http://coloradoinsurancebroker.co/ TriMountain Corp - Blog RSS Feed 2.0 en-us Tue, 07 Apr 2026 03:29:43 GMT Tue, 07 Apr 2026 03:29:43 GMT http://coloradoinsurancebroker.co/userfiles/860/images/Untitled%2Epng http://coloradoinsurancebroker.co/ http://coloradoinsurancebroker.co/blog/23329/Understanding-Terrorism-Insurance-Coverage blog Purpose of This Advisory This advisory is designed to help you make an informed decision about whether to elect terrorism insurance coverage for your business. We understand that terrorism coverage represents an additional premium expense, and our goal is to provide you with the information necessary to evaluate this coverage in the context of your specific risk profile and business needs. What Does Terrorism Coverage Include? Terrorism insurance is available as an optional coverage endorsement across multiple policy types: Property Insurance: Covers physical damage to buildings, equipment, inventory, and other property resulting from a certified act of terrorism. General Liability Insurance: Covers third-party bodily injury and property damage claims arising from a certified terrorist act occurring at your premises or involving your operations. Business Automobile Coverage: Covers damage to your vehicles and liability claims arising from a certified terrorist act involving your business vehicles. The coverage generally mirrors the standard insuring agreements in each policy type but applies specifically to losses stemming from certified acts of terrorism. How Terrorism Coverage Works: The Certification Requirement Critical Point: For terrorism coverage to apply under most commercial policies, the event must be certified as an act of terrorism by the U.S. Secretary of the Treasury, in concurrence with the Secretary of Homeland Security and the Attorney General. Certification Criteria Under the Terrorism Risk Insurance Act (TRIA), a federal law that provides a backstop for insurance claims related to terrorism, an act must meet the following criteria to be certified: The act must be a violent act or an act that is dangerous to human life, property, or infrastructure; The act must have resulted in damage within the United States or to certain U.S. air carriers, vessels, or foreign missions; The act must have been committed by an individual or individuals as part of an effort to coerce the civilian population of the United States or to influence U.S. government policy or conduct. Without certification, the terrorism coverage endorsement typically does not respond to the loss, and the claim would be evaluated under standard policy terms and exclusions. Important Considerations Timing: Certification may not occur immediately after an event. The determination process can take time as authorities investigate. Scope: Not all violent acts will be certified as terrorism. The act must meet specific legal criteria. Foreign vs. Domestic: TRIA distinguishes between foreign and domestic terrorism for certain coverage applications. Making Your Business Decision: Key Factors to Consider When evaluating whether to purchase terrorism coverage, consider the following factors: 1. Geographic Location Is your business located in or near a major metropolitan area, landmark, or critical infrastructure? Are you in a downtown urban center or near government buildings, transportation hubs, or high-profile venues? Higher-profile locations may face statistically higher risk. 2. Industry and Business Profile Does your business operate in a high-visibility industry (hospitality, entertainment, transportation, energy)? Do you host large public gatherings or events? Are you part of critical infrastructure sectors? 3. Property Values and Business Interruption Exposure What is the total value of property that could be damaged? How long could your business operations be interrupted by property damage or restricted access to your location? What would be the financial impact of a prolonged closure? 4. Contractual Requirements Do your lease agreements, loan covenants, or contracts with other parties require terrorism coverage? Many commercial landlords and lenders now mandate this coverage. 5. Total Insured Values The higher your property values and liability limits, the more significant the potential loss from an uninsured terrorism event. 6. Cost-Benefit Analysis Review the additional premium amount for terrorism coverage Compare this cost to your total insured values and potential loss scenarios Consider your organization's risk tolerance and financial ability to absorb an uninsured loss 7. Business Continuity Planning How would an uninsured terrorism loss affect your ability to continue operations? What is your access to capital for rebuilding or recovery? Do you have adequate reserves or alternative financing? Understanding the Probability Factor The Reality: Certified terrorism events in the United States are statistically rare. However, the financial consequences of such an event can be catastrophic and potentially business-ending for organizations without adequate coverage. Risk vs. Cost: Terrorism coverage typically represents a modest additional premium relative to your base insurance costs. For many businesses, this relatively small investment provides substantial financial protection against a low-probability but high-severity event. The Insurance Principle: Like all insurance, terrorism coverage protects against events you hope will never occur but cannot afford to experience without financial protection. Recommendations for Discussion We recommend discussing the following with your management team or board: Asset concentration: Where are your most valuable assets located geographically? Risk tolerance: What level of uninsured risk is your organization comfortable retaining? Stakeholder expectations: What do your shareholders, lenders, landlords, or board members expect regarding terrorism coverage? Financial resilience: Could your organization financially recover from a significant uninsured terrorism loss? Competitive context: What are similarly situated businesses in your industry doing regarding terrorism coverage? Our Role as Your Insurance Broker We are here to: Provide you with accurate premium costs for terrorism coverage across all applicable policies Answer questions about specific coverage terms and conditions Help you evaluate your risk exposure based on your unique circumstances Review any contractual requirements you may have Assist with coverage comparisons and cost-benefit analysis This is your decision to make, and we respect that you are best positioned to understand your business operations, risk tolerance, and financial priorities. Our role is to ensure you have the information needed to make that decision confidently. Next Steps Please review this advisory and consider the factors outlined above. We welcome the opportunity to discuss any questions you may have and to provide additional information specific to your situation. To elect or decline terrorism coverage, please indicate your decision on the coverage election form provided with your insurance proposal. Important Note: This advisory provides general information about terrorism insurance coverage and is not intended as legal or financial advice. Policy terms, conditions, and exclusions vary by insurance carrier. Please refer to your specific policy documents for complete coverage details. We recommend consulting with your legal and financial advisors as part of your decision-making process. If you have questions about this advisory or would like to discuss terrorism coverage in greater detail, please contact our office.   