Government Contractor Insurance
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Government Contractor Insurance
Insurance topics related to government contractors for the sake of increasing understanding and appreciation of risk management and/or insurance.
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Atlanta GovCon Seminar

Atlanta GovCon Seminar | Government Contractor Insurance | Scoop.it
Eventbrite - Global Dynamic Consulting presents Atlanta GovCon Seminar - Wednesday, August 23, 2017 at Dentons, Atlanta, GA. Find event and ticket information.
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A wonderful opportunity for Georgia Government Contractors to participate in a session on Indirect Rates and Teaming opportunities presented by Global Dynamic Consulting and OSC Edge Aug 23, 2017

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Captive results outpace traditional insurance market - Business Insurance

Captive results outpace traditional insurance market - Business Insurance | Government Contractor Insurance | Scoop.it
The captive insurance market continues to remain “resilient, effective, efficient and profitable,” with rising premiums and lower combined ratios compared with traditional insurers.
Brian S. Smith, CIC, ARM's insight:

Captive insurance options gain increased popularity as results outpace traditional insurance options.

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SCA Contractors: Fringe Benefit Rate to Increase With Adjustment for Executive Order 13706

SCA Contractors: Fringe Benefit Rate to Increase With Adjustment for Executive Order 13706 | Government Contractor Insurance | Scoop.it
AAM No. 225 addresses EO 13706, requires employers performing on contracts federal government to provide up to 7 days or 56 hours of paid sick leave
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Fringe Benefit Rate up .14 cents to $4.41 up from $4.27.

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Directors & Officers market update: Something's gotta give

Directors & Officers market update: Something's gotta give | Government Contractor Insurance | Scoop.it
Where is the D&O market now and where is it going? Is the current market sustainable?
Brian S. Smith, CIC, ARM's insight:

D&O rates continue to soften with more insurers getting into the market, despite 2017 being one for the record books in the number of federal securities class action suits filed.

 
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Chubb reveals multi-line industry practice in North America

Chubb reveals multi-line industry practice in North America | Government Contractor Insurance | Scoop.it
Transportation companies to benefit with a host of coverages and services
Brian S. Smith, CIC, ARM's insight:

Chubb offers Transportation program for fleets in excess of 500 power units that are willing to utilize large retentions/deductibles

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CORs Weren't Authorized To Order Additional Work--So Contractor Goes Unpaid - SmallGovCon

The government's contracting officer's representatives weren't authorized to order new work, so a contractor didn't get paid
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When to beware of, "We need this done" - COR's not authorized!

Contracting Officer Representatives not authorized to order additional work resulting in GovCon not being paid.

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Subcontract Disputes on Cost Type Government Contracts

Subcontract Disputes on Cost Type Government Contracts | Government Contractor Insurance | Scoop.it
Subcontract terms need to be specific so that disputes over the interpretation of agreements, and potential breaches, do not arise later.
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Very informative article by Redstone Government Consulting on Cost Type Contracts

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Marsh Tracks Top Captive Trends | Risk Management Monitor

Marsh Tracks Top Captive Trends | Risk Management Monitor | Government Contractor Insurance | Scoop.it
The number of captive insurers continues to increase globally, from 5,000 in 2006 to more than 7,000 in 2016. Once formed primarily by large companies, the captive market has opened up to mid-size and small businesses. The industry is also … Continue reading →
Brian S. Smith, CIC, ARM's insight:

Captives...Not just for big companies anymore.  

