New Empire Group Blog


“Lloyd’s of London recently said in a report that a global cyber attack could result in as much as $121.4 billion in damages.”

In today’s world, there is no individual or organization that is safe from cyber risks.  As technology evolves so does the threat.  The effects of recent cyber-attacks have been raising awareness to the vulnerability companies and organizations face. Property Managers are particularly vulnerable to cyber-attacks.

The Personally Identifiable Information that property managers store make them attractive targets for cyber criminals for data breach and other cyber-attacks.  Cyber-attacks are costly and are not typically covered under traditional insurance protections.

Being prepared and attentive is a necessity.  Understanding cyber threats and where they come from is a good place to start.

Most of today’s cyber-attacks are the result of viruses, hackers, identity theft or extortion, or ransomware.

Protecting property managers from cyber-attacks requires more and more attention. Property management firms must have adequate safeguards when it comes to users and people, their administration processes, and technology weaknesses.

Some things property managers and property management organizations can do today to immediately help the threat are:

  • Back up their information on a regular basis
  • Make sure their Wi-Fi network is secured
  • Avoid unknown emails with links or attachments
  • Make sure their anti-virus software is always up to date
  • Make pass phrases difficult to copy
  • Secure all mobile devices
  • Remind staff to update software on their personal devices
  • Stay current with any system updates

Unfortunately, there is no way to avoid all the evolving challenges posed by cyber related risks. The best way to deal with this problem is to have the proper coverage in place.  The cyber liability coverage offered by New Empire Group is designed to protect property managers from cyber and data breaches that can result in liability and financial loss for their organization.

Feel free to contact us with any questions you may have regarding cyber liability and for additional information on how your property managers can be properly protected.

Effective April of 2017, ISO has filed revisions to the Limitation of Coverage to Designated Premises, Project or Operations endorsement.  Due to ever broadening court interpretation, the revision no longer includes the language “and operations necessary or incidental to those premises”.  This change aims to remove ambiguity and to limit coverage to the described location, project or operation. There will be new editions of BP 04 12, CG 21 44, CU 21 11 and CX 21 10.

The result is that the grey area just got a lot smaller.  Where the “necessary or incidental language” provided some implication of coverage for offsite operations, the new language requires the occurrence to take place on the premises scheduled or appurtenant grounds or structures.  The revisions will have coverage consequences for Community Associations, Apartments and Property Managers whose policies often contain this endorsement, if the revisions are adopted by their carriers.

Liability arising from offsite meetings, business errands, new client interviews and other “necessary and incidental’ activities may need to be addressed for Community Associations, Apartments and Property Managers in the Real Estate niche.

Below are links to further treatment of the subject and a link to CG2144.

Check out the great Insurance Programs for Condominium InsuranceCooperative InsuranceApartment Insurance and Property Manager’s Insurance that New Empire Group, Ltd. offers!

Keep up to date with what’s going on at New Empire Group, LTD. by visiting our social media sites – FacebookLinkedIn & Twitter!

 

Insurance brokers are often asked for advice by Community Association Boards on managing the demands of transparency on the board.  In their fiduciary capacity, boards must juggle statute and by-law requirements of transparency with the boards accountability to residents for effectiveness.  Below are some points to consider and some articles from various sources that deal with the topic more extensively.

  1. Most D&O policies do not provide coverage for breaking the law.  Boards should be aware of the statutory requirements for transparency and the requirements of their by-laws. Association attorneys should be consulted to confirm that boards are operating within the parameters of each.
  2. Access to information procedures should be clear. When can residents have access?  Can residents make copies of association documents? Can they take pictures?  How will information be made available?
  3. How are privacy issues handled? Boards will have sensitive information that needs to be handled correctly.  With electronic record keeping boards have a responsibility to secure personally identifiable information for residents. Data breach coverage should be up to date and understood.
  4. How will the board deal with residents who abuse access?  Attorneys and Community Association forums can provide guidance on strategies for dealing with these situations.

Below are links to some articles that deal with this subject from various sources more extensively:

Check out the great Insurance Programs for Condominium InsuranceCooperative InsuranceApartment Insurance and Property Manager’s Insurance that New Empire Group, Ltd. offers!