Fri, 10 Oct 2025 06:00:00 GMT http://coloradoinsurancebroker.co/blog/23329/Understanding-Terrorism-Insurance-Coverage http://coloradoinsurancebroker.co/blog/23246/New-Colorado-Hands-Free-Driving-Law blog Effective January 1st 2025, Colorado will implement a new hands-free driving law aimed at reducing distracted driving. Under this new legislation, drivers are prohibited from holding or handling mobile devices while operating a vehicle. However, the use of hands-free accessories remains permitted. Holding your phone to your ear or using it in speaker mode will be considered a violation of the law. To comply with the letter and spirit of the law you may want to purchase a hands-free accessory for your mobile phone. Examples of hand-free accessories include, a dashboard phone mount, Bluetooth integration or Apple Car Play. There will be no grace period for enforcement, and fines for violations began on January 1, 2025. The penalty for a first offense includes a $75 fine and two points. Distracted driving is anything that takes your attention away from practicing safe driving. With the pace of mobile technological innovation distracted driving has become a serious challenge. The statistics highlighted here support the importance of this new legislation: Drivers talking on cell phones may miss seeing 50% of what's around them (NSC) Car crashes are the #1 cause of workplace fatalities (NSC) Cell phone users are four times more likely to be involved in an accident (NSC) Distracted driving claimed 3,308 lives in 2022 (NHTSA) Every seven seconds someone is injured in a vehicle accident Every 15 minutes someone is killed in a vehicle accident (NSC) Sending or reading text messages takes your eyes off the road for at least 5 seconds. During those 5 seconds, if driving at 55 mph, it is equivalent to driving the length of a football field. (NHTSA) Requiring and monitoring safe driving behaviors is essential for an effective fleet safety program. Therefore, a distracted driving policy prohibiting all employees from using mobile devices while they are driving is critical. It is equally important to educate your employees concerning the serious implications of distracted driving through training session engagement and ongoing communication. To ensure compliance, the use of vehicle telematic systems that monitor driving behaviors may be an effective approach. For more information about the legislation, you can visit: https://leg.colorado.gov/sites/default/files/2024a_065_signed.pdf   References: https://www.nhtsa.gov/risky-driving/distracted-driving https://www.codot.gov/safety/distracteddriving/colorado-hands-free-law https://leg.colorado.gov/bills/sb24-065 https://www.nsc.org/road/safety-topics/distracted-driving/distracted-driving-for-employers#:~:text=Employers%20are%20Being%20Held%20Liable,explains%20why%20employers%20should%20care. Wed, 15 Jan 2025 06:00:00 GMT http://coloradoinsurancebroker.co/blog/23246/New-Colorado-Hands-Free-Driving-Law http://coloradoinsurancebroker.co/blog/23077/How-AI-Might-Be-Changing-Healthcare- blog The US Healthcare Industry is complicated to say the least- especially as it continues to grow and accounts for almost 17% of total GDP. Thus, as health related companies are looking to make the burden of repetitive and complex transactions easier, they are starting to test artificial intelligence (AI) for applications across their business units. In a recent article posted on The Doctors Company website, the author names the uphill battle that AI will have to become a larger part of the industry. However, they also suggest that AI offers many benefits in areas like prediction analysis of staff retention and the adoption of AI for repetitive and predictable tasks like coding and billing. The article also shares that Dr. Erik Bryonjolfsson, PHD, says "physician's needn't worry about their job security, at least for now." Because while AI is great at small repetitive tasks, it lacks the ability to integrate and work at a higher level of cognitive function. For more information about the article and how AI is changing healthcare, see the original article here: www.tdcg.com/insights/is-ai-ready-for-healthcares-prime-time/ Fri, 26 Jan 2024 06:00:00 GMT http://coloradoinsurancebroker.co/blog/23077/How-AI-Might-Be-Changing-Healthcare- http://coloradoinsurancebroker.co/blog/22891/Hard-Property-Market--Toughest-in-a-Generation blog Insurance brokers and carriers have started to sound the alarm- this could be the 'hardest' market in a generation for property related risks. The term 'hard market' is an insurance industry term, defined as, "the upswing in the insurance market cycle, when premiums increase, coverage terms are restricted, and capacity for most types of insurance decrease " (International Risk Management Institute- IRMI). It is referred to as a 'hard' market, as it is hard to place risks and usually comes with large increases in rates. While insurance markets are often affected by natural diasters, this year we are seeing a confluence of issues that are all hitting at the same time- increased inflation, re-insurance rates, valuation adjustments, and claim costs. For example, between 2012 and 2017 there was one catastrophic loss over over $10B, but over the next five years, there were nine such losses on top of the other noted market pressures- forcing rates to rise. (Insurance Journal: Hard Commercial Property Market to Linger) Beyond the upward demand on rates, carriers have also recieved pressure to update the 'valuation' or 'insurance to value' (ITV) of real estate properties. In some cases, valuations are off by 30% and with the increase of inflation and cost for (re)construction, carriers and regulators are pushing to update real estate valuations (Insurance Journal). The American Property Casualty Insurance Association (APCIA) reports that insurance losses were partially driven by inflation above 8%, while costs of construction were up by almost 34% and trade services increased by approxmiately 27% (Independent Agent: Perfect Stom Creates 'Hardest Market Cycle in a Generation') These factors have all pushed insurance premiums by up to 50% in some cases, forcing brokers and insureds to market accounts and accept higher prices for property insurance risks. For more information, see the linked articles above and/or contact our company for help with your insurance needs. Mon, 03 Apr 2023 06:00:00 GMT http://coloradoinsurancebroker.co/blog/22891/Hard-Property-Market--Toughest-in-a-Generation http://coloradoinsurancebroker.co/blog/22861/Davidson-Named-as-a-Top-Agent-by-The-Doctors-Company- blog John Davidson, Vice President of Sales and Operations at TriMountain Corporation, may have grown up