Understanding the Fiduciary Duties and Liabilities of Association Board Members

Understanding the Fiduciary Duties and Liabilities of Association Board Members

The daily operation – the business – of most planned housing developments is managed by a community association or homeowners association (HOA). Most such associations have a board of directors who oversee the management and maintenance of communities on behalf of their member residents. Association board members have certain obligations and duties, including fiduciary duties. Failure to meet these obligations can result in significant liabilities that may threaten the community association itself. U.S. Risk Underwriters, a leading provider of insurance solutions to community associations across the United States, knows that board members must have a clear understanding of their roles and responsibilities when it comes to managing association assets. 

Read more

The Importance of a Separate Pollution Liability Insurance Policy for Businesses

The Importance of a Separate Pollution Liability Insurance Policy for Businesses

Throughout the business world, business owners face many risks as they conduct daily operations. For some businesses, particularly those involved in energy production, manufacturing, and transportation industries, the risks of an environmental disaster are significant. A large-scale pollution loss event can be devastating from a financial perspective, potentially costing millions of dollars in legal expenses, pollution mitigation, and regulatory penalties. U.S. Risk Solutions, a leading underwriter of specialty insurance lines, knows that many business insurance policies exclude coverage for pollution events. It is critical that at-risk businesses seek the coverage of a separate pollution liability insurance policy. 

Read more

U.S. Risk finalizes acquisition agreement with USI Insurance Services

U.S. Risk Insurance Group (U.S. Risk), one of the nation’s largest property and casualty program and specialty brokerage firms, today announced the completion of its previously announced agreement to be acquired by USI Insurance Services (USI), a leading insurance brokerage and consulting firm. Terms of the transaction were not disclosed.

U.S. Risk will maintain its Dallas headquarters and continue to operate independently under the company’s various existing brands, U.S. Risk, Oxford, MGB, James Hampden International, Antarah and UNIS. U.S. Risk Chief Executive Officer Randall G. Goss and his current leadership team will remain and continue to lead these businesses.

Commenting on the transaction, Mr. Goss stated: “Having completed this transaction, U.S. Risk will continue to accelerate the path we have set for ourselves as a leading program manager and specialty brokerage firm both domestically and internationally. USI maintains an established track record of operating independent, successful program and specialty brokerage businesses. We remain committed to the same quality of service and the growth and profitability of our carrier partners and retail agents.”

Sandler O’Neill + Partners, L.P. served as financial advisor, and Ropes & Gray LLP served as legal counsel to U.S. Risk in this transaction. Simpson Thacher & Bartlett LLP served as legal counsel to USI.

About U.S. Risk Insurance Group
U.S. Risk Insurance Group is a leading international specialty lines program manager and specialty brokerage firm headquartered in Dallas, Texas. Operating 16 domestic and international offices, it offers a broad range of products and services through its affiliate companies, which include U.S. Risk Underwriters, U.S. Risk Brokers, U.S. Risk Solutions, Oxford Insurance Brokers Ltd. (UK), James Hampden International Insurance Brokers Ltd., (UK) MGB Insurance Brokers Ltd. (UK), Antarah FZE (UAE), and UNIS A.G. (Zurich). For more information, visit www.usrisk.com.

About USI Insurance Services
USI Insurance Services is one of the largest insurance brokerage and consulting firms in the world, delivering property and casualty, employee benefits, personal risk and retirement solutions to large risk management clients, middle market companies, smaller firms and individuals. Headquartered in Valhalla, New York, USI connects together over 6,000 industry- leading professionals across more than 150 offices to serve clients’ local, national and international needs. USI has become a premier insurance brokerage and consulting firm by leveraging the USI ONE Advantage®, an interactive platform that integrates proprietary and innovative client solutions, networked local resources and enterprise-wide collaboration to deliver customized results with positive, bottom line impact. USI attracts best-in-class industry talent with a long history of deep and continuing investment in our local communities. For more information, visit www.usi.com.

For more information, contact:

Randall G. Goss
U.S. Risk Insurance Group
(800) 232-5830
randall@usrisk.com

Edward J. Bowler
USI Insurance Services
(914) 749-8504
ed.bowler@usi.com

The Importance of Employee Health Policies in Hospitality

The Importance of Employee Health Policies in Hospitality

In the hospitality industry, the looming specter of a disease outbreak is ever-present. Restaurants, food service companies, hotels, and cruise lines face many risks, and perhaps the risk with the most potential for negative financial consequences is that of an illness outbreak that affects patrons of the establishment. U.S. Risk Underwriters, a leading insurance broker with tailored specialty insurance programs for the hospitality industry, knows that employers must adopt employee health policies as a critical risk management step. By creating and implementing employee health standards, businesses can protect themselves against disease outbreaks, which can cost thousands or even millions of dollars in unforeseen expenses.

