Medical: Is it BI or BI?

Lynn Sessions will moderate a panel at the 2017 PLUS conference called “Medical: Is it BI or BI?,” which will discuss which policies should respond when multiple lines of insurance are affected at the same time.

Sessions is both an RN and a lawyer who focuses her practice specifically on healthcare law. She previously worked for Texas Children’s Hospital in a variety of different areas, and is now a partner at Baker & Hostetler LLP, and concentrates on healthcare privacy.

The panel will focus specifically on ransom-ware attacks on medical facilities, and how they could potentially cause both business interruption and bodily injury claims. The panel will consist of lawyers and insurance professionals who will discuss cyber liability insurance policies, and whether business interruption and bodily injury would be covered under them, and how to respond if they aren’t covered.

“These are a little bit different, and more novel issues than what we’ve seen on the cyber liability front up until now,” Sessions said. In the past, Sessions said, the main concern with cyber attacks in medical facilities was information breaches, but as cyber attacks have evolved to targeting medical devices, the concern has become patients not being able to receive the care they need, which is where the bodily injury issues come into play.

Sessions believes that a cyber attack on a medical facility is one of the most misunderstood risks for both insurance companies and medical facilities, and because it is misunderstood, becomes a big risk.

Sessions hopes that the panel opens the audience’s eyes to risks that they may not have thought about before, and prompts underwriters and insurers to revisit their cyber liability policies to make sure business interruption and bodily injury is covered. She said that underwriters and brokers would benefit the most from attending the panel, because they’ll hopefully become aware of gaps in cyber liability policies and will start to think about how to create products that meet the needs of healthcare organizations.

“I think as we’re looking at what the emerging risks are in healthcare with a cyber event, that this is something that I think underwriters, and brokers, and frankly insurers are going to have to start thinking about, because the policies- at least in the past- have not been, would not perfectly match up to be able to cover these types of events,” Sessions said.

As insurers begin to consider the risks to healthcare organizations in the event of a cyber attack, Sessions hopes the panel will give them more information about the type of coverage that is needed.

“Hopefully a light bulb will go off that this is a needed response to healthcare organizations with an emerging risk that frankly, all of them are in the process of considering or they’ve actually already faced it,” Sessions said.

Don’t miss this fascinating and informative panel. Register now for the 2017 PLUS Conference, taking place November 1-3 in Atlanta, GA.

BI or BI Sessions image

PLUS Conference Keynote Interviewed on CNN

Last week our 2017 PLUS Conference luncheon keynote Kat Cole, COO and President, North America, FOCUS Brands, was featured on CNN Money. In the interview she shares her inspiring story, discusses the minimum wage issue, and highlights the sacrifices her mother made to help her succeed.

Check out the interview online, and be sure to register for the 30th PLUS Conference to hear Kat Cole’s inspiring story in person.

Kat Cole Promo Slide

 

Coverage in Jeopardy!

Coverage in Jeopardy! is a joint panel at the 2017 PLUS Conference, created by panelist Regan Katz and moderated by Liz Roussel. The panel will take place in the form of the game show, “Jeopardy!” and will be interactive with the audience will participating in the game.

Katz, who is a managing director at Wortham Insurance, came up with the idea to have the panel in the form of a game show because she wanted to give information in a way that was fun for the audience while still being informative.

“I wanted to find something that would kind of help make it fun for them to learn and, you know, try to think about how all these coverages coordinate together, and how you can have potential overlap in coverage,” Katz said.

Roussel, a partner at Adams and Reese, LLP,  will be moderating the panel by playing the “Alex Trebek” of the panel. Roussel co-chaired the Management and  Professional Liability Symposium this year, where they tried to find concepts that crossed different lines of insurance. She said that she and Katz had a similar goal for this panel.

Roussel said they wanted people who often work across multiple lines of insurance to be able to understand how different lines cross and interact with each other, as well as where there are gaps between them.

“Brokers and underwriters in particular, who are working on all these different lines to try to understand how they interact, and, you know, to deal with sort of conflicts, and then…to identify gaps so the underwriters can figure out how to write to those risks, or at least just be aware of the gaps-make sure they’re intended,” Roussel said.

Katz believes the panel would be beneficial to everyone at the conference because it deals with multiple lines of business. She hopes it will be interesting and informative to everyone in the audience, whether they are brand new to the insurance business or have been in it for 40 years. She hopes the interesting and non-traditional format of the panel will bring people in and make them want to participate in the panel, but that they’ll also learn a lot and think about things in a new way.

“From the beginners standpoint, you’ll potentially be looking at things you haven’t thought about before, and from some more advanced standpoint, hopefully its something that makes you think ‘good, there are other things that I need to think about'”, Katz said.

Register now for the 2017 PLUS conference to hear this informative panel along with many others. The conference takes place November 1-3 in Atlanta, GA.

Coverage in Jeopardy Roussel photo