in a small eastern Kentucky town with a population of approximately 140, but there is nothing small about his story. His experiences with the White House, World Bank, and World Council of Churches to name a few"are somehow outshined by his impressive growth as an insurance broker in just over seven years. "Growing up, insurance wasn't even on my radar," John said. "We lived on a small farm and ran cattle. My early family, going back to Daniel Boone times, settled at Fort Boonesborough in 1772 and just never left." Finance Active in the community church, with early aspirations to become a pastor, John was encouraged as a teen to also study business. My father told me, If you understand business, regardless of what you do in life if you're a pastor, great you'll be able to help your church committees run the finances. And if you don't go into that, it's good basic knowledge that can lead to solid career opportunities. John attended Transylvania University, a private college in Lexington, Kentucky, and majored in business with a minor in religion. He next went to graduate school at the Lexington Theological Seminary and received his Master of Divinity degree, leading him to be a pastor in yet another small town called Eminence, Kentucky. Shortly thereafter, John accepted a position as chaplain at the University of Florida (UF). That's when doors opened for exploring new career opportunities. Fundraising The church center at UF was built in the '60s and the building was starting to fall apart. So, I took the initiative to start a fundraising team, reach out to alumni, and write some grants locally for sustainability. That's when I discovered I really enjoyed that kind of administrative, financial work, even though it was in the church setting. We raised half a million dollars in six months, and it illuminated a path forward for my career. While at the University of Florida, John was offered a fellowship from the World Council of Churches to attend a year-long program at the University of Geneva, Switzerland. One of the specializations he chose to study was development. "At the time, the United Nations had just created its millennial goals, and one of those happened to be strengthening the economic and political partnerships of the World Council of Churches, John explained. And the World Council was working with various nongovernmental organizations like the International Monetary Fund and World Bank. Since I wrote my thesis on global development and the role churches play, I was able to participate in some high-level discussions at the World Council, which really helped my professional development." Once his year ended, John moved to Indianapolis, where he worked as a capital and financial adviser for the Disciples Church Extension Fund (DCEF). “I would fly around the country up to 250 days a year to meet with local congregations, affiliated universities, orphanages, nursing homes you name it to assist them with capital fundraising projects. From 2006 to 2012, I would help these organizations gather money to serve their communities in whatever way, like building dorms or housing units, serving youth, serving homeless people and food banksâ€"anything that was needed. And as I did that, I was also building relationships across the nation. It was fun, but a lot of travel. John's work during this period did not go unnoticed. He was appointed by his denomination to serve as a liaison for the White House Office of Neighborhoods and Faith-Based Initiatives during the Obama administration. As a financial adviser, he was instrumental in forming a green building program at DCEF aimed at reducing energy consumption and reducing operational costs. The churches could then use the money saved to repay the cost of capital renovations and to further serve their communities. Faith Following the birth of their first son, John and his wife, Kris, decided to move to Denver, Colorado, to seize a new opportunity where he could spend more time with his family. John took on a role as Associate Director of Development at the University of Colorado Denver Business School, leading fundraising for the creation of its Risk Management and Insurance (RMI) program. The RMI program was the only undergraduate and graduate insurance program west of the Mississippi and became one of the country's top 20 schools for risk management and insurance within the first three years. Then, while working with the school's board of directors, John became friends with Chris Eldredge, Managing Director of Wells Fargo Insurance Services in Colorado. That's when it all came together for his career path. 'For several years, Chris and I had discussions about the insurance industry, and eventually I started to think, ˜I've spent all this time telling students how great this industry is, maybe I should give it a try. Eventually, Chris told me he was starting his own company, TriMountain, and so I told him, ˜Well, if you ever need someone, give me a call." Sure enough, Chris made the call, and John took a leap of faith and started in March of 2015. I thought to myself, I'm good at networking, I'm good at building relationships, I should give this a shot. But the learning curve was steep, and I started with zero clients. Future Early on, John made some bold prospecting moves by leveraging existing relationships. He convinced his dentist to switch her insurance policies, which led to some dental and dental anesthesiologist referrals. Through his optometrist, he got in touch with the CEO of Vision Care Specialists and soon thereafter, they became a client. Then, an attorney friend asked John to review their firm's malpractice policy and he was able to reduce their cost by about 40 percent, or $30,000, on their premium in the first year. Soon, word of mouth spread. It was apparent John had a knack for gaining clients, and in turn, building new relationships. He attributes a lot of that to being technical. We're technical specialists, we're not just salespeople. When we sit down with a group, we ask them, "How do you manage this type of exposure or issue?" And then we go over all the details of what their insurance needs are to remedy the situation. They appreciate that because they're not used to a broker taking the time to explain everything. It builds trust with our clients and strengthens our relationships. And let's be honest, who expects busy physicians to comb through their insurance policies? That's our jobto do it for them. My philosophy is we are not going to sell a policy we haven't read. In fact, we've even called national underwriters and said, ‘You know, you have a typo on page 162 of your policy. Technical explanations and the trust-building processes have been the keystone for John's and TriMountain's success. They have grown between 20 and 30 percent each year since starting the agency, do business in over 40 states, and have international partners in over 35 countries. Plus, their customer retention rate is consistently in the high 90s. In five years, we made the top 25 insurance brokers in theDenver Business Journal,John said. "We're now up to 23"so we're chipping away each year and will continue to