Read more

Breaking Down Liquor Liability Insurance vs. Host Liquor Liability

Breaking Down Liquor Liability Insurance vs. Host Liquor Liability

Business owners that serve alcohol to guests face unique liability risks. In many states, business owners can be held liable for injuries or property damage caused by guests or patrons who are intoxicated. This can apply even to businesses that do not sell or serve alcohol; those that allow alcohol to be consumed on the premises may also be liable under state laws. To protect business assets from legal enforcement or lawsuits, business owners should strongly consider liquor liability insurance. U.S. Risk Underwriters, one of the nation’s leading providers of specialty insurance products, knows that there exists much confusion about the types of liability insurance available, particularly in the differences between liquor liability and host liquor liability policies. In this guide, we’ll break the differences down, allowing you to help clients select the right type of policy for their specific needs.

Read more

The Warning Signs of Fraudulent Workers’ Compensation Claims

The Warning Signs of Fraudulent Workers’ Compensation Claims

If an employee is injured in the workplace, workers’ compensation insurance is often the means by which the injured worker can cover the costs associated with lost wages and medical expenses. Workers’ compensation is required by most states, and employers of any size may offer this valuable occupational insurance coverage as an employee benefit. Unfortunately, there has been a rise in abuse of workers’ comp systems, with fraudulent claims causing an upheaval in coverage and costs. In this guide, we’ll explore some of the warning signs that may come from fraudulent workers’ comp claims, giving you the tools you need to identify fraud before it negatively impacts your overhead expenses. 

Read more

What Happens When a Restaurant is Linked to a Disease Outbreak?

What Happens When a Restaurant is Linked to a Disease Outbreak?

The restaurant industry is known for unique risks. Predominant among these risks is the possibility of a foodborne illness outbreak. According to the U.S. Centers for Disease Control and Prevention (CDC), about 48 million Americans get sick from a foodborne pathogen each year, resulting in approximately 3000 deaths annually. While not all of these disease outbreaks stem from restaurant services, the effects on the restaurant industry can be devastating. Specialty insurance providers like U.S. Risk Underwriters know that restaurants face significant challenges in the face of a disease outbreak, potentially costing millions of dollars in business interruption, legal claims, and sanitation expenses.

Read more

Risk Management Advice for Festivals

Risk Management Advice for Festivals

Across the country each year, festivals bring together hundreds of thousands of people. These festivals can take any number of forms and can include musical performances, arts and crafts, sports, or thrilling spectacles. For the organizers of these festivals, public events come with their share of risks. Venue owners, event promoters, and vendors each have specific risks, and as such must approach each festival with an eye toward risk management. A specialized form of liability insurance called entertainment insurance is the foundation of festival risk management. With a risk plan in place, festivals can protect their financial interests as well as deliver memorable events for participants.

Read more

Cyber Liability Concerns for Healthcare Facilities

Cyber Liability Concerns for Healthcare Facilities

It is no secret that technology has transformed the healthcare industry. From patient tracking to developing innovative treatment protocols and managing facility providers, staff, and assets, technology has been behind some of the most dramatic advances in healthcare delivery. With more and more healthcare facilities relying on computer-based systems, however, the potential risks have evolved. Among the chief risks is that of cyber liability. In fact, healthcare cybersecurity is one of the top safety issues for today’s healthcare providers. U.S. Risk Underwriters, one of the nation’s leading providers of specialized insurance solutions, knows that cyber liability concerns can wreak havoc on a healthcare facility and its operations. In this guide, we will explore some of the liability issues revolving around cyber exposures, then present tips for defending facility staff members and financial assets from loss.

Read more

How Restaurants Can Reduce the Risk of Cross-Contamination and Foodborne Illness

How Restaurants Can Reduce the Risk of Cross-Contamination and Foodborne Illness

Serving millions of people around the world, the restaurant industry faces significant risks as it conducts daily operations. Perhaps the biggest risk is that of foodborne illnesses; the U.S. Centers for Disease Control and Prevention (CDC) estimates that these illnesses affect approximately 48 million people each year in the United States alone. Sadly, foodborne illnesses are responsible for the deaths of 3000 Americans annually. Specialty insurance programs for the foodservice industry, such as those products offered by U.S. Risk Underwriters, can protect restaurants and other food service establishments against financial losses resulting from an illness outbreak. In this guide, we will explore ways that restaurants can minimize cross-contamination of food items, the leading cause of foodborne illness incidents.

Read more