We are one of tri-states leading “Workers Compensation Specialists.”  We are like human encyclopedias and know all the ins and outs of the Worker’s Compensation System.  We know and will use every rule to your advantage (which can end up saving you more than 20%).

We can help with the following issues:

1. Audit disputes – We can either help get your carrier to fix what you feel are mistakes or get a new carrier and get you out of your current bad situation.
2. Looking To Get Away From Having to Do Annual Audits – Depending on the state and carrier we may be able to avoid annual audits or if carrier insists their audits require minimal documentation.
3. Poor Workers Compensation Loss Experience – We can find you a new carrier who won’t make you pay through the nose.  Two clients who had over $1 million each in losses ended up paying lower rates than the carrier who was canceling them.
4. Being Cancelled – We can find you a new carrier within 1-2 days.
5. High Experience Modification Factor – We can place you in a program which will offset a high mod with credits so your rates are better.
6. Payroll Being Misclassified – We know what to do to get your carrier to put them in the right class codes.
7. Unhappy with Your Payroll Company Who Provides Workers Compensation – We have up to 20 programs and can get you lower payroll processing fees and lower Worker’s Compensation rates.
8. Do Not Want To Pay a Fixed Premium Every Month – We have programs that will allow you to report payroll each month and pay premium based on payrolls reported.  So for the months payroll are low so too will be your premium.  This helps with your cash flow.
9. Do Not Want To Pay a Renewal Deposit Every Year – We have programs where you pay up front a deposit then on renewal no deposits are required.
10. Sick of Paying Your Broker $1,000 to $2,500+ Policy Fees or 10% Services Fees – We can get you into programs that have no policy or service fees however you get “First Class” service day and evening.
11. Your Business Is In a High Risk Category Therefore Hard To Find Worker’s Compensation – We have up to 20 companies to market your account to.  One carrier insures companies with very poor loss experience.  One company insures companies considered very high risk.

Whatever your issue we can help.  You just tell us what you want done and we will find a way to achieve it.  Let us take whatever headaches you have and make them our headaches.

BGES Group are Worker’s Compensation Specialists for the States of New York, New Jersey and Connecticut – Issues we address: 1) Lowering pricing – we have specialty programs that can save you up to 40%; 2) Finding a new company; 3) Replacing policies that are being cancelled or non renewed; 4) Audit disputes; 5) Company creating fictitious payroll at audit time; 6) Lowering high experience modifications factors; 7) Misclassification of payrolls; 8) Lowering or eliminating renewal deposits;  9) Getting coverage when you’ve been without for a few months; 10) Covering multiple states under one policy; 11) Eliminating 10% service or policy fees; 12) Timely issuance of certificates; 13) Always being able to get someone on the phone or by email when you need to.

If you would like to speak with us call Gary Wallach at 914-806-5853 or click here to email or click here to visit our website.

Company: BGES Group, 216A Larchmont Acres West, Larchmont, NY 10538

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2021 – BGES Group

Businesses are getting better at beating ransomware extortionists and more victims are refusing to pay to unlock their systems, according to a new report.

The ratio of ransoms that the cyber criminals demand to ransoms actually paid fell to just 12% in the third quarter of 2021, compared to 44% in the same period in the year prior, according to the report by Corvus Insurance out of Boston.

The report said that businesses have become better prepared in handling ransomware attacks by improving their backup systems, better protecting internal backups as well as off-site backups that serve as a failsafe in case the main systems are compromised.

“Despite efforts by criminals to double-extort victims or find other ways to increase leverage, organizations have generally become better prepared to handle ransomware,” the report states.

The improvement comes as some ransomware gangs have started double-extorting their targets by first demanding a ransom to unencrypt their system, and then demanding a second ransom payment under the threat of leaking or selling a company’s trade secrets or other sensitive data.

Sometimes if a ransom demand for unencrypting a company’s systems fails to bear fruit because it had strong backup protocols in place, the criminals may fall back on threatening to expose the company’s sensitive data.

Reasons for improvements

The report said ransomware’s frequency had dropped by 50% in the second quarter of 2021 from the first three months, and was sustained through the third quarter. This was likely linked to the shutdown of two ransomware groups, but there were other factors affecting the drop in both ransomware frequency as well as the percentage of ransoms that are eventually paid.

