The Euclid Perspective – The Department of Labor Increases Civil Monetary Penalties

Without much fanfare and little notice last Fall, Congress directed all federal agencies by July 1, 2016 to begin increasing civil penalties annually with inflation adjustments. On November 2, 2015, Congress passed the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 (2015 Inflation Adjustment Act) as part of the Bipartisan Budget Act of 2015. The new law directs each government agency to adjust their civil monetary penalties for inflation every year. Agencies across the federal government must determine the last time their penalties were increased and publish interim final rules to adjust their penalties for inflation from that date. Euclid Specialty has drafted a Euclid Perspective to provide a comprehensive overview of the following topics related to the new law: A table of the new penalty amounts adjusted for inflation. What is the appropriate insurance coverage for Department of Labor penalties? What penalty coverage do your clients need?…

Euclid Transactional Launches Transactional Insurance Program in Partnership with Swiss Re Corporate Solutions and Allianz

New York, New York – July 20, 2016 – Euclid Transactional, LLC (“Euclid Transactional”), a subsidiary of Euclid Insurance Services, Inc. (“Euclid”), announced today that it has entered into agreements with Swiss Re Corporate Solutions and Allianz Global Corporate & Specialty (“AGCS”) to offer representations & warranties, tax liability, contingent liability and other transactional insurance coverages. Under the program, Euclid Transactional will have underwriting and claims handling authority as a managing general agent for Swiss Re Corporate Solutions and AGCS. The program will focus on both primary and excess insurance opportunities and will cover risks for transactions across all industry sectors. Jay Rittberg, Managing Principal of Euclid Transactional commented, “We are honored to serve as underwriting and claims handling representative for these outstanding organizations. With the signing of these agreements, our clients will benefit from our carrier partners’ shared appreciation of the execution required to succeed in the world of…

Euclid Architects & Engineers New Minimum Premium & 2-Year Policy Term

In a continued effort to focus on small to medium sized Architects & Engineers firms, we have reduced our minimum premium to $2,000. We are admitted (A+XV) in all states except HI & LA. Coverage is not available for risks domiciled in Alaska. Our new minimum premium and 2-year policy term along with our Contract Review and Risk Management services makes our program a perfect fit for small to medium sized firms. Our underwriting focus is to write A&E firms with annual gross revenue from $25,000 up to $15,000,000. We consider Architects, Interior Designers, Landscape Architects, Land Planners, Civil Engineers, Land Surveyors, Electrical Engineers, Mechanical Engineers, HVAC Engineers and Structural Engineers. We focus our underwriting and risk selection with an eye for firms with the following traits: Written contracts signed with all clients Strong Risk Management and Quality Control utilized Extensive Experience and Specialization in the project types   Contact…