On Friday, August 12, 2011 four employees of Axis Insurance Services, LLC participated along with about 20 other PLUS Foundation volunteers at the DFOY’s International Youth Day. DFOY stands for Directions for Our Youth Inc and is a partner charity of the Plus Foundation. Live feeds of this event were shared between the New York event and other celebrations in Africa, Asia , Europe and the Americas.

Private companies need D&O insurance as much as public companies. Many people come to us and ask why a private company would need D&O. It’s really simple. Directors and Officers can be held personally responsible for their decisions in developing and monitoring appropriate corporate behavior. Although, typically the Board of Directors is not responsible for implementing procedures, they are held responsible for oversight of the development and implementation of appropriate policies and procedures.

We find many E&O claims averted simply because of a properly documented file. Often you do not have written correspondence from a client on a specific issue. In these cases, take a minute to write out the jest of a conversation in the client file with a date and time stamp.

The role of the insurance producer has changed significantly in the past few years as clients and carriers are demanding a higher level of service from their insurance producers. Historically, the role of an insurance agent has been to sell products on behalf of a carrier. They were not charged with the role of providing the best coverage. Rather, they were charged with procuring the coverage requested by a client or informing the client that they cannot place the coverage. As a general rule the following definitions can apply to Agents and Brokers.

The most recent denial of a claim by Zurich for the Sony hacker case is evidence of the need for diverse insurance. Automobile insurance is designed to cover automobile exposures, E&O for professional services and G/L for liability related exposures. However, there are significant gaps between each of these policies that companies should [...]

The professionals at Axis Insurance Services, LLC once again exceeded expectations. See this month’s success stories.

The increased use of personal computers, laptops and certainly smart phones and touch pads has increased the risk associated with an unauthorized disclosure of confidential information by companies today. Companies are increasingly susceptible to liabiltiy lawsuits and state mandated notifications and investigations as it relates to such confidential information. According to the Lulz organization a [...]

Most insurance companies are moving towards asking the insurance agent NOT to send copies of certificate of insurance to the carrier. The insurance companies suggest that they don’t want the paperwork and it is not necessary. We recommend that insurance agents and brokers ALWAYS SEND THE CERTIFICATE OF INSURANCE TO THE CARRIER REGARDLESS [...]

Insurance agencies are exposed to a significant amount of confidential data in the day to day operations of their agencies. Most insurance agencies have a privacy policy whereby they agree to maintain the information provided by a client confidential and only to use it for the purposes of obtaining insurance policies on behalf of their [...]