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Kidnap Ransom Insurance: Unlocking Coverage for Ransomware Attacks

By one account, ?Ç£the cost of global ransomware attacks will exceed $11.5 billion annually by 2019, up from $5 billion last year and $325 million in 2015?Ç¥ ?Çô a 35X increase in just four years.?á?áRelative to other cyber crime, ransomware is an equal opportunity enterprise?Çöstriking individuals as well as businesses of all kinds. Risk managers, in-house counsel and other executives may be tempted to assume that there is no traditional coverage for cyber ransom, or that only a stand-alone network security/privacy liability policy (often with deductibles or self-insured retentions exceeding the ransom) is likely to cover such loss. There is an often overlooked alternative. Kidnap, ransom & extortion (?Ç£K&R?Ç¥) coverage, placed by many companies in connection with traditional D&O or crime policies, may provide a much-needed source of recovery for policyholders and an efficient alternative to dedicated network security/privacy liability insurance. Ransomware Trends in 2018 Ransomware has been a cyber… Continue Reading

UPDATED: Energy Bankruptcy Reports and Surveys

Borrowing Base Redeterminations Survey:?áIncludes details on what lenders, borrowers and others in the energy industry expect regarding the borrowing base redeterminations in light of oil price uncertainty ?Çô most recent update April 10, 2018. Oil Patch Bankruptcy Monitor: Includes details on oil and gas producers that have filed for bankruptcy since the beginning of 2015 ?Çô most recent update March 31, 2018. Oilfield Services Bankruptcy Tracker: Includes details on oilfield services companies that have filed for bankruptcy since the beginning of 2015 ?Çô most recent update March 31 2018. Midstream Report: Includes details on the midstream companies that have filed for bankruptcy since 2015 ?Çô most recent update:?áMarch 31, 2018.

IRS Issues Paid Family and Medical Leave Tax Credit FAQs

Under the American Tax Cut and Jobs Act (the ?Ç£Act?Ç¥), employers may claim a tax credit for providing paid family and medical leave to certain qualifying employees during 2018 and 2019. This paid leave program must permit qualifying employees to take leave for the reasons permitted under the federal Family and Medical Leave Act (?Ç£FMLA?Ç¥), but employers do not have to be subject to FMLA in order to qualify for the tax credit. We previously provided details about this tax credit as part of our discussion of employee compensation and benefits changes under the Act. The IRS recently issued a series of frequently asked questions (?Ç£FAQs?Ç¥) regarding this tax credit, including FAQs addressing requirements for an employer?ÇÖs program to qualify for the tax credit, qualifying employee eligibility, and how the tax credit is calculated. The FAQs also indicate that an employer cannot claim this tax credit for providing paid leave… Continue Reading

Be Careful in Reimbursing Travel Expenses from Plan Assets

While many qualified retirement plans allow for the reimbursement of certain administrative expenses from plan assets, plan fiduciaries must ensure that plan assets are being used only to reimburse reasonable administrative expenses, and not expenses that could be considered personal or business expenses. This issue may arise in a variety of contexts, including, in particular, a plan?ÇÖs reimbursement of travel expenses. The DOL has taken the position that no personal or business related expenses are payable from plan assets, even if the travel is related to the administration of the plan. The concern with using plan assets to reimburse travel expenses is being able to prove that the travel expenses relate solely to the administration of the plan, and are not merely a personal or business expense.

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