Better backups — Companies are implementing more robust backup strategies, that include better-protected internal backups and off-site backups that act as a failsafe. According to the publication Computer Weekly, the best practice for backup is the 3-2-1 rule:

• Make three copies of data,
• Store the data across two different forms of media, and
• Keep one copy off-site.

To protect against ransomware, the off-site backup should be isolated from the business network, such as being housed on the cloud through a reputable cloud storage provider. That can be the off-site copy of the data, but keeping another dataset on tape, and keeping those tapes strictly offline, is the most reliable way to “air gap” data from a ransomware attack.

E-mail security systems — There are a number of tools that can make e-mail communication safer while avoiding a costly hardware installation. These cloud-based tools scan and filter incoming messages to anyone in the organization.

The Corvus study found a 158% increase in the adoption of e-mail security tools in the third quarter compared to the same period in 2020.

The vendors update their scanning tools regularly to keep up with the latest phishing threats (phishing is often how a system is compromised and which can allow ransomware into your database).

Some e-mail service providers have started building into their systems scanning and filtering tools. But these tools are often not as strong as stand-alone ones.

Remote desktop protocols waning in use — Fewer companies are using accessible remote desktop protocols (RDPs), which flourished during the lockdowns early in the COVID-19 pandemic. The use of these protocols has dropped nearly 50% in the last year.

These protocols allow a user to access their computer or servers from another computer when off-site.

However, such systems are extremely vulnerable to credential compromise and hackers use something called a “brute force” attack where they exploit weaknesses in the system. For companies that use RDP, Cisomag.com, an online computer publication, recommends:

1. Using a secure VPN connection instead of RDP to access desktops remotely.
2. Enforcing the use of strong passwords, and password changes every 60 to 90 days.
3. Setting a threshold for password tries. The system should lock out the user after three failed login attempts (failed passwords).
4. Changing the default name of your administrator account.
5. Checking your group policies frequently.
6. Installing all server patches and paying attention to Microsoft Patch Tuesday (Update Tuesday) announcements and similar advisories.

BGES Group’s office, located in Larchmont, NY is a full service insurance agency offering, Property, Liability, Umbrella Liability, Business Auto, Bid & Performance Bonds, Inland Marine, Worker’s Compensation, New York State Disability, Group Health, Life insurance, Personal lines and Identity Theft.

Special Contractor Insurance Programs (NY, NJ, CT) – We we have 60+ insurance companies to market your general liability, umbrella liability, business auto, workers compensation, bid & performance bonds and group health coverages. We help contractors set up proper risk transfer. If you’re a contractor we offer extensive information about insurance markets, coverages, risk transfer, subcontractor screening, ways to lower your insurance costs.

BGES Group are Worker’s Compensation Specialists for the States of New York, New Jersey and Connecticut – Issues we address: 1) Lowering pricing – we have specialty programs that can save you up to 40%; 2) Finding a new company; 3) Replacing policies that are being cancelled or non renewed; 4) Audit disputes; 5) Company creating fictitious payroll at audit time; 6) Lowering high experience modifications factors; 7) Misclassification of payrolls; 8) Lowering or eliminating renewal deposits;  9) Getting coverage when you’ve been without for a few months; 10) Covering multiple states under one policy; 11) Eliminating 10% service or policy fees; 12) Timely issuance of certificates; 13) Always being able to get someone on the phone or by email when you need to.

 If you would like to speak with us call Gary Wallach at 914-806-5853 or click here to email or click here to visit our website.

Company: BGES Group, 216A Larchmont Acres West, Larchmont, NY 10538

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2021 – BGES Group

Many business owners are confused by the seemingly endless array of insurance policies and premiums. But an understanding of what your basic commercial property insurance covers and doesn’t cover is critical to any risk management strategy.

Furthermore, any responsible risk management plan must include an assessment for flooding and earthquake damage, and a plan for insurance protection, where needed.

Does commercial property insurance cover flood damage?

No. Standard commercial property insurance will not reimburse you for flood damage, including flooding related to hurricanes and storm surges.

Neither commercial package policies nor business owner’s policies include flood risks as standard coverage.

How can I get flood coverage?

There are two markets for commercial flood policies, the most common of which is policies issued by the National Flood Insurance Program through licensed insurance agents. However, not all policies fall within the jurisdiction of the NFIP.

You may be able to obtain flood coverage through private insurers, but these policies are hard to come by and coverage and pricing will depend on your location and flood risk. These policies are known as “differences in conditions” policies that are essentially riders to property policies.

