c1cdb8d7411499a4e8565ec5').innerHTML = ''; var prefix = 'ma' + 'il' + 'to'; var path = 'hr' + 'ef' + '='; var addy94f7a868c1cdb8d7411499a4e8565ec5 = 'better' + '@'; addy94f7a868c1cdb8d7411499a4e8565ec5 = addy94f7a868c1cdb8d7411499a4e8565ec5 + 'hubbardinsurance' + '.' + 'com'; var addy_text94f7a868c1cdb8d7411499a4e8565ec5 = 'simply send us an email.';document.getElementById('cloak94f7a868c1cdb8d7411499a4e8565ec5').innerHTML += ''+addy_text94f7a868c1cdb8d7411499a4e8565ec5+'';   Source: Insurance Business Canada More
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Hubbard Hires! Jodi Clarke Joins The Team

Hubbard Hires! Jodi Clarke Joins The Team
We are very pleased to announce the addition of Jodi Clarke to the Hubbard Insurance Group team in the position of Operations Manager. Jodi has developed extensive management experience, people leading, project planning and brings organizational skills to the table that will help her in the duties of supporting the already strong and dedicated tea...m at Hubbard Insurance Group.  Prior to joining the Hubbard Insurance Group, Jodi held the position of regional manager & territory coordinator, for a large national fitness facility company. Her responsibilities included process implementation, strategic organization and coordination of sales and service representatives’ training, giving her a broad scope of problem solving experience to draw on. Jodi’s experience as a creative problem solver is a fine complement to the Hubbard Insurance Group’s long tradition of providing our client partners with knowledgeable and professional services. We’re very excited to have Jodi join our team!     More
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Insurance Market Outlook 2021

Insurance Market Outlook 2021
The “Triple-Whammy”: Increasing Rates, Limited Capacity and Stricter Underwriting rules  “The commercial insurance marketplace in Canada will likely continue to remain “hard” for the next couple of years”  according to industry execs. Despite the urge to blame all financial challenges on the COVID-19 pandemic, the rate momentum, coverage... reduction and capacity restriction that is prevalent in commercial insurance is not a new trend. In fact, the market has been heading this way for many years; the coronavirus pandemic has only exacerbated economic trends that were already well underway. The industry has seen years of inadequate pricing, an increase in natural catastrophe events, and the impact of lower interest rates, which has been problematic for insurance companies, who typically make returns on underwriting and investment income. What are the issues influencing commercial insurance? Claims costs continue to rise due to factors such as increases in fraud and the cost to repair buildings/vehicles etc. after an insured event. The increasing severity and frequency of extreme weather events is contributing to rising claims costs. In the past 10 years, insured losses due to flooding, wildfires and storms have averaged $1.9 billion a year. This year, intense storms and flooding have already resulted in insured losses of $2 billion across Canada as of September 2020. The current economic environment has also disrupted the insurance industry. Insurers generate income through investments to ensure they have enough money to pay claims to their policyholders. With record low interest rates and a decline in investment income, many insurers have had to increase premiums to ensure claims are covered. COVID-19 has brought unexpected risks and challenges to every industry, compounding the existing challenges the commercial insurance industry was facing with respect to affordability and availability for business insurance clients. COVID-19 has also created significant uncertainty with respect to potential liability exposures In summary, a ‘hard market’ looks like this right now; Re-Insurance and insurance companies alike are: Increasing rates; significantly in many cases. On average, we are seeing 10-25% rate increases on business without claims as matter of routine. Some classes of business are seeing much higher Limiting capacity, a narrowed appetite to write certain risks, we are seeing for the first time in decades the inability to place coverage at all classes of business. As well, there is a reduced capacity to write adequate limits in some cases. Far tighter underwriting guidelines; underwriters are required to do a much ‘deeper dive’ on the insurance applications and renewal process’s. Directors & Officers Liability, Commercial Realty, Restaurants, Wind Power & Transportation sectors continue to be challenged more than most. We touched on this previously, but we are also seeing the global widespread application of explicit virus and bacteria exclusions.   Our principal focus remains to advise our clients on the best road forward in regard to their insurance programme. We are here for you, we have resources and if you have questions, we either have the answers or know where to find them. Let one of our advisors know or This email address is being protected from spambots. You need JavaScript enabled to view it. document.getElementById('cloakdf835ada52180d8118c741aac0064aa7').innerHTML = ''; var prefix = 'ma' + 'il' + 'to'; var path = 'hr' + 'ef' + '='; var addydf835ada52180d8118c741aac0064aa7 = 'better' + '@'; addydf835ada52180d8118c741aac0064aa7 = addydf835ada52180d8118c741aac0064aa7 + 'hubbardinsurance' + '.' + 'com'; var addy_textdf835ada52180d8118c741aac0064aa7 = 'simply email us';document.getElementById('cloakdf835ada52180d8118c741aac0064aa7').innerHTML += ''+addy_textdf835ada52180d8118c741aac0064aa7+''; . From our team to yours, here’s hoping you can stay positive of mind and negative of virus. More
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