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Cliff Rudolph
Cliff Rudolph is an Account Executive in the Commercial Insurance Division of Parker, Smith, and Feek who focuses on organizations with difficult, high hazard exposures both domestically and abroad.
Recent Activity
In today’s business environment, almost all organizations have investments in Computer Equipment, Electronic Data, and Media. Whether it is desktops, hard drives storing data, client records, proprietary or prepackaged software, it’s important that your insurance policies keep up with your technology needs. Unfortunately, many property policies exclude data, media, and losses related to a computer virus or someone hacking your computer systems. EDP insurance, or Electronic Data Processing, is designed to help fill these gaps in coverage. EDP is typically made up of three components: 1) EDP Equipment- The servers, computer terminals, monitors, laptops, etc. 2) EDP Media- The disk... Continue reading
Posted Feb 22, 2011 at Cliff Rudolph's Insurance Blog
In contrast to 2009, many might have considered 2010 dull. Hooray for dull! However, this morning I received a notice from linkedin stating that 105 of my contacts started something new. That’s almost 1/5 of my clients, vendors, and professional sphere of influence. I’d say 2010 was a year of change. As the father of twin boys who just turned 2, change is a daily occurrence. The only thing that remains constant is a lack of sleep. However as a family, and without ever verbally acknowledging it, we did a better job of being thrifty. We watched our spending closely,... Continue reading
Posted Jan 21, 2011 at Cliff Rudolph's Insurance Blog
It is critical to understand that outsourcing cloud computing services is not the same as outsourcing or transferring risk. Be wary of cloud computing service contracts that include a hold harmless provision within the indemnity agreement that strongly favors the service provider. Furthermore, requiring adequate professional liability /E&O insurance limits can be challenging considering the significant number of other parties that may also be affected. Continue reading
Posted Jan 4, 2011 at Cliff Rudolph's Insurance Blog
When we think about insurance, we often think about insuring the building, computers, and other tangible property associated with an organization. Property/Casualty, Errors and Omissions, and Directors and Officers come to mind. But often an organizations biggest asset and biggest competitive advantage may be the organizations Intellectual Property. Good risk Management can decrease both the likelihood and severity of infringement claims but in many cases, resolution for these issues will result in an expensive legal battle. An alternative to self-funding lengthy litigation would be to transfer some of the risk to an insurance company, thereby reducing the pressure to settle. Continue reading
Posted Sep 22, 2010 at Cliff Rudolph's Insurance Blog
Social Media's dirty little secret? You and your employees are probably not covered by your General Liability policy. Continue reading
Posted Jun 10, 2010 at Cliff Rudolph's Insurance Blog
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How not to respond to a data privacy breach: http://techcrunch.com/2010/04/23/blippys-response-to-credit-card-data-breach-its-a-lot-less-bad-than-it-looks/ Continue reading
Posted May 4, 2010 at Cliff Rudolph's Insurance Blog
Today I am a panelist on a national seminar on cyber liability. http://corner.advisen.com/reports_topical_swett_cyber_IT.html Continue reading
Posted May 4, 2010 at Cliff Rudolph's Insurance Blog
In an attempt by Foreign Regulatory officials to protect indivuals rights of privacy, both Swiss and German regulators are looking closely at whether social networks are responsible for private information posted by social network members. European Privacy Battle Looms for Facebook, Google Continue reading
Posted Mar 26, 2010 at Cliff Rudolph's Insurance Blog
Here is an article from Business Insurance on some of the key issues related to the Health Care reform approved on March 21st by the House of Representatives: Understanding key provisions in federal health care reform legislation | Business Insurance. It is estimated that 32 million US residents will gain coverage as a result of the US Health Care reform passed on March 21st by the House of Representatives, and awaiting approval from the Senate. One of the keys to the new legislation will include a penalty for employers if they do not offer coverage or if coverage fails an... Continue reading
Posted Mar 22, 2010 at Cliff Rudolph's Insurance Blog
