Philip Deramo - Cyber Liability Insurance and Why You Need It

Philip Deramo has been working as an insurance underwriter for the last twenty years. In the last ten years, he has been building his experience with cyber liability insurance. But, what is cyber liability insurance coverage?

While most security professionals are required to attend a risk training session during their careers, many of them are unaware of cyber liability insurance. For countries like the United States, which have mandatory breach notification laws, this type of insurance has been most successful when used as a risk transfer option.

As data breaches become more common, the option of adding cyber liability coverage is increasingly attractive. The expenses associated with dealing with a breach, including the cost of compiling with the mandatory notification laws, can be extremely high, making adding this type of policy to a business’s existing insurance coverage is vital.

Cyber liability insurance covers a large range of situations, including:

• Data breach and privacy crisis management.
• Multimedia and Media liability coverage.
• Extortion liability coverage.
• Network security liability.

Some of the items covered under this insurance may overlap or be connected to other policies. Even if there is an overlap with policies, having a cyber liability policy in place will ensure that all of the associated cyber risks are covered. When looking for the right policy, it is important to obtain the right broker. Philip Deramo has spent the last ten years increasing his knowledge of cyber liability insurance coverage.

