Issue link: http://palletcentral.uberflip.com/i/946815
palletcentral.com PalletCentral • January-February 2018 35 flooding or other related and non-related perils, have played a part in the rate that was offered at renewal. Bottom line, credits were not as robust as in years past, and renewal pricing increased. With frustration by many with standard insurance offerings, an insurance option that received more attention in 2017 is captive insurance. Captive insurance programs were up 4.4% year-over-year by Q4, 2017. For the right business, a captive insurance plan can make sense. Typically, captive insurance takes into consideration general liability, auto liability and workers compensation. Running a safe operation? Best practices in place when it comes to hiring employees? Management controls in place that have proven effective when it comes to reducing employee lost time due to injury? Fleet maintenance and safety controls in place? Records documented and on file? Tired of reliance on the standard insurance market for potential rate decreases, credits and dividends? With a captive insurance program, premium paid is based in-part on your losses, and yours alone. However, qualifying for a captive is not easy. A lot of information about your business will be analyzed. Insurance loss summaries, financial reports, payroll, sales, employee hiring practices and employee turnover, and so on. Data Breach a Growing Concern Taking a step away from storm-related claims, but still property insurance-related, damage from cyber events has become a growing concern with the current trend of automation and data exchange in manufacturing technologies. While there may be an overlap of coverage between Property and Cyber policies, it's important to know exactly what you're covered for specific to data security, and just as important, what you are not covered for. Global ransomware claim activity has been so active that carriers are rethinking how they can insure for the issue since it's becoming that commonplace. Yet, despite all of the noise and activity (destructive malware claims could exceed $5B in 2017) around data security, the insurance industry has been quick to react with expanded coverage offerings and pre- and post- breach risk management solutions, all of which contribute in transferring or mitigating cyber risk. Another silver lining throughout 2017 has been the residual impact of an increase in companies purchasing cyber policies which further spreads risk and lowers premiums. Damage from cyber events has become a growing concern with the current trend of automation and data exchange in manufacturing technologies. iStockphoto.com/Marc Bruxelle/nd3000/twinsterphoto