With the likes of Microsoft, Amazon, Real Networks, F5, Attachmate, and InfoSpace, it is never a surprise when Seattle garners a #1 ranking in a technology repor. But today Seattle gets the dubious distinction of being the most "Riskiest Online City" as reported by Symantec (Norton). You can read the report here. I read about this on John Cook's blog and was not surprised. What I am surprised with is how many organizations fail to insure against this exposure. The legal and financial liabilities are extensive, and almost all organizations have exposure to a data liability breach. Here is an... Continue reading
Posted Mar 22, 2010 at Cliff Rudolph's Insurance Blog
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Mar 15, 2010
Back in September I blogged about a recent statement made by CUNA MUTUAL/CUMIS regarding future actions they would take in light of recent downgrades by AM BEST and FITCH. It sounds like my forecast may have hit it's mark. I recently heard that the strategy is to non-renew credit unions and selectively offer renewal terms to those that CUNA MUTUAL/CUMIS feels are a good fit. The renewal will have significant changes to the terms of the prior policy. This could be significantly challenging for most credit unions. Does your credit union have the resources and expertise to identify the change... Continue reading
Posted Feb 4, 2010 at Cliff Rudolph's Insurance Blog
If you are in HR, are a director or officer of an organization, and/or a hiring/firing manager a recent decision by the Ninth Circuit Court of Appeals should be of significant concern. In Boucher v Shaw (July 2009) the court held that individual managers can be held liable for unpaid wages under the Fair Labor Standards Act. One of the most frequent claims I see are lawsuits stemming from employee related allegations of wrongful termination, workplace discrimination, workplace harassment, and wage and hour claims. Previously it was argued that an organizations managers, officers and owners could not be personally liable... Continue reading
Posted Sep 30, 2009 at Cliff Rudolph's Insurance Blog
Recently CU Times reported that CUNA Mutual/CUMIS would be adapting its corporate bond program based on the impact the economy has had on CUNA Mutual/CUMIS bottom line performance. CUNA MUTUAL Article in CU Times The article quotes Media Relations Senior Manager Rick Uhlmann as saying: “Because financial condition has an impact on Bond and SIP losses, we have an obligation as a mutual company committed to credit unions to take certain actions and maintain our financial strength for all of our policy owners.” But what exactly does that mean if you are insured by CUNA Mutual/CUMIS? It could mean that... Continue reading
Posted Sep 1, 2009 at Cliff Rudolph's Insurance Blog
An article I wrote on Data Privacy for Credit Union's was recently picked up by the largest Credit Union publication in the nation, CU Times and published today. It is widely regarded as the paper of record for the credit union industry. Here is a link to the article: Protecting What's More Valuable Than Money From Cyber Thieves The article discusses the criminal indictment of Albert Segvec Gonzalez, who was also the mastermind behind the TJX Breach. It also discusses the 30 civil lawsuits against Heartland Payment Systems by Financial Institutions, Consumers, and Investors. More than 650 Institutions were affected... Continue reading
Posted Aug 26, 2009 at Cliff Rudolph's Insurance Blog
Many of you may have heard about the SEC civil complaint alleging a massive ponzi scheme operated by Stanford Financial WSJ Article . Recently, plaintiffs filed a class action law suit against Willis Group, a UK-based insurance broker, and other defendants. The suit is filed on behalf of defrauded Mexican depositor clients of Houston based Stanford Financial Group and alleges Texas securities law violations by Willis and the co-defendants in the massive investment fraud scheme perpetrated by Stanford Financial Rueters Article. The latest case is Canabal v. Willis of Colorado et al, U.S. District Court, Northern District of Texas (Dallas),... Continue reading
Posted Aug 11, 2009 at Cliff Rudolph's Insurance Blog
As reported in the Seattle Times by Jennifer Sullivan a local Seattle bank teller, Jim Nicholson, at Key Bank was recently fired for chasing down a would-be bank robber. Continue reading
Posted Aug 3, 2009 at Cliff Rudolph's Insurance Blog