For many clients, captives are at the core of their risk management strategy, going beyond the financing of traditional property/casualty risks.-Marsh

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Kidnapping and extortion insurance — for your computer

Kidnapping and extortion insurance — for your computer | Government Contractor Insurance | Scoop.it
Cyberattacks and data breaches are the stuff of corporate and government nightmares. Headline-making hacks, like the recent attacks by a variant of
Brian S. Smith, CIC, ARM's insight:

Kidnapping and ransom have moved from the physical world into the cyber world. "If your CFO gets kidnapped, the company is going to continue to function. If you get a piece of malware in the system, you might have two factories that stop working. The actual damage is probably greater." - Marsh's, Bob Parisi

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That time when a real property lease in Iraq jumped from $124,000/mo to $665,000/mo

That time when a real property lease in Iraq jumped from $124,000/mo to $665,000/mo | Government Contractor Insurance | Scoop.it
Posted: 2:25 am ET   And no one noticed for about five months? https://twitter.com/EDVAnews/status/873248496643715072 ALEXANDRIA, Va. – A former government contractor was sentenced today to four years in prison for his role in a government contract kickback scheme that caused a loss of more than $3.4 million to the U.S. Department of State. According to…
Brian S. Smith, CIC, ARM's insight:

Rent in Iraq from $124,000/mo to $665,000/mo.  Unfortunately, another Government Contractor caught defrauding the US Government.

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3 takeaways from the 2017 Cost of Data Breach Study

3 takeaways from the 2017 Cost of Data Breach Study | Government Contractor Insurance | Scoop.it
The annual Cost of Data Breach study examines both direct and indirect costs to companies in dealing with a single data breach incident.
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A 5% increase over last year, U.S. organizations experienced the most expensive data breaches in the 2017 report according to Ponemon

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Anthem agrees to $115 million settlement over data breach

Anthem agrees to $115 million settlement over data breach | Government Contractor Insurance | Scoop.it
Anthem agreed to pay $115 million to resolve consumer claims over a 2015 cyber-attack that compromised data on 78.8 million people, marking what attorneys in the case called the largest data-breach settlement in history.
Brian S. Smith, CIC, ARM's insight:

$115,000,000 in settlement costs to Anthem.

Anthem agrees to settle data breach from 2015 cyber attack

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Cyber insurance a must for businesses: How to choose right policy

Cyber insurance a must for businesses: How to choose right policy | Government Contractor Insurance | Scoop.it
Read more about Cyber insurance a must for businesses: How to choose right policy on Business Standard. Look for policies that will cover third-party liabilities, costs arising after a hacking incident
Brian S. Smith, CIC, ARM's insight:

Cyber insurance article again?  

Well, yes because this one is pretty good!  Take a few minutes and digest the points outlining a solid process of selecting the right cyber policy and why it is important to do so.

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Risk Management – Ransomware Ready: How to Prepare for the Day You Get Locked Out

Risk Management – Ransomware Ready: How to Prepare for the Day You Get Locked Out | Government Contractor Insurance | Scoop.it
As widespread ransomware attacks force organizations to take the threat more seriously, it is critical to develop a clear response strategy.
Brian S. Smith, CIC, ARM's insight:

Extensive article on a variety of Ransomware Considerations:  "The biggest impact to an organization is not the ransom itself, but the associated business interruption..."  

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DOL Introduces Dual Fringe Rates for SCA | JD Supra

The U.S. Department of Labor (DOL) has announced its annual adjustment for the SCA Health and Welfare (H&W) Fringe Benefits rate for all wage determinations issued on or after Augus
Brian S. Smith, CIC, ARM's insight:

Two rates:  $4.41 and $4.17 - DOL’s use of two rates will create administrative complications for contractors whose workforce is working on both covered and non-covered contracts.

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United States: Zone of Special Danger Doctrine of Defense Base Act Applies to Local Nationals, Not Just Those Sent Abroad to Work in Remote Locations

The judicially created zone of special danger doctrine [ see O’Leary v. Brown-Pacific-Maxon, Inc., 340 U.S. 504, 71 S. Ct. 470, 95 L. Ed. 483 (1951)] can be applied to local nationals employed in their home country under an employment contrac
Brian S. Smith, CIC, ARM's insight:

DBA insights...Zone of Special Danger applies to locals as much as does to US Nationals and TCN's

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Watering Down Government Efficiency

Watering Down Government Efficiency | Government Contractor Insurance | Scoop.it
Imagine, for a moment, that you’re growing a garden in your backyard.  Among the laundry list of resources your crops need, water is arguably the most important.  But the amount of water you provid…
Brian S. Smith, CIC, ARM's insight:

David-Bacon Act:  Reforming Davis-Bacon makes sense. A DOL Inspector General (IG) audit found that 100% of the wage reports reviewed had some type of error.  