do so. We take a lot of time getting to know our doctors, our groups, and our programs, and so we build those deep relationships and harness them. If there's ever an issue, the doctor knows their practice administrator can just give me a call and I'll take care of it. Whereas before, they may have been calling a call center and had no idea who they were talking to or what their needs were. Our clients are loyal to us because we've built trust and they know we're always going to take care of them. This article originally appeared in the January 2023 issue ofThe Agent's Advocate, a publication of The Doctors Company. ©2023 The Doctors Company Fri, 17 Feb 2023 06:00:00 GMT http://coloradoinsurancebroker.co/blog/22861/Davidson-Named-as-a-Top-Agent-by-The-Doctors-Company- http://coloradoinsurancebroker.co/blog/22733/3--of-Employees-cause-92--of-Cyber-Claims- blog A report by Elevate Security and Cyentia found that a small group of employees are often the biggest threat to a company's digital information. The report also found that this group of employees are usually repeat offenders, putting their companies at risk from the main three categories of malware, phishing, and unsecure internet browing. The report found that 4% of employees clicked on 80% of phishing links, and 3% were responsible for 92% of malware events. Similar, 71% of all violations of company browing policies came from approximatley 12% of employees, who visited these types of sites at least 750 times in a year. Luckily, companies have started to implement controls that block malicious emails and risky web browsing. Although the report also noted that different levels of sucess and controls varied between different departments of an an organization. Researchers suggest companies should focus cybersecurity awarness and training for all employees, and specifically those that engage in risky  behaviors. More information and a link to the report can be found here: https://www.itpro.com/security/malware/366011/just-3-of-employees-cause-92-of-malware-events   Wed, 20 Jul 2022 06:00:00 GMT http://coloradoinsurancebroker.co/blog/22733/3--of-Employees-cause-92--of-Cyber-Claims- http://coloradoinsurancebroker.co/blog/21966/Medical-Malpractice-Insurance blog News about tort reform and medical malpractice claims, whether in state legislatures or the court system, are important for doctors and medical practices to follow, because they can quickly change the practice of medicine and malpractice insurance rates. That is why it was big news that New Mexico's Supreme Court ruled unanimously to uphold the $600,000 limit for non-medical and non-punitive damages, even though the limit does not extend to punitive damages and compensation for medical and rehabilitative care.  The five-member panel confirmed that a cap on some damages will be legal consequences when a jury determines the amount to reward. This ruling reverses a 2018 ruling from the Bernalillo County District Court, when the lower court declared that such caps were unconstitutional in a case where a woman was awarded $2.6M versus an Albuquerque doctor for a gynecological procedure gone bad.  For more information about the ruling you can visit: https://www.insurancejournal.com/news/west/2021/03/22/606424.htm   Mon, 22 Mar 2021 06:00:00 GMT http://coloradoinsurancebroker.co/blog/21966/Medical-Malpractice-Insurance http://coloradoinsurancebroker.co/blog/21766/Employer-Mandate---COVID-19-Vaccine blog In the United States, private companies may opt to require employees to be vaccinated against COVID-19. Depending on the state, employees may also choose not to receive the vaccination in consideration of certain medical conditions, religious and, or personal beliefs. Union contracts could also interfere with employer vaccine mandates. The availability of the vaccine may also raise questions about the applicable equal employment opportunity (EEO) laws, including the ADA and the Rehabilitation Act, GINA, and Title VII, including the Pregnancy Discrimination Act. If an employee is unable to receive the vaccination due to personal or religious beliefs or a medical condition, the employer may be required to make a reasonable effort to accommodate that employee.  As an example, they may transfer them to a different department, requiring separation and a mask or that they work remotely. The severity of the threat that the employee presents to the other team members should be determined.  In many instances, it may be relatively easy to to reduce or eliminate the risk of exposure to other employees. Employers, in some industries, may find it prudent to exclude non vaccinated employees from the workplace.  However, they may also be prohited from terminating an employee solely based on their willingness to receive the vaccination. People have many different views regarding the vaccine. For example, almost two-thirds of tech workers say that they will not go back to the office unless the vaccination is required by their employer.  The statistics vary when looking at gender, age, and race. A survey conducted by the Associated Press and the Center for Public Affairs found that 47% of Americans were certain that they would like to receive the vaccine but only 40% of women said yes while 56% of men did. Many employers are offering the vaccine on a volunteer basis, like Ford Motor Co. and Kellog Co., so that employees have the option to receive the vaccination, but are not required to. Employers who are considering mandating vaccines are strongly encouraged to engage qualified legal counsel before making any final decisions on this complex issue. Thu, 31 Dec 2020 06:00:00 GMT http://coloradoinsurancebroker.co/blog/21766/Employer-Mandate---COVID-19-Vaccine http://coloradoinsurancebroker.co/blog/21394/Insuring-Your-Bicycles blog It is entirely possible that your bicycles may be even more valuable than your car. Yet, it is common for bikes to be an oversight when reviewing your homeowners insurance coverage and therefore uninsured. More specifically, on many common homeowner's policies, personal property away from home is limited to 10% of the personal property limit on the homeowners policy. Arguably even more important, the homeowners deductible may be at or near the replacement cost of the bike and therefore result in little to no actual coverage. For improved coverage while away from home, bicycles should be specifically scheduled as valuable articles on the homeowners policy. This will cover the bikes from "mysterious disappearance" which is important because upwards of 1.5 million bikes are stolen in the United States every year.  Also, it is typically possible to have a significantly lower deductible for this coverage as compared to the master homeowners policy deductible. Reach out to your TriMountain Corporation representative to see if valuable articles coverage makes sense for your bikes.   Wed, 30 Dec 2020 06:00:00 GMT http://coloradoinsurancebroker.co/blog/21394/Insuring-Your-Bicycles http://coloradoinsurancebroker.co/blog/21305/Preparing-for-Natural-Disasters blog As wildfires continue to grow in Arizona, Colorado, and New Mexico we wanted to offer useful information about what you can do to prepare for natural disasters. Being prepared before a disaster strikes can help keep you and your property safe. In part, due to the current COVID â€" 19 crisis, evacuation shelters are expected to reach capacity rapidly.  