Keep up to date with what’s going on at New Empire Group, LTD. by visiting our social media sites – FacebookLinkedIn & Twitter!

The first day of spring is right around the corner and on Sunday (March 12th), it is time again to change the clocks ahead one hour.  Although we are losing an hour of sleep, we will also be gaining an extra hour of daylight!  While you adjust your clocks for Daylight Saving Time this coming weekend, it may be a good time to swap out those smoke and carbon monoxide alarm batteries for new ones.

According to the National Fire Protection Association, almost two-thirds of home fire deaths resulted from fires in homes with no smoke alarms or no working smoke alarms. Smoke spreads rapidly so properly working smoke detectors can give you time to get to safety when there is a fire in your building or home.

Here are a few NFPA alarm safety tips:

  • Install smoke alarms in every bedroom, outside each separate sleeping area and on every level of the home, including the basement. Interconnect all smoke alarms throughout the home. When one sounds, they all sound.
  • Install carbon monoxide alarms on every level of the house, preferably near sleeping areas.
  • Smoke rises; install smoke alarms following manufacturer’s instructions high on a wall or on a ceiling. Save manufacturer’s instructions for testing and maintenance.
  • Smoke alarms that include a recordable voice announcement in addition to the usual alarm sound, may be helpful in waking children through the use of a familiar voice.
  • Smoke alarms are available for people who are deaf or hard of hearing. These devices use strobe lights. Vibration devices can be added to these alarms
  • Smoke alarms are an important part of a home fire escape plan.
  • Test alarms at least monthly by pushing the test button.

It just takes a minute or two, but it is a very important to make sure these alarms are working as they are designed to.  This small task could save your life and the lives of loved ones.

Check out the great Insurance Programs for Condominium InsuranceCooperative InsuranceApartment Insurance and Property Manager’s Insurance that New Empire Group, Ltd. offers! And keep up to date with what’s going on at New Empire Group, LTD. by visiting our social media sites – FacebookLinkedIn & Twitter!

Hands of Santa Claus with Christmas present

“Nobody can conceive or imagine all the wonders there are unseen and unseeable in the world”

The “Santa” Brand

On Sept. 21, 1897 Francis Pharcellus Church, responding to 8 year old Virginia O’Hanlon, penned “Yes Virginia, There Is a Santa Claus”.  In what would become the most reprinted editorial ever, Church’s prose conveyed the essence of the universally recognized Santa Claus brand. As with all famous brands, the Santa Claus brand connects with us and inspires us emotionally.  Regardless of your religious affinity, the traits of Santa are conveyed in many religions and philosophies!  While some may challenge Church’s conclusion, none can deny that Santa’s brand is alive and thriving!

In business, how you brand your company is wildly important.  The saying is true, you never get a second chance to make a first impression!  Although the “Santa” Brand is most present around the holidays, there are many traits associated with the brand that can (and should) be used when it comes to branding your business!

  1. Generosity – Santa is a giver, and somehow his sack always gets refilled.
  2. Effectiveness – Santa delivers.  Santa is fast, but he’s effective.  Speed is only an ally when you are moving in the right direction. You should always strive to provide the best possible customer service to your clients to ensure they are satisfied!
  3. Integrity– Santa tries to do good with his work first.  Everything else follows. When conducting business do you always do the right thing? If so, people will be more likely to refer you to others and be loyal to you.
  4. Kindness– Nothing can cut through social classes or connect strangers more. Regardless of how people treat you, always try to remain calm and give everyone the same level of great customer service. It will benefit you in the long run, even if you don’t see the effect right away.
  5. Happiness – He’s a jolly old elf.  Happiness is contagious. If you conduct yourself in a positive, happy manner, you are likely to attract the same.

Like the Santa brand, we all carry a personal brand that is recognized by those around us. Hopefully some of Santa’s characteristics make their way into your brand.

To read the original article, click here.

**Please note our office will be closed on Friday, December 23rd and Monday, December 26th.  We will resume our normal hours of operation on Tuesday, December 27th.  Have a happy holiday from everyone at New Empire Group!