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Because U.S.-held companies often are required to utilize overseas insurance brokers to place international policies, some major firms have opened a network of satellite offices throughout the world to further accommodate their clients.
The idea was to streamline processes, reduce overhead and control quality. In reality, however, the model has added costs and sharply reduced accountability in many distant offices that fail to remain self-sufficient. Some broker-owned networks struggle to keep international offices afloat, as their U.S. clients unwittingly incur the costs through inflated fees and commissions.
In response to this problem, some existing private brokerages throughout the world have aggregated resources and developed independent networks with individual accountability and self-sufficiency. The world's largest is the Worldwide Broker Network, with partner firms in Asia, Europe, the Middle East and North and South America.
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Each office is autonomous, while partnering within the network only when needed. Clients can choose whether to utilize a network partner, and can opt out if they have an existing relationship with another agency overseas. And, if a partner agency fails to meet expectations, that part of the relationship can be terminated without changing the U.S. broker.
This increased level of accountability not only boosts service quality and reduces costs, it also offers greater flexibility in choosing international account teams. Partner firms and clients both have direct access to international account teams, allowing the same quick response time clients receive domestically.
Hylant Group is proud to be an active leader in the Worldwide Broker Network. Hylant Executive Vice President Scott Stewart serves on the network's Owner's Council, and Hylant International Practice Leader Rich Yarborough serves on the group's Commercial Committee.
Rich was instrumental in the development and implementation of the network's Servicing Guidelines that have helped the organization become the largest in the world. 
For more information, contact Rich Yarborough at (216) 674-2453 or at rich.yarborough@hylant.com.
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Because U.S.-held companies often are required to utilize overseas insurance brokers to place international policies, some major firms have opened a network of satellite offices throughout the world to further accommodate their clients.
Verlingue acquired Alec Finch in 2007 after the two companies shared resources for years through the Worldwide Broker Network. Steve's experience with U.S. businesses operating in Europe allowed Verlingue to leverage his abilities throughout its existing offices before and after the merger.
The Worldwide Broker Network has also allowed Steve to work closely with Hylant Group's Large Account Practice, developing global property, casualty and employee benefits programs for U.S. businesses in the United Kingdom and France.
He consults on technical issues for international matters for the company's 650 employees and works closely with Bio Medic Insure, a Verlingue Group company specializing in clinical trials and pharmaceutical coverage.
Before joining Alec Finch in 1992, Steve served as a property and casualty underwriter with Prudential of Manchester. He carries ACII certification and holds a Chartered Insurance Broker status. His clients include Dana Corporation, Kellogg, Cooper Tire, MASCO and Whirlpool.
Steve Vickers can be reached at +44 161-242-4304 or at steve.vickers@alecfinch.com. |
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Hylant Group, one of the nation's largest privately-held commercial brokerage firms, names Patrick McDaniel to the position of President of the Troy, Michigan office. McDaniel will be an integral part of Hylant's growth strategy in Southeast Michigan, which also includes an office in Ann Arbor. He will be responsible for the daily management and overall performance of the office.
Read the full press release »»
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British legislators anticipate 12 or more convictions per year
– Steve Vickers, Worldwide Broker Network
The United Kingdom implemented new corporate manslaughter laws this spring aimed at more successfully prosecuting employee deaths. Historically, manslaughter convictions for large corporations were unheard of because senior managers deemed responsible were either too far removed from the incident or based overseas, outside of British jurisdiction.
The new law has changed all that. Passed through Parliament last year, the law now allows prosecutors to target management on a lower lever — those closer to operations that caused the employee death.
The previous law required prosecutors to target one or two high-level individuals who might be responsible, but the burden of proof was often too difficult to focus the blame that narrowly. Now, prosecutors can spread culpability throughout middle management, which is expected to be considerably more effective.
In fact, British officials anticipate the move will increase convictions from virtually none in the past to about 12 per year throughout England, Wales, Northern Ireland and Scotland, regardless of where in the world the parent company is based.
Penalties can range from unlimited fines to forced corrective action. But there's a third penalty option that has drawn particular attention: a court now can force a company to publicize its own guilt in an employee death. This is designed to publicly shame or deter companies into adopting more safety-conscious work environments. |
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Obviously, the first step in risk management is to ensure all U.K. operations meet modern safety standards. This can be accomplished by deploying a safety and loss prevention specialist from the Worldwide Broker Network.
But no company is immune to some level of uncertainty. So, it is important to ensure that appropriate insurance products are in place for companies with U.K. operations. The new law applies only to corporate entities and not to individuals. So, directors and officers insurance typically does not apply. Although in some cases D&O coverage includes entity coverage for corporations, policies are inconsistent and should be checked to ensure that they are adequately endorsed to contemplate the change in the law.
Employers liability and motor third party liability policies can be endorsed to cover certain defense costs. The broker should also verify that the general liability policy is endorsed to cover most legal defense expenses and other associated costs. Fines, penalties and the cost of corrective actions and publicity orders cannot currently be covered by insurance, so the best first step is a strong loss prevention program.
The experienced risk manager will ensure that his company has established protocols to recognize and prevent potential accidents, ultimately leading to lower insurance and loss costs.
For more information, contact Rich Yarborough at (216) 674-2453 or at rich.yarborough@hylant.com.
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Hylant Group Names David Skiljan
to Casualty Practice
David Skiljan has been named Vice President and member of Hylant Group's Casualty Risk Practice. With more than 20 years of industry experience, Skiljan will focus on large account clients in need of expertise in the areas of general, product and auto liability, environmental liability, workers' compensation and umbrella/excess liability coverage in the United States, Europe and Bermuda markets, lawyers professional liability, owner controlled programs and contractual risk transfer.
Read the full press release »»
Nicholas Milanich Joins Hylant Group's Executive Risk Practice
Nicholas (Nick) Milanich has recently joined Hylant Group as a Vice President within Hylant's Executive Risk Practice. Milanich has more than 10 years of experience in the Executive Risk field specializing in Directors' and Officers' Liability, Employment Practices Liability, Fiduciary Liability, Crime Insurance, Errors and Omissions and Lawyers Professional Liability.
Read the full press release »» |
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