What does it cover?

Flood insurance provides two kinds of protection: Building property coverage and personal contents. Talk to us about the specific items in your building(s). Coverage of basements and areas below the lowest elevated floor are underwritten separately from other floors.

Commercial flood insurance from the NFIP provides up to $500,000 in coverage for direct physical damage to buildings from or by flooding. This includes damage to floors, walls, ceilings, plumbing, electrical systems and HVAC.

The NFIP also covers the contents of a building up to $500,000. Contents coverage includes furniture, fixtures, inventory, machinery, equipment and other property owned by your business that has been damaged by a flood. The limit for contents coverage is separate from the limit for buildings coverage.

Does commercial property insurance cover earthquakes?

Again, typically not. This is not a standard coverage under commercial property insurance and the business would need to purchase a separate commercial earthquake policy.

While earthquakes have occurred in every state in the union since 1900, according to the Insurance Information Institute, some states have more exposure to earthquake hazards than others.

The U.S. Geological Survey has identified areas with particularly high earthquake hazards in California, Oregon and Washington, and has even identified hotspots in Nevada, Utah and Wyoming. 

How can I get earthquake insurance?

Commercial earthquake policies are available in the private market and are also sold as differences in conditions policies that are riders to your commercial property insurance.

We can find you coverage if you’re in the market.

What does earthquake insurance cover?

Earthquake insurance usually protects you against damage to your building and damage to business equipment and inventory. In some cases, there is a business interruption insurance component.

Deductibles range from 2% to 20% of the value of your building, so there’s no substitute for having some liquid capital available, or a ready and reliable line of credit before an earthquake strikes.

Be prepared to undergo a building/facilities inspection. Before you qualify for coverage, your underwriter may ask you to make specific property upgrades, such as bolting your building to its foundation, bracing your chimneys and walls, or other items. They may also have you strap water heaters to the walls or frames.

Again, you’ll need to obtain earthquake insurance separately from your commercial property insurance policy. Call us for specifics and to get the application process started.

BGES Group’s office, located in Larchmont, NY is a full service insurance agency offering, Property, Liability, Umbrella Liability, Business Auto, Bid & Performance Bonds, Inland Marine, Worker’s Compensation, New York State Disability, Group Health, Life insurance, Personal lines and Identity Theft.

Special Contractor Insurance Programs (NY, NJ, CT) – We we have 60+ insurance companies to market your general liability, umbrella liability, business auto, workers compensation, bid & performance bonds and group health coverages. We help contractors set up proper risk transfer. If you’re a contractor we offer extensive information about insurance markets, coverages, risk transfer, subcontractor screening, ways to lower your insurance costs.

BGES Group are Worker’s Compensation Specialists for the States of New York, New Jersey and Connecticut – Issues we address: 1) Lowering pricing – we have specialty programs that can save you up to 40%; 2) Finding a new company; 3) Replacing policies that are being cancelled or non renewed; 4) Audit disputes; 5) Company creating fictitious payroll at audit time; 6) Lowering high experience modifications factors; 7) Misclassification of payrolls; 8) Lowering or eliminating renewal deposits;  9) Getting coverage when you’ve been without for a few months; 10) Covering multiple states under one policy; 11) Eliminating 10% service or policy fees; 12) Timely issuance of certificates; 13) Always being able to get someone on the phone or by email when you need to.

 If you would like to speak with us call Gary Wallach at 914-806-5853 or click here to email or click here to visit our website.

Company: BGES Group, 216A Larchmont Acres West, Larchmont, NY 10538

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2021 – BGES Group

If you would like to speak with us call Gary Wallach at 914-806-5853 or click here to email or click here to visit our website.

BGES Group’s office, located in Larchmont, NY is a full service insurance agency offering, Property, Liability, Umbrella Liability, Business Auto, Bid & Performance Bonds, Inland Marine, Worker’s Compensation, New York State Disability, Group Health, Life insurance, Personal lines and Identity Theft.

Special Contractor Insurance Programs (NY, NJ, CT) – We we have 60+ insurance companies to market your general liability, umbrella liability, business auto, workers compensation, bid & performance bonds and group health coverages. We help contractors set up proper risk transfer. If you’re a contractor we offer extensive information about insurance markets, coverages, risk transfer, subcontractor screening, ways to lower your insurance costs.