Social distancing guidelines are also likely to impact shelter capacities. Floods A flood and the resulting water damage to your home, office or manufacturing facility can happen at any time.  History tells us that it is very difficult to determine where or when a flood is likely to occur.  They can strike at any time.   Purchasing flood insurance is one strategy should discuss with your agent or broker. Below are other ways to manage and mitigate flood or water related damages. First, determine in you are in a flood zone Elevate or move valuable personal property in basements or below grade Check the integrity of your roof Make sure gutters and downspouts are clear of debris and fully functioning Remove potential hazards from your property such as dead trees or limbs Wildfires Depending on your location, you may be at a higher risk for wildfires. Below is a checklist to minimize the risk of a wildfire damages to your home or business: Clear the perimeter of your home or business of excess vegetation Keep waste in bags and do not burn on your premises Trim dead tree limbs that overhang the roof Remove vines from sides of your structures Store stacked wood at least 100 feet away from premises General Recommendations Below are few ways to be ready for natural disasters: Keep important documents in a safe easily accessible place Make an inventory of all personal property within your home or business. Ask your agent or broker to retain a copy of the inventory - update annually Pre-pack an emergency "to go" bag with common necessities Set up a specific meeting place for family members in the event you are unexpectedly separated Monitor news and local weather notifications for evacuation notices or alerts Evacuate when told to do so â€" do not wait until the last minute For more tips on how to prepare for a natural disaster, reach out to your broker and insurance company loss control representative for recommendations that are specific to your situation. It is in your and your insurance companies' best interest to proactively manage and minimize the risks that accompany natural disasters. You can also find a more detailed checklist here. Wed, 17 Jun 2020 06:00:00 GMT http://coloradoinsurancebroker.co/blog/21305/Preparing-for-Natural-Disasters http://coloradoinsurancebroker.co/blog/21246/Workers-Compensation-----Reclassifying-Employees-Who-are-Working-from-Home blog Worker’s Compensation is a state-based system that is generally administered in three different ways. In total there are thirty-five NCCI states, eleven independent bureau states, and four monopolistic states. Please see the illustration below which shows which states are NCCI (National Council on Compensation Insurance), independent bureau and monopolistic states.  Why is this important? As an employer, you must first determine where your employees are working and know which jurisdiction applies in context of allocating payroll to a given workers compensation classification. With the Covid-19 crisis, telecommuting has become necessary and in some cases permanent.  This may impact the appropriate workers compensation class code for workers that work from home or are telecommuting. For organizations that have employees subject to NCCI jurisdiction, it may be appropriate to change their classification to Code 8810 â€" Clerical Office Employees or Code 8871â€"Clerical Telecommuter Employees, or other classifications based upon their specific job duties or situation. As an example, the NCCI has also proposed a new classification code â€" 0012 for employees who have been laid off or furloughed but are still being paid. Some independent bureau states have adopted new classification codes while others are in the process of adopting new changes. For example, New Jersey is allowing employers to reassign telecommuting employees to code â€" 8810 during the duration of the stay-at-home order and up to 45 days after the order is lifted to give employers time to implement a plan to return to work. Of the four monopolistic states Ohio has implemented a new class code, 8871 â€" clerical telecommuter for private employees as well as 9444 - public employee clerical telecommuter. Employers may classify their employees with the temporary classification codes during a declared state of emergency. It is important that you work with your broker and insurance company to determine how to best classify your employees who are working from home or are telecommuting.  Thu, 04 Jun 2020 06:00:00 GMT http://coloradoinsurancebroker.co/blog/21246/Workers-Compensation-----Reclassifying-Employees-Who-are-Working-from-Home http://coloradoinsurancebroker.co/blog/21225/Guide-to-Reopen-Your-Business blog While businesses are starting to reopen, what does that mean for business owners? Steps and precautions must be taken for the safety of customers as well as employees. Without healthy employees present at work, business operations cannot run efficiently. Before implementing schedules for your employees, identify which employees are more vulnerable or have a vulnerable family member at home. Consider allowing them to work from home if possible or assigning them different job duties to minimize their contact with customers. Here are some steps that can be taken to protect employees while at work: Conduct daily health checks Conduct a hazard assessment of the workplace Encourage employees to wear cloth face coverings in the workplace, if appropriate Implement policies and practices for social distancing in the workplace Improve the building ventilation system Implement flexible work schedules and sick leave Educate employees about ways to protect themselves at work and home For more information on actions you should take to help protect employees, please visit the Centers for Disease Control and Prevention. Fri, 22 May 2020 06:00:00 GMT http://coloradoinsurancebroker.co/blog/21225/Guide-to-Reopen-Your-Business http://coloradoinsurancebroker.co/blog/21058/Personal-Auto-Customer-Relief-Refund blog Taking care of our customers, employees and agents is a top priority for Safeco. We recognize the uncertainty and financial challenges many of our joint customers are facing as the nation bands together to slow the spread of the coronavirus. To help Safeco customers, we have taken the following actions: Personal Auto Customer Relief Refund Fewer drivers are on the road, which means fewer accidents. With this in mind, we are announcing our Personal Auto Customer Relief Refund, which will return approximately $250 million to our Liberty Mutual personal lines and Safeco auto customers. Here’s how it works: Personal auto insurance customers will receive a 15% refund of two months of their annual auto premium as of April 7, 2020, pending regulatory approval. The refunds will begin in April and will be issued either by check or in the manner the customer made their most recent payment. The payments will happen automatically. Customers do not need to call Safeco to receive the refund. Safeco agent commissions WILL NOT be affected by this 15% customer refund.  