As reported byUnited Press International On July 28th a suit was filed by Horizon Group Management over a twitter post by one of its residents who tweets: "Who said sleeping in a moldy apartment was bad for you? Horizon realty thinks it's okay." The suit claims that Bonnen "maliciously and wrongfully published the false and defamatory Tweet on Twitter, thereby allowing the Tweet to be distributed throughout the world,". With so many organizations looking at utilizing social networking, blogging, and tweeting it is important to understand the risks involved. Possible Personal and Advertising injury as well as Intellectual Property Infringement... Continue reading
Posted Jul 30, 2009 at Cliff Rudolph's Insurance Blog
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How does the Medicare, Medicaid and SCHIP Extension Act of 2007 affect your organization? If you are an RRE, have you registered yet? Continue reading
Posted Jul 29, 2009 at Cliff Rudolph's Insurance Blog
Here are some quick tips when it comes to renewal proposals on D&O policies: Make sure you have a copy (from the policy) of the definition of claim and the policy wording regarding incident and claim reporting. Understand claim reporting and be sure to share the information on timing and responsibility with internal managers and staff. The renewal meeting is a perfect opportunity to ask about whether or not there are any incidents or claims that should be reported. Document your file accordingly. If you are moving coverage to a new Insurance Carrier: · Be sure to review the renewal... Continue reading
Posted Jul 29, 2009 at Cliff Rudolph's Insurance Blog
If an employer encourages, provides incentives, or in some way an employee feels they have been intimidated or coerced to participate, and an injury occurs, would workers compensation benefits be paid? If so, will underwriters rate for this? Will Workers Compensation costs go up? Continue reading
Posted Jul 29, 2009 at Cliff Rudolph's Insurance Blog
Yesterday I spoke at the Northwest Card Association members meeting on Data Privacy/Cyber Liability Insurance. Just before my presentation, Mary Sroufe, Director of Regulatory Affairs with the Washington Credit Union League, discussed some of the issues facing financial institutions that are issuing credit cards. You can find the Truth in Lending Act here: http://www.federalreserve.gov/newsevents/press/bcreg/bcreg20090715a1.pdf Considering the amount of changes, the time frame to implement the changes, and the fines & penalties associated it will be critical that financial institutions have coverage for regulatory compliance. Recently some insurance carriers have excluded this line of coverage. With a minimum penalty of $500.00... Continue reading
Posted Jul 28, 2009 at Cliff Rudolph's Insurance Blog
The FDIC expects more bank failures as the financial crisis continues. On May 27th the FDIC released the Quarterly Banking Profile that represents a report card of the industry status and performance. It concluded that FDIC insured institutions reported a net income of $7.6 Billion in the first quarter of 2009, representing a significant recovery from the $32.1 Billion loss in the fourth quarter of 2008. However, this is 60.8% lower than the first quarter of 2008, a year in which we saw a decline of $32.7 Billion. The fourth quarter of 2008 represented the first quarterly loss since 1990. One third of all insured institutions were not profitable in the fourth quarter of 2008, and overall earnings were outweighed by sizeable losses at a number of large banks. Furthermore, during the first quarter of 2009, twenty-one financial institutions failed; the highest quarterly total since 1992. Continue reading
Posted Jul 28, 2009 at Cliff Rudolph's Insurance Blog
Euler Hermes recently forecasted an increase of 35% in corporate worldwide insolvencies for 2009, after an increase of more than 27% in 2008. With the continued economic downturn organizations are increasingly inquiring about Trade Credit Insurance, sometimes referred to as Accounts Receivables Insurance. Lenders are quickly beginning to require Trade Credit Insurance placements when using accounts receivables as collateral and organizations are left scrambling to find coverage. And as the market for Trade Credit Insurance constricts, it is more important than ever to make sure you understand what a Trade Credit policy insures and how it works. Continue reading
Posted Jul 28, 2009 at Cliff Rudolph's Insurance Blog
In many of the world’s leading danger zones -- Mexico, Ecuador, Venezuela, Brazil and Colombia -- the kidnapping of North American executives for ransom has long been a growth industry. Today, as the age of corporate globalization collides with international terrorism, U.S. companies are expanding their risks as rapidly as they broaden their reach. Continue reading
Posted Jul 28, 2009 at Cliff Rudolph's Insurance Blog