On November 1, 2023, the National Council on Compensation Insurance (NCCI) is making significant changes to the rating system for Experience Modification Ratings (EMR) for workers’ compensation coverage. These changes are important to understand as they have an impact on how the mod is calculated and your resulting workers compensation insurance premiums.
Per- and polyfluoroalkyl substances (PFAS) have emerged as a significant concern due to their widespread use in consumer goods, leading to exposure to potential health and environmental hazards. The rise in PFAS-related challenges has prompted interest in comprehending their influence on insurance and claims. This article takes a closer look at PFAS regulation in the United States, discusses PFAS-related insurance matters and claims, and highlights emerging trends. We also provide strategic guidance for businesses to manage risks associated with PFAS.
October is National Cybersecurity Awareness Month. During this annual event, government and industry leaders come together to raise awareness about the importance of cybersecurity.
Artificial intelligence, or AI, is transforming the insurance industry, leading the way in revolutionizing tasks that were traditionally performed by humans, such as visual perception, speech recognition, decision making, and language translation. Virtual assistants such as Alexa and Siri are familiar examples of how artificial intelligence (AI) is used in everyday life, capable of performing tasks like calling a contact, setting an alarm, or playing a song through simple voice commands. By utilizing AI in Insurance, the industry is witnessing a profound transformation, leveraging technology to meet evolving customer needs and redefine the standards of service and efficiency.
Most organizations recognize the vital role directors and officers play in steering their companies toward success. With this responsibility comes significant risk, making Directors and Officers (D&O) insurance an essential safeguard. D&O coverage comes in many shapes and sizes depending on the number of companies, boards, and activities that executives are involved in. Here, we’ll explore the key aspects of D&O insurance and discuss why personal D&O insurance is crucial, especially for those serving on multiple boards.
Welcome to Cyber Awareness Month! The theme for 2023 is “It’s easy to stay safe Online.” At DSP Insurance Services, we understand the challenges that the ever-evolving digital world poses. Especially to insureds seeking to navigate this complex landscape. This month is pivotal for those looking to bolster their understanding of cyber threats and protections,
The National Highway Traffic Safety Administration(NHTSA) is running a National Distracted Driving Enforcement Mobilization Campaign April 3-10, 2023. This campaign is designed to help law enforcement officers implement distracted driving laws across the United States.
DSP is pleased to announce that John Adams and Jerry Olson have been made partners. John and Jerry each bring over 35 years of commercial risk management experience to the agency and will be instrumental in its future growth. They join current partners Bob Schutz and Steve Webster.
Third-party litigation funding (TPLF), also known as legal funding, third-party litigation finance, or alternative litigation financing, involves a third party investing in a lawsuit and receiving a percentage of the proceeds if the lawsuit is successful. TPLF can benefit both individual and corporate claimants. While the exact figures are uncertain due to the lack of transparency in this practice, Swiss Re, an insurance company, estimates that the global TPLF market will reach $30 billion by 2028, with the United States being the largest market. Swiss Re also reports that TPLF investments have recently generated internal rates of return of 25% or higher. As the prevalence of TPLF continues to rise, it is crucial to understand this trend and its implications.
DSP recently teamed up with Feed My Starving Children to pack meals for impoverished children in Haiti. This volunteer session packed 58,104 meals, which will feed 159 children for a year. Visit www.fmsc.org to learn more about this great charity.