Dear Janelle,
Thank you for viewing this material. We are pleased
to provide this service to you, and to provide up to
date information regarding risk management, insurance
industry news, products and changes.
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DATA BREACHES INCREASE 47% IN
2008
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Data breaches in the United States increased
dramatically in 2008 with 656 breaches reported, a 47%
increase over 446 in 2007, according to the Identity
Theft Resource Center.
While government agencies and the military have
significantly reduced the number of data breaches
through heightened security measures, the business
community's exposure remains high, according to the San
Diego-based nonprofit, established to broaden public
education and awareness about identity
theft.
Read
on...
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WHAT IS CYBER LIABILITY?
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Cyber Liability is the first and third party
exposure related to privacy injury, identity theft,
e-business, the Internet, network damage, and
informational assets.
WHY DO I NEED CYBER
LIABILITY INSURANCE (CLI)?
Companies that rely
on computers to store information are exposed to network
security breaches. Nearly every company in any
industry stores sensitive information about their
customers and employees on a network.
Claims can
be for identity theft or any information or data, not
just website content. The sensitive information
most businesses hold is not primarily on a website or
related to Internet operations. Valuable
information, such as tax identifications numbers, credit
card numbers, others' trade secrets, proprietary or
confidential information, or customer's or employee's
private information is more frequently stored on an
internal network.
New laws require you to notify
anyone affected by a security breach.
HIPAA,
GLBA, COPPA, EU Data Protection Act, California SB
1386.
Networks and businesses today are
"borderless." Claims can originate from anywhere
in the world. Coverage can be provided to cover
incidents that can occur worldwide.
Minimum
annual premiums start at only $500, making this coverage
affordable for all businesses.
HOW CAN CYBER
LIABILITY INSURANCE (CLI) PROTECT YOUR
BUSINESS?
Exposure or breach of information
can result in substantial financial loss and possible
long term damage to your company's reputation.
All network information is covered enterprise-wide,
not just information on websites.
Coverage is provided for any current or future
applicable privacy laws worldwide.
Covers claims related to identity theft resulting
from unauthorized disclosure of private information.
Covers your cost to notify your clients if you
suspect a security breach or compromise of your clients'
private information.
California SB 1386 compliance costs
Covers your cost to comply with any new applicable
privacy law or regulation if a regulatory authority
notifies you that you may not be compliant.
Covers damage to information residing on your
network, including:
Your own information, upon which others rely,
residing on a network
Your clients' information on your network
Network interruption or customers' inability to
access or use your network or their network if
interruption is caused by you
Theft or unauthorized disclosure of your clients'
information on your network
Disruption of or damage to your clients' networks
and information
Damage due to viruses, denial of service, and
security breaches
Cyber Liability
Insurance
Application
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OBAMA SIGNS FAIR PAY ACT
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 WASHINGTON-President Barack
Obama on Thursday signed the Lilly Ledbetter Fair Pay
Act of 2009, which eases time limits on wage
discrimination claims.
The Ledbetter Act provides
that every paycheck resulting from an earlier
discriminatory pay decision constitutes a violation of
Title VII of the Civil Rights Act of 1964, as well as
the Age Discrimination in Employment Act, the Americans
with Disabilities Act and the Rehabilitation
Act.
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CLASS ACTIONS RISE IN WAKE OF SUBPRIME
CRISIS
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The subprime mortgage crisis helped push the number
of federal securities class action lawsuits in 2008 up
19% to 210 compared with the number filed in 2007,
according to a report released Tuesday by the Stanford
Law School Class Action Clearinghouse.
That was the highest number since 2004's 215 filings
and considerably above the 1997-2007 average of 192.
Nearly half of the filings involved financial companies,
according to the study.
Read
on... |
CALIF. COURT OVERTURNS POLLUTION LIABILITY
DECISION
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RIVERSIDE, Calif.-When a continuous pollution loss spans
multiple policy periods, any liability insurer covering
any policy period is liable for the entire loss up to
their policy limits, a California appeals court
ruled.
Monday's finding by California's 4th
District Court of Appeals overturned a 2004 trial
court's "no-stacking" decision, which said the state of
California, as a policyholder, had to choose one policy
period and could only recover the general liability
policy limits in effect for that period.
Read
on...
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Sincerely,
Santa Maria &
Company
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PLEASE
NOTE
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WE
WILL BE MOVING
our
office effective
March
1, 2009
The new address will
be:
1550 Parkside Drive,
Suite 200
Walnut Creek, CA
94596
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FEATURED
ARTICLE
WC CHANGES
EFFECTIVE JAN.
1ST
CALIFORNIA ASSESSMENTS AND SURCHARGES
EFFECTIVE 1/1/2009
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For
Workers Compensation policies effective January 1, 2009
and after, the California Assessments and Surcharges
have been revised as follows:
California Fraud
Investigation/Prosecution
Surcharge
Changed from
.2394% to.3956%.
California User Funding
Assessment
Changed from
1.0703% to1.3583%.
California Uninsured Employers Benefit
Trust Fund Assessment
Changed from
.1730%
to.2241%.
California Subsequent Injuries Benefits Trust Fund
Assessment
Changed from
.0311% to.0827%.
California Guarantee Assoc.
Surcharge
Remains
unchanged
at 2.0%
If
you have any questions, please don't hesitate to contact
our office.
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