Joseph Cook

Ok folks, check your cyber insurance policies. I was once brought into a multimillion dollar insurance claim by an insurance broker because his client had a ransomware attack. The broker thought the policy covered the business interruption portion and that his client would be able to recover atleast something. He also was hoping that we would get the client more through a better analysis of the business then what the carrier would do. After I reviewed the policy there was virtually no coverage. We found that the policy had an endorsement that took the business interruption coverage from $10 million down to only $100K if it’s a ransomware attack. So…..the lesson is just because you have cyber coverage does not necessarily mean it will cover business interruption for a ransomware attack. Brokers need to check the policies they sell and for those of you who purchase insurance, triple check for any endorsements or exclusions. The loss ended up being $3 million and the business had no coverage. That’s a big hit to take.

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Insurance disasters: How I’ve recovered $250M in claims and the insider tips I use to prepare coverage… Best time to prepare for a claim? Yesterday! The next best time? Now. This might be a bit jarring to hear... But it’s Monday so I’m letting it rip. If you've never heard the term “claims advocacy,” you need a new insurance adviser. Claims advocacy is everything. Especially for financial institutions. Really any company. It's our entire job as insurance brokers. And it's not just about handling claims. Simple / pro tips: 1. It's about preparing for claims before they happen. → read that again please! 2. The right carrier matters more than you think. → their claims handling history, responsiveness, and fairness can make or break your experience. 3. Your policy language clarity is key. → ambiguity can lead to disputes. → work with us to ensure every clause is crystal clear. 4. Stay ahead of regulatory changes. → regularly review your policies and keep up with industry updates to avoid coverage curveballs. 5. Document everything. → from the moment you suspect a potential claim, start a file. → a clear paper trail can be your best defense. 6. Proactive communication is vital. → don’t wait for a claim to test your coverage. Stay in touch with your broker about emerging risks. Easiest way? (Sign up for our newsletters…) 7. Bad faith claims are on the rise. → make sure your broker understands the evolving legal landscape to protect your interests. 8. AI is revolutionizing claims analysis. → advanced analytics can help identify trends and improve risk mitigation strategies. 9. The claims process can be stressful. → choose a broker who provides unwavering support and guidance throughout the journey. The guys at LION Specialty do! Remember: The best time to prepare for a claim was yesterday. The second best time is today. Don't wait until it's too late.

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How you dress as an adjuster or appraiser matters! Even as an independent adjuster or appraiser running your own business, it's important to realize: you represent the insurance company’s product. Your attire is the packaging. Think of it this way: if you ordered a new iPhone and it arrived wrapped in plastic and stuffed in an envelope, you'd question the quality. The same applies to us. The expectation is "business casual" because that's what vehicle or homeowners expect. Look at any major insurance commercial—adjusters are always portrayed dressed as business casual. That's the standard. Don’t disappoint by showing up in anything less than professional attire. Dress the part and meet the expectations. And here is some random dude from a stock photo website when I type in "Insurance Adjuster" to prove my point of what is expected.

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Anybody want to educate me on why commercial insurance companies sometimes leave claims open and bleed cash for years? I'm assisting a rather large organization with three claims right now that have been open for the past 5 years, and the insurer seems to not be in any hurry to close them out. As far as I'm aware, the claimants and their families have never been approached about settlement. So, the money is just flying out the window every month. I know I'm a simple guy, but this doesn't seem complicated. What benefit is there in not even attempting to settle this claim? This says nothing of the fact that open claims are considered in rates for current and future insurance policy premiums, so this is still costing the business money (and no small amount thereof.) If your business's insurer is sitting on open claims, DM me. I'll be glad to do what I can to grease the wheels. #strategy #unbiasedadvice

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