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5 ways to strengthen a contractual risk transfer program

5 ways to strengthen a contractual risk transfer program | Government Contractor Insurance | Scoop.it
Contractual risk transfer identifies critical exposures and assigns responsibility for preventing and paying for losses — but it’s not always an easy process.
Brian S. Smith, CIC, ARM's insight:

5 Best Practices On Contractual Risk Transfer

Short, but well written piece on making sure contractual risk transfer is being properly managed.

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DoD Proposes Changes to Defense Contracting Regulations - Executive Gov

DoD Proposes Changes to Defense Contracting Regulations - Executive Gov | Government Contractor Insurance | Scoop.it
The Defense Department has called on Congress to modify current regulations for the department's acq
Brian S. Smith, CIC, ARM's insight:

The Defense Department has called on Congress to modify current regulations for the department’s acquisition processes, Federal News Radio reported Wednesday.

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Unintended Plaintiffs: United States District Court Allows Private Citizens to Sue a Government Contractor For Failing to Adequately Safeguard Personal Information | JD Supra

In a remarkable opinion with potentially wide-ranging implications, the United States District Court for the District of Columbia recently allowed a member of the public to su
Brian S. Smith, CIC, ARM's insight:

A cautionary tale of how government contractors handling private citizens’ data and personal information could face direct liability to those citizens in the event of a data breach or privacy violation. 

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Face of Defense: Jungle Operations Course Challenges Military Students

Face of Defense: Jungle Operations Course Challenges Military Students | Government Contractor Insurance | Scoop.it
Not everyone who trains here in the Hawaiian jungle survives. It's not that they get eaten by tigers or crocodiles; it's just that they aren't cut out for the environment. As a result, they end up dropping out of the 25th Infantry Division's three-week,
Brian S. Smith, CIC, ARM's insight:

A little light reading for my US Army brethren, Jungle Training course has a 30-40% drop rate due to conditions and training regimen.  

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Marketing to Achieve a Small Business Set-aside Government Contract

Marketing to Achieve a Small Business Set-aside Government Contract | Government Contractor Insurance | Scoop.it
INTRODUCTION Marketing is one of the greatest challenges for the small business federal government contractor. We have previously discussed the federal government marketing process at the following articles: Insights to Succeed Small Business Government Contract Marketing Customer Relations Techniques for Product Development This posting will address sculpting a government contracting business opportunity to the point…
Brian S. Smith, CIC, ARM's insight:

Concise article on Marketing as a Small Business Government Contractor.

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Senate Armed Services Panel OKs $700B Defense Budget for Fiscal 2018 - Executive Gov

Senate Armed Services Panel OKs $700B Defense Budget for Fiscal 2018 - Executive Gov | Government Contractor Insurance | Scoop.it
The Senate Armed Services Committee on Wednesday cleared through a unanimous vote a bill that would
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$700,000,000,000 Defense Budget approved by the Senate Armed Services Panel

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Key Performance Indicators (KPIs) for Small Business Government Contractors

Key Performance Indicators (KPIs) for Small Business Government Contractors | Government Contractor Insurance | Scoop.it
Key Performance Indicators are a crucial way to measure your company’s financial health. These 8 metrics are common in measuring government contracts.
Brian S. Smith, CIC, ARM's insight:

8 Key Performance Indicators for SB GovCon's

Redstone Government Consulting lists 8 KPI's for Small Business Government Contractors

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Proper insurance can save a business

Proper insurance can save a business | Government Contractor Insurance | Scoop.it
Starting a business is the dream of many, but when they consider costs, there is one area that is often overlooked.
Brian S. Smith, CIC, ARM's insight:

Good article, a bit fundamental in context, however solid points nonetheless.

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