BGES Group are Worker’s Compensation Specialists for the States of New York, New Jersey and Connecticut – Issues we address: 1) Lowering pricing – we have specialty programs that can save you up to 40%; 2) Finding a new company; 3) Replacing policies that are being cancelled or non renewed; 4) Audit disputes; 5) Company creating fictitious payroll at audit time; 6) Lowering high experience modifications factors; 7) Misclassification of payrolls; 8) Lowering or eliminating renewal deposits;  9) Getting coverage when you’ve been without for a few months; 10) Covering multiple states under one policy; 11) Eliminating 10% service or policy fees; 12) Timely issuance of certificates; 13) Always being able to get someone on the phone or by email when you need to.

 If you would like to speak with us call Gary Wallach at 914-806-5853 or click here to email or click here to visit our website.

Company: BGES Group, 216A Larchmont Acres West, Larchmont, NY 10538

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2021 – BGES Group

Almost all businesses have some risk of being sued or cited for pollution, even the most benign, such as a property owner.

Pollution exposures for many businesses are obvious – like dry cleaners from the chemicals they use, to printing companies from the ink they use. And any manufacturer would face some type of pollution exposure as well, in addition to warehouse operators and contractors

Think you’re not exposed? Say you own a business property, even an office building for example, you could have pollution exposure such as:

• The existence of lead (paint and pipes) or asbestos.
• Releases of pollutants by tenants from improper or inadequate storage or disposal of lubricant oils, primer or lab waste material.
• Inadequate containment in loading areas that could lead to the release of pollutants.

However, as the risks have grown for pollution liability, most commercial general liability policies now exclude pollution coverage. It’s something to be aware of for most any business, particularly as the list of what is considered to be a pollutant has grown dramatically.

The exclusion

The easiest way to think of a pollution exclusion is that it can apply to a contaminant. Virtually every commercial general liability policy includes a pollution exclusion.

These policies used to cover pollution but as the risk for being sued for pollution has grown, so then has the exclusion.

The standard policy has two pollution liability coverage forms. It also has a special form for underground storage tanks.

The current version of the Insurance Services Office (ISO) commercial general liability form has pollution coverage narrowed down to a few covered occurrences, typically including:

• Certain off-premises exposures
• Certain product-completed operations
• Smoke, fumes, soot, vapors from your heating equipment or from a fire in your building
• Gas or fumes from materials you bring into a work site.

The broad definition of pollution

Consider these examples:

• A food company in Wisconsin recalled a batch of listeria bacteria-contaminated sandwiches and filed a product recall claim with its insurer. However, the insurer denied coverage based on the policy’s pollution exclusion. The court sided with the insurer, concluding that bacteria were an excluded ISO form pollutant.
• A hospital in California was sued after an outbreak of legionnaire’s disease was traced back to a drinking fountain in the hospital lobby. The insurer rejected coverage for the lawsuits, citing a fungus and bacteria exclusion in their general liability policies.

The solution

What are the solution options when it comes to the pollution insurance question? You can have a specific commercial liability form or a separate pollution liability policy.

Pollution liability insurance is designed to address claims and suits involving pollution losses in which it is alleged that the insured is responsible, as well as property losses related to pollution on owned or occupied property.

Typically a pollution liability policy covers three risks:

Premises pollution liability — Covers first-party claims associated with pollution on the premises of the insured. (Example: It is discovered that instead of clean soil, contaminated soil was used to fill a space formerly occupied by an underground storage tank that leaked. The cost of remediation would be covered.)
It would also cover third-party claims associated with the pollution (like when a person falls sick due to the pollution).

Contractors pollution liability — Covers bodily injury, property damage and remediation costs for which a contractor who causes pollution is liable.

Errors and omissions liability — Covers losses that result from wrongful acts performed in conducting professional services, such as a soil engineer erroneously rendering an opinion that there is no soil pollution, when in fact, there is.

BGES Group’s office, located in Larchmont, NY is a full service insurance agency offering, Property, Liability, Umbrella Liability, Business Auto, Bid & Performance Bonds, Inland Marine, Worker’s Compensation, New York State Disability, Group Health, Life insurance, Personal lines and Identity Theft.

