Cyber Insurance Demand on a Consistent Upswing

Shawn Kraatz is a longstanding California insurance executive who holds a leadership role with Alliant Insurance Services. Closely involved in his industry, Shawn Kraatz has a strong interest in shifting dynamics in the insurance business. According to the Zurich North America and Advisen Cyber Survey, one area of sustained growth is in the cyber insurance market.

Over the past decade, the percentage of risk managers purchasing cyber insurance at some level has risen from one-third to 78 percent. Expectations for such coverage include protection against contingent business interruption, system failure, and bricking. The latter is a situation where a cyberattack renders a device unusable. Other areas where coverage is sought are funds transfer fraud, reputational harm, and digital media liabilities.

The COVID-19 pandemic has amplified the demand for cyber insurance, with risk managers aware of links between remote work and increased cyber events. Some of the major concerns are employees accessing malware that unintentionally infects corporate networks and sensitive information being provided to third parties through social engineering. Various industries, such as banking, manufacturing, education, health care, and technology, are also seeking out robust cyber insurance solutions. 

Overview of the 2020 Energy Risk & Insurance Virtual Conference

A California-based senior insurance executive, Shawn Kraatz serves as the first vice president of Alliant Insurance. He specializes in property-casualty insurance working closely with both public entities and real estate owners. Throughout his career, Shawn Kraatz attends professional conferences such as the Energy Risk & Insurance (Virtual) Conference.

The Energy Risk & Insurance (Virtual) Conference (ERIC) organized by the International Risk Management Institute is scheduled for November 18-19, 2020. The conference will focus on risk management in an increasingly competitive insurance marketplace. Attendees will get an opportunity to learn from experts on how to effectively manage risks and clients. The virtual conference aims to help participants benefit from actionable recommendations.

Topics covered at the online conference will include market and energy placements, implications of the evolving economy for energy insurance, contractual indemnity as well as oil and gas contract litigation. Since interactions are online, participants will be saved the hassle associated with travel and missed sessions. The conference will consist of various sessions addressing different topics such as the new decade expectations for the oil and gas industry as well as cyber risks and cyber insurance among others.

NAIOP’s Policy Stance on the Environment

Shawn Kraatz, of Costa Mesa, California, serves as first vice president at Alliant Insurance based in Newport Beach, focusing on property and casualty insurance. In addition to his professional responsibilities, Shawn Kraatz follows trends, topics, and news out of the National Association for Industrial and Office Parks (NAIOP), a networking organization that provides education, advocacy, and business opportunities to members by plugging them into the North American network.

Among its activities, NAIOP takes stances on a variety of issues to affect change and impact government regulation, including the environment. Its more recent environmental policy position addresses reforming the Endangered Species Act (ESA).

Its stance on reforming the ESA relates to project delays or interruptions in areas that do not impact endangered species. NAIOP supports imposing fines or legal sanctions against parties who falsely or fraudulently report the sighting of endangered species.

The organization also supports voluntary conservation programs like the Species Recovery Agreement and Habitat Reserve Agreement, which partner the federal government with private land owners. The NAIOP supports policies that would provide incentives in the form of grants to encourage these types of partnerships.

 

Dodgers Sign Starting Pitcher Alex Wood

Baseball

Shawn Kraatz is an experienced insurance professional who has served as first vice president at Alliant Insurance since 2000. Outside of his career, Shawn Kraatz enjoys following the Los Angeles Dodgers of Major League Baseball (MLB).

To bolster their starting rotation, the Dodgers signed starting pitcher Alex Wood to a one-year, $4-million contract on January 12, 2020. The deal includes performance-based incentives that could see Wood earn as much as $10 million.

The 29-year-old left-handed pitcher battled through injuries last season, and as a result, started only seven games with the Cincinnati Reds. He recorded a 5.80 earned run average (ERA) and had a win-loss record of 1-3 in those games.

Wood spent the previous three-and-a-half seasons with the Los Angeles Dodgers and was named an All-Star in 2017. That season, he produced a career-best 16 wins and a 2.72 ERA and finished ninth in National League (NL) Cy Young voting.

He also led the NL with an impressive .842 winning percentage. Originally selected by the Atlanta Braves in the second round of the 2012 MLB Amateur Draft, Wood boasts a record of 53-43 in addition to a 3.40 ERA and 768 strikeouts through 839 innings pitched across seven seasons.

Basic Types of Property Insurance for Business Owners

Business Owner
Photo by Arturo Castaneyra on Unsplash

Based in Southern California, Shawn Kraatz is an insurance executive who provides solutions that range from real estate to casualty coverage with Alliant Insurance Services. Among Shawn Kraatz’ areas of knowledge is the property insurance required for business operations.

The most fundamental policy is direct damage coverage, which encompasses any covered cause of loss, from an earthquake to a hailstorm. One aspect of this coverage to be aware of is that, depending on the policy in place, not every type of catastrophic event is automatically covered. Additional insurance may also be required to pay for the cost of debris removal and cleanup following a natural disaster, even if structural replacement and rebuilding are covered.

A related business insurance is time element coverage, which is linked to the length of time required for the damaged property to be repaired. This reflects the imperative of ongoing commercial operations to make money, which can be impossible while repairs are being undertaken. Through business income coverage, companies can hedge against this type of lost revenue. Another policy provision, extra expense coverage, focuses on the added costs associated with getting a business back up and running after a catastrophic event.