Payment flexibility options Late fee charges have been automatically stopped and cancellations due to non-payment have been temporarily paused for personal auto and home customers from March 23 through at least May 22, 2020. We continue to work with individual customers to extend payment dates if needed and provide personalized support.  Delivery coverage expansion for auto policies All personal auto policies have been expanded to cover customers who use their personal vehicles to deliver food and medicine. Standard Safeco personal auto policies typically exclude such coverage. This additional protection is in effect for all personal auto policies in all states for losses occurring from March 16 to May 22, 2020, and reported by July 1, 2020 Thu, 09 Apr 2020 06:00:00 GMT http://coloradoinsurancebroker.co/blog/21058/Personal-Auto-Customer-Relief-Refund http://coloradoinsurancebroker.co/blog/20999/Ten-Tips-to-Stay-Cyber-Safe-When-Working-Remotely blog Most of our clients and their employees are now working remotely and it is no surprise that doing so brings a host of new challenges and risks.  This advisory from Chubb offers excellent advise for your organization to manage and mitigate these risks.  More specifically, you should ensure that: - local bandwidth and network connections can accommodate your data communication needs; - hardware and software is up to date with appropriate security protocols in place; - your team is aligned in regard to the importance of cyber security and being able to identify "red flags" as they surface; - manage closely and monitor any security exceptions; - connect only via secure networks; - utilize and update consistently strong passwords; - download and click from trusted resources only; - closely manage and monitor the sharing of confidential information; and - exercise extreme caution when responding to requests for personally identifiable information or passwords. We are here to assist you during these trying times - please reach out to us for additional resources in protecting your remote workers and their data.   Wed, 25 Mar 2020 06:00:00 GMT http://coloradoinsurancebroker.co/blog/20999/Ten-Tips-to-Stay-Cyber-Safe-When-Working-Remotely http://coloradoinsurancebroker.co/blog/20870/Healthcare-Data-Breaches-in-2019 blog According to Bitglass, a cloud security company, the total number of breaches of protected health information (PHI) doubled from 2018- 2019. This trend matched the increase (doubling) of breaches from 2017-2019. These breaches affected over 27 million individuals, based on: 1) Hacking or IT Incidents 2) Unauthorized Access 3) Loss or Theft 4) Other Miscellaneous Loss of Data. This is Bitglass’ six annual Healthcare Breach Report, and uses data posted to the U.S. Dept. of Health and Human Services’ “Wall of Shame,” which tracks the loss or breach of health records. In 2019, ‘hacking and IT incidents’ accounted for 60% of all data loss, according to Anurag Kahol, CTO of Bitglass. Healthcare practices and databases are rich targets for cyber-criminals, given the amount of sensitive information that they include. The article also notes that the cost per breached record was $429 in 2019 and that data breaches cost healthcare organizations $11.8 Billion For more information about the report, please visit: https://www.businesswire.com/news/home/20200219005071/en/Bitglass-2020-Healthcare-Breach-Report-27-Million   Wed, 04 Mar 2020 06:00:00 GMT http://coloradoinsurancebroker.co/blog/20870/Healthcare-Data-Breaches-in-2019 http://coloradoinsurancebroker.co/blog/17878/Cyber-Insurance--Price-of-a-Hack--Planet-Money- blog I am an avid NPR and Planet Money podcast listener. Why? Well, it is always fun to learn more about the economy- plus the presenters take complex 'subjects' and present them in an easily accessible form or story. This week I was listening to the recent Planet Money podcast about cyber insurance (episode #886 The Price of a Hack), and I almost stopped dead in my tracks. It was the perfect way to help my clients better hear/lean about the impact of cyber insurance, because it was told in story form- not in  wonky legal insurance speak. After listening to it, I was so excited I even ran upstairs to tell my wife, who is a saint because she always listens to my geeky insurance stories (for the record she is an artist and way cooler that I am in every way).  In any event, if you are curious about cyber insurance, interested in how to plan for a hack, or just love economic stories, check it out. The link is below: episode-886-the-price-of-a-hack Tue, 08 Jan 2019 06:00:00 GMT http://coloradoinsurancebroker.co/blog/17878/Cyber-Insurance--Price-of-a-Hack--Planet-Money- http://coloradoinsurancebroker.co/blog/17511/2018-Thanksgiving blog It was a short 228 years ago that George Washington delivered his infamous Thanksgiving proclamation and designated November 26th, 1789 as "a day of public thanksgiving . . ."   This, the first of presidential proclamations, was artfully recommended to the people of the United States.  While it was not implemented with the force of law this quintessentially American tradition has lived on for over two centuries. We at TriMountain Corp wish you, your families and friends a Happy Thanksgiving! Wed, 21 Nov 2018 06:00:00 GMT http://coloradoinsurancebroker.co/blog/17511/2018-Thanksgiving http://coloradoinsurancebroker.co/blog/16314/Medical-Office-Communication-and-Safety-Improvements blog Improving communication and safety in medical offices play an important role in reducing patient dissatisfaction, injury and lawsuits. Communication with hospitals, labs, and other healthcare providers is vital to evaluating a call’s priority by degree of urgency. Procedures for staff members who handle calls and reports should include how to:   Document and verify caller’s name, referral, and contact information Communicate information to physician’s office for scheduling an appointment and record the call in the patient’s chart (including the date, time, and name of the person who received the call). Develop a tracking system of patient’s records In addition to communicating well with other healthcare providers, communication within the medical office is just as important. To improve communication and documentation, offices should put these procedures into place: Schedule frequent staff meetings to build relationships and develop a better understanding of each person’s role Document missed and canceled appointments as well as efforts to contact the patient Ensure all physicians and staff know where to update and review patient records- especially allergies and medication changes. Provide a safe environment for staff and patients and insure you have protocols in case of an emergency Maintain a schedule for maintenance of equipment and report any malfunction Have written protocols for managing medical emergencies and outside threats like bomb threats, intruders, and natural disaster. Ensure all staff knows the location and use of oxygen, and drugs for emergent conditions Improving office communication and safety is the responsibility of all staff and physicians. By implementing these procedures in the workplace, you can create a better experience for your patients. For more tips or information, please see this article by The Doctors Company: https://www.thedoctors.com/articles/improving-medical-office-communication-and-safety/ ​Other Articles for Reference: https://www.verywellhealth.com/communication-techniques-for-medical-office-2317271 https://medicalreview.columbia.edu/article/communication-healthcare/   Wed, 01 Aug 2018 06:00:00 GMT http://coloradoinsurancebroker.co/blog/16314/Medical-Office-Communication-and-Safety-Improvements http://coloradoinsurancebroker.co/blog/15122/Memorial-Day blog   Please join us in honoring those who made the ultimate sacrifice for our country and the freedom we currently enjoy.   "As we express our gratitude, we must never forget that the highest appreciation is not to utter the words, but to live by them."  John F. Kennedy Fri, 25 May 2018 06:00:00 GMT http://coloradoinsurancebroker.co/blog/15122/Memorial-Day http://coloradoinsurancebroker.co/blog/15123/Property-in-Transit blog In today’s global economy many, if not most, companies have raw materials coming from a foreign point of origin.  In addition, most companies sell their products all over world.  This raises two fundamental risk management questions.  Are my imported raw materials covered in the event of loss?  Also, when my products (inventory) leave my manufacturing / processing facility are they covered until they are accepted by my customers? To address these questions and the associated risks more and more companies are purchasing a Stock Throughput Policy (STP).  In addition to providing coverage for the above scenarios the products can also be covered while in process.  This policy can provide more comprehensive coverage throughout the supply chain as compared to a traditional transit or cargo policy.  Arguably the highest risk of loss to inventory within the supply chain is when it is between transit and storage or being loaded / off loaded.  Coverage needs to be designed to explicitly cover this scenario to avoid needless time delays and frustration in the event of a loss.    Supply chains are infinitely more complex and volatile today than in past and include evolving dynamics such as software and equipment failures, economic impairments, government and associated regulatory delays.  Proactive and thoughtful management of your distribution channel strategy is fundamental to mitigating the risks of goods in transit. A well designed STP will provide protection for the three evident property in transit risks, namely, while the property is moving on the ocean, on the land and while it is in storage.  It should also specifically include coverage for the full spectrum of the supply chain process such as raw materials, work in process and finished goods.  An important provision to confirm is the process clause or coverage for goods while within the manufacturing cycle.  If you are importing raw materials, exporting goods in process or shipping finished goods and are concerned about this property while it is in transit a STP is something you should evaluate and potentially integrate into your overall risk management program.  Fri, 25 May 2018 06:00:00 GMT http://coloradoinsurancebroker.co/blog/15123/Property-in-Transit http://coloradoinsurancebroker.co/blog/14858/Top-Industries-for-Cyber-Claims-Over-the-Past-10-Years blog According to a recent risk management and insurance study by Chubb Insurance, Healthcare remains the number one affected industry for cyber related claims and attacks (38% of all claims). Following healthcare, the industries of Professional Services (16%), Technology (12%), and Retail (11%) are the next most targeted.  For more information about the study, see Chubb's resource center: http://www.chubbidtheft.com/knowledge-center Tue, 24 Apr 2018 06:00:00 GMT http://coloradoinsurancebroker.co/blog/14858/Top-Industries-for-Cyber-Claims-Over-the-Past-10-Years http://coloradoinsurancebroker.co/blog/13372/Electronic-Health-Record-Study-Reveals-Increase-in-Malpractice-Claims blog In a closed claim study of Electronic Health Records (EHR), The Doctors Company found that the number of EHR claims rose from 2 in 2007 to over 66 between July 2014 and December 2016. The study also found that 50% of the claims were caused by 'system factors' (such as "failure of drug or clinical decision support alerts") and 58% of claims were caused by 'user factors' (such as "copying and pasting progress notes"). The study also found that there was an increase in the the number of EHR claims occurring in patient rooms, and fewer that occurred in clinic or doctor's offices. The study also showed that diagnosis related allegations were the most common (32%).  If you would like to read the study, visit:  http://www.thedoctors.com/ecm/groups/public/documents/print_pdf/con_id_013553.pdf  Information used with permission Mon, 27 Nov 2017 06:00:00 GMT http://coloradoinsurancebroker.co/blog/13372/Electronic-Health-Record-Study-Reveals-Increase-in-Malpractice-Claims http://coloradoinsurancebroker.co/blog/13101/Healthcare-s-Biggest-Cyber-Challenge--Human-Error blog Breaches of Protected Health Information (PHI) have been in the news a lot lately. In a recent report by Beazley (a specialty risk insurance company), it shows that 41% of data breaches are the restult of unintended disclosure (human error).  Human Error is almost twice the level of the second highest cause of loss, which is from a 'hack or malware' (19%).  The third highest cause of loss is when employees snoop in patients files without permission or a work reason (15%), which again show the need for increased training and contols.  According to the study the average settlements for PHI breaches increased to $1.8M in 2016-17, compared to $1M in 2014-15.  For more information, check out the Beazely Study: https://www.beazley.com/documents/TMB/Insights/201710-beazley-breach-insight-healthcare.pdf    Fri, 20 Oct 2017 06:00:00 GMT http://coloradoinsurancebroker.co/blog/13101/Healthcare-s-Biggest-Cyber-Challenge--Human-Error http://coloradoinsurancebroker.co/blog/12943/Major-Concerns-of-Healthcare-Providers-in-the-USA blog In a recent survey of healthcare providers, industry leaders were asked their major concerns in three areas: 1. Organizational Concerns 2. Transformation Concerns, and Healthcare Technologies. Below are the top 5 results in each area:  ​:   : : This survey was conducted by The Doctors Company at their annual healthcare summit in 2017. For more information about the survey, or assistance for your physician group contact John Davidson at 720-708-4155 or john@trimountaincorp.com. Click here for the details of the full survey.   