Special Contractor Insurance Programs (NY, NJ, CT) – We we have 60+ insurance companies to market your general liability, umbrella liability, business auto, workers compensation, bid & performance bonds and group health coverages. We help contractors set up proper risk transfer. If you’re a contractor we offer extensive information about insurance markets, coverages, risk transfer, subcontractor screening, ways to lower your insurance costs.

BGES Group are Worker’s Compensation Specialists for the States of New York, New Jersey and Connecticut – Issues we address: 1) Lowering pricing – we have specialty programs that can save you up to 40%; 2) Finding a new company; 3) Replacing policies that are being cancelled or non renewed; 4) Audit disputes; 5) Company creating fictitious payroll at audit time; 6) Lowering high experience modifications factors; 7) Misclassification of payrolls; 8) Lowering or eliminating renewal deposits;  9) Getting coverage when you’ve been without for a few months; 10) Covering multiple states under one policy; 11) Eliminating 10% service or policy fees; 12) Timely issuance of certificates; 13) Always being able to get someone on the phone or by email when you need to.

 If you would like to speak with us call Gary Wallach at 914-806-5853 or click here to email or click here to visit our website.

Company: BGES Group, 216A Larchmont Acres West, Larchmont, NY 10538

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2021 – BGES Group

Are you considering buying a vacation home … a nice place by a lake or up in the mountains where you can go to get away from it all?

Just as when you bought your primary home, you’ll need insurance that is specific to a vacation property — a place at which you won’t be living permanently. So for that reason, you’ll need a policy that is slightly different from a typical homeowner’s policy.

What you need is seasonal and vacation property insurance, which provides coverage for accidental damage, liability and loss. Insurers normally have a standard policy, but they will often allow you to customize the policy to meet your specific needs and situation.

One of the things you need to consider before securing insurance is whether you plan to rent the property out in addition to staying there yourself on occasion.

Secondary-home endorsement

Some insurers will let you add an endorsement to your primary home’s policy that covers your vacation home, and it’s often the most cost effective way to insure your property.

One issue though with these endorsements is that the coverage level might not be as extensive as with a separate insurance policy. That is particularly true if the home is at greater risk of being damaged by natural disasters like hurricanes, brush or forest fires, or flooding.

Renting it out?

Vacation rentals can be monthly, weekly or even nightly, so they are often considered a different type of activity than is covered under a homeowner’s policy.

A homeowner’s policy typically does not cover vacation rental activities, nor does personal liability coverage.

Vacation rental insurance will cover many of the same things your homeowner’s insurance does, but it offers some additional protection.

Here we’ll outline the three steps to insuring your vacation rental property in order to better preserve the long-term future of your investment:

Liability: Liability insurance protects you against lawsuits brought against you by your guests. The risks of liabilities imposed by lawsuits and similar claims, as well as property damages, will be covered depending on your insurance policy. In most cases, liability insurance will cover you even if you’re found legally responsible for an accident that causes injury or damage to another property.

Building and contents: The next biggest risk you have is the actual property itself. If your renters happen to start a fire or burn your property down, this aspect of your insurance policy will ensure your home and contents are replaced at no cost to you.

Building income: The third exposure you have as a vacation rental owner is business income. After all, your rental property is a business which generates income, therefore you’ll need to protect the income your business makes.

Factors that can affect insurance

Location – Rental properties in at-risk areas – like for the aforementioned natural disasters – may see higher rates. Unfortunately, the attributes that make a vacation property appealing will often result in higher insurance costs.

The beach, for instance, will be at risk for wind and storm damage as well as flooding, while a cabin in the forest can burn down during a forest fire.

You need to consider the price of insurance and the possibility of higher deductibles for homes in these areas.

Property type – Is your vacation property a single-family home, condo or townhome? Condominiums and townhouses usually have lower insurance premiums. If general upkeep for the exterior and some interiors is covered by fees, insurance companies may factor that in while writing a policy.

Facilities and amenities – Insurance companies take into account the extra features of a property that may expose you to more liability, such as pools and hot tubs. You can also purchase extra liability coverage for these items.

BGES Group’s office, located in Larchmont, NY is a full service insurance agency offering, Property, Liability, Umbrella Liability, Business Auto, Bid & Performance Bonds, Inland Marine, Worker’s Compensation, New York State Disability, Group Health, Life insurance, Personal lines and Identity Theft.

Special Contractor Insurance Programs (NY, NJ, CT) – We we have 60+ insurance companies to market your general liability, umbrella liability, business auto, workers compensation, bid & performance bonds and group health coverages. We help contractors set up proper risk transfer. If you’re a contractor we offer extensive information about insurance markets, coverages, risk transfer, subcontractor screening, ways to lower your insurance costs.

BGES Group are Worker’s Compensation Specialists for the States of New York, New Jersey and Connecticut – Issues we address: 1) Lowering pricing – we have specialty programs that can save you up to 40%; 2) Finding a new company; 3) Replacing policies that are being cancelled or non renewed; 4) Audit disputes; 5) Company creating fictitious payroll at audit time; 6) Lowering high experience modifications factors; 7) Misclassification of payrolls; 8) Lowering or eliminating renewal deposits;  9) Getting coverage when you’ve been without for a few months; 10) Covering multiple states under one policy; 11) Eliminating 10% service or policy fees; 12) Timely issuance of certificates; 13) Always being able to get someone on the phone or by email when you need to.

If you would like to speak with us call Gary Wallach at 914-806-5853 or click here to email or click here to visit our website.

Company: BGES Group, 216A Larchmont Acres West, Larchmont, NY 10538

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2021 – BGES Group

BGES Group’s office, located in Larchmont, NY is a full service insurance agency offering, Property, Liability, Umbrella Liability, Business Auto, Bid & Performance Bonds, Inland Marine, Worker’s Compensation, New York State Disability, Group Health, Life insurance, Personal lines and Identity Theft.

Special Contractor Insurance Programs (NY, NJ, CT) – We we have 60+ insurance companies to market your general liability, umbrella liability, business auto, workers compensation, bid & performance bonds and group health coverages. We help contractors set up proper risk transfer. If you’re a contractor we offer extensive information about insurance markets, coverages, risk transfer, subcontractor screening, ways to lower your insurance costs.

BGES Group are Worker’s Compensation Specialists for the States of New York, New Jersey and Connecticut – Issues we address: 1) Lowering pricing – we have specialty programs that can save you up to 40%; 2) Finding a new company; 3) Replacing policies that are being cancelled or non renewed; 4) Audit disputes; 5) Company creating fictitious payroll at audit time; 6) Lowering high experience modifications factors; 7) Misclassification of payrolls; 8) Lowering or eliminating renewal deposits;  9) Getting coverage when you’ve been without for a few months; 10) Covering multiple states under one policy; 11) Eliminating 10% service or policy fees; 12) Timely issuance of certificates; 13) Always being able to get someone on the phone or by email when you need to.

 If you would like to speak with us call Gary Wallach at 914-806-5853 or click here to email or click here to visit our website.

Company: BGES Group, 216A Larchmont Acres West, Larchmont, NY 10538

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2021 – BGES Group

A recent announcement on ransomware from the federal government has put cyber insurance companies and their policyholders in a bind.

If the targeted business doesn’t pay the ransom, it can’t operate. If it and its insurer do pay the ransom, the government may penalize them both, and the fines could be hefty — as much as $250,000 per violation in “non-egregious” cases, under new U.S. Treasury guidelines.

This news comes as ransomware attacks are increasingly hitting small businesses. A recent study by cybersecurity firm NetDiligence showed that, over the past five years, small and medium-sized  businesses have made insurance claims for ransomware attacks at three times the rate of hacking events, with insured ransom payments averaging $247,000 plus $350,000 in recovery costs.

The fallout and what’s happening

An insurance company that wants to operate in good standing may not be willing to risk incurring penalties by paying the ransom as part of their coverage.

The announcement has already caused insurers to reject applicants who have been hit with certain ransomware strains, according to one cyber-security expert.

He said insurers and the Treasury Department communicate frequently to determine the risk that certain payments may violate the law.

The Treasury Department has historically discouraged victims from paying ransoms, saying that ransoms enable criminals and adversaries to “profit and advance their illicit aims.”

Recently, the department went a step further: It will start penalizing anyone who pays or facilitates payment of ransoms to certain individuals, groups and countries. That could include the victimized businesses and their insurance companies.

The department believes that some ransom payments have gone to individuals and entities named on the Specially Designated Nationals and Blocked Persons List. This list, created after the September 11, 2001 terrorist attacks, identifies those suspected of terrorist activity.