Mon, 09 Oct 2017 06:00:00 GMT http://coloradoinsurancebroker.co/blog/12943/Major-Concerns-of-Healthcare-Providers-in-the-USA http://coloradoinsurancebroker.co/blog/11886/The-Docket blog Without question, the legal profession is exceptionally well equipped to understand and appreciate the intricacies surrounding first and third party liability. However, with the demands of their clients consuming much of their time, they are often unable to dedicate the necessary attention to protecting the practice they have worked so hard to build. John Davidson, VP of Sales and Operations at TriMountain Corporation, was recently invited to write an article for the Denver Bar Association addressing this very issue. This article was published in the June/July edition of The Docket, and we are pleased to provide a copy here: http://www.dbadocket.org/the-business-of-law/insurance-davidson/ For more information concerning risk management and insurance for professionals, please contact John directly at 720-708-4155 or by email at john@trimountaincorp.com. Thu, 29 Jun 2017 06:00:00 GMT http://coloradoinsurancebroker.co/blog/11886/The-Docket http://coloradoinsurancebroker.co/blog/10923/---Cyber-Ransom-Attacks-Increased-Over-10--in-2016 blog Cyber ransom and extortion, is a growing trend in context of overall cyber attacks. According to Check Point’s Global Threat Intelligence Trends Report, ransom attacks increased from 5% to over 10% of all malware attacks during the second half of 2016. Hackers use ransom malware to take over a system and hold it hostage. They demand payment, and threaten to delete or share your information publicly. Typically, the cost is low enough to make it more effective to simply pay the ransom in lieu of losing valuable or sensitive data, paying fines, or risking reputational damage.   In its report, Check Point identifies the most common types of ransom malware as Conficker, Sality, Cutwail, JBossJMX and Locky.  In addition, the most common type of mobile malware is Hummingbad, which accounted for 60% of all attacks on Android phones or devices.   The main source of ransom attacks begin with spam and target phishing emails.   For more information, please see:  Roi Perez "Check Point: Ransomware % of malware doubled in second half of 2016." www.checkpoint.com (Feb. 21, 2017). Wed, 22 Mar 2017 06:00:00 GMT http://coloradoinsurancebroker.co/blog/10923/---Cyber-Ransom-Attacks-Increased-Over-10--in-2016 http://coloradoinsurancebroker.co/blog/4448/Risk-Management-in-a-Changing-World blog   Cyber insurance is a broad term for risks related to information and technology. While Cyber Insurance does cover data breaches, it also offers media protection and ways to defend your company's reputation.  This presentation was given to the Colorado CFO and Controller's Roundtable on Jan 28, 2016 and includes information related to the types of coverages available and a specific case study for medium size businesses. Find the presentation here.  Wed, 10 Feb 2016 06:00:00 GMT http://coloradoinsurancebroker.co/blog/4448/Risk-Management-in-a-Changing-World http://coloradoinsurancebroker.co/blog/2664/Rental-Car-Insurance blog Should You Buy Rental Car Insurance? Customers often ask if they should buy rental car insurance even if they already have a personal automobile or a business automobile insurance policy and the answer depends on your specific situation as outlined below.   Personal Automobile Policy While it is true that your personal automobile policy usually includes liability coverage for temporary and rental cars, you may not be aware that your personal automobile policy often excludes coverage for the following: Loss of Use - the loss of income that the rental company charges you while the car is out of service. Diminution of Value - the difference between the car’s value undamaged versus damaged. Administrative Fees - these include fees for dealing with the administration of the claim, towing and storage of the vehicle. Additionally, in order for your personal automobile insurance policy to pay for any loss under comprehensive or collision coverage these coverages must be provided on the personal automobile policy.   Business Automobile Policy Most business automobile insurance companies are willing to include coverage for hired and non-owned automobiles. However, a problem can arise when an employee rents the vehicle, versus the company (employer).  This problem can be avoided by adding the employer’s name on the rental contract and setting up a corporate account with the rental car company. Employers should also review their business automobile policies to determine if coverage exists for the above named exceptions.  You should also ensure that hired and non-owned coverage is provided for liability, comprehensive and collision with an appropriate deductible.  While some insurance companies are beginning to offer coverage for the three loss exposures mentioned above most companies forms do not currently provide this coverage.     Credit Cards Several credit cards do offer limited coverage for rental cars, however, they often require the driver to opt into the coverage, have low limits, and exclude charges for loss of use, administrative fees and diminution of value. Always be sure to read your credit card agreement and the specific coverage provided.   Rental Car Insurance (Damage Waiver) First, let us note that the Rental Car Insurance is not actually an insurance policy. Instead, it is actually a collision damage waiver - where you purchase a waiver to transfer the cost of any damage to the rental car company.  There are four advantages to purchasing the damage waiver from the rental car insurance: No hassle - if you purchase the damage waiver, and have an accident or loss, the claim and damage should be covered by the rental car company. You turn in the car and walk away. Damage may not appear on your loss history - if you damage the vehicle, but are not in an accident and do not damage any other property, the claim and loss should not appear on your insurance record. Correspondingly, a claim or loss against your personal or business automobile policy will likely reflect on your loss history. Charges to your credit card - in the event of a loss without the damage waiver, the rental car company usually has the right to charge your credit card for the loss - potentially maxing out your limit. Foreign rental - when you rent a car in a foreign country, there may be additional considerations not contemplated by your current policy as well as legal and regulatory issues. There are also several disadvantages to purchasing the collision damage waiver Cost - purchasing the collision damage waiver is very expensive, often times costing as much as three times what an insurance company would charge for a large commercial truck. Probability - depending on your individual risk characteristics the probability of incurring non covered loss expenses may be relatively low.   Conclusion While the fees charged by a rental car company can add $20-50 more per day, it is often easier than dealing with the problems and additional assumed expenses in the event of a serious accident and / or loss. However, if you do your homework by talking with your insurance agent or broker, credit card company, and / or your employer, you should be able to adopt a solution that works for you - both in context of cost and risk.   Wed, 07 Oct 2015 06:00:00 GMT http://coloradoinsurancebroker.co/blog/2664/Rental-Car-Insurance