Federal law prohibits making or facilitating payments to anyone named on the list or to countries on the terrorist watch list, such as Cuba, North Korea and Iran. Those who make payments to these individuals, entities or countries face civil penalties even if they were unaware that the recipient was on the lists.

The department’s Office of Foreign Assets Control is authorized to fine everyone involved in making an illegal payment, including the insured business and the insurer.

Advice from the Feds

The Treasury Department has urged businesses to take mitigation steps to prevent attacks. Businesses that implement cyber-security practices such as employee training, system monitoring, multi-factor authentication and installing anti-malware protection on their servers are less likely to be victimized.

In addition, the department said it would look more favorably on businesses that have these protections in place and end up having to pay ransoms anyway. Organizations that self-report possible impermissible payments to law enforcement will also be considered as having mitigated the risk.

Ransomware has become a plague for all kinds of organizations. Taking defensive measures is the best way to avoid having to make an insurance claim and accidentally breaking the law.

BGES Group’s office, located in Larchmont, NY is a full service insurance agency offering, Property, Liability, Umbrella Liability, Business Auto, Bid & Performance Bonds, Inland Marine, Worker’s Compensation, New York State Disability, Group Health, Life insurance, Personal lines and Identity Theft.

Special Contractor Insurance Programs (NY, NJ, CT) – We we have 60+ insurance companies to market your general liability, umbrella liability, business auto, workers compensation, bid & performance bonds and group health coverages. We help contractors set up proper risk transfer. If you’re a contractor we offer extensive information about insurance markets, coverages, risk transfer, subcontractor screening, ways to lower your insurance costs.

BGES Group are Worker’s Compensation Specialists for the States of New York, New Jersey and Connecticut – Issues we address: 1) Lowering pricing – we have specialty programs that can save you up to 40%; 2) Finding a new company; 3) Replacing policies that are being cancelled or non renewed; 4) Audit disputes; 5) Company creating fictitious payroll at audit time; 6) Lowering high experience modifications factors; 7) Misclassification of payrolls; 8) Lowering or eliminating renewal deposits;  9) Getting coverage when you’ve been without for a few months; 10) Covering multiple states under one policy; 11) Eliminating 10% service or policy fees; 12) Timely issuance of certificates; 13) Always being able to get someone on the phone or by email when you need to.

 If you would like to speak with us call Gary Wallach at 914-806-5853 or click here to email or click here to visit our website.

Company: BGES Group, 216A Larchmont Acres West, Larchmont, NY 10538

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2021 – BGES Group

Most New York contractors are looking for ways to reduce their General & Umbrella Liability rates.  Some like Restoration and Roofers pay exorbitant rates!

Many have a “Labor Law Exclusion” which cuts their cost in half but places them in a very precarious position.  This exclusion also bars them from taking on lots of work.

There are a bunch of exclusions like sub contractor, height, exterior work that get included that most contractors are not aware of their specific language.  Worse, their brokers don’t understand either!

Finally, contractors are asked to include various parties as additional insured’s and waiver of subrogation.  Unbeknown to them, their policies are not covering them properly.

Many of you are with agencies that insure hundreds even over 1,000 contractors.  At first glance this is impressive until you realize the people who service your account don’t have time to think, their operation is one big factory and how they service your account is “Hazardous To Your Wealth!”

Big is not better!  Dealing with factory agencies is not better!  Dealing with inexperienced people is not better especially when it comes to large amounts of YOUR money!

At BGES Group we have over 42 years experience and designed our office as a “Boutique Agency” so clients are treated like “Royalty!”

In addition, construction insurance is our specialty so you’ll be dealing with the sharpest people around who know the ins and outs of insurance and who you will learn to really, really trust!

If you can get better coverage at lower rates, deal with a boutique agency, have a 42 year “Construction Insurance Expert” servicing your account and get the best of the best service, isn’t it worth picking up the phone and calling?

If you would like to speak with us call Gary Wallach at 914-806-5853 or click here to email or click here to visit our website.

Special Contractor Insurance Programs (NY, NJ, CT) – We we have 60+ insurance companies to market your general liability, umbrella liability, business auto, workers compensation, bid & performance bonds and group health coverages. We help contractors set up proper risk transfer. If you’re a contractor we offer extensive information about insurance markets, coverages, risk transfer, subcontractor screening, ways to lower your insurance costs.

Company: BGES Group, 216A Larchmont Acres West, Larchmont, NY 10538

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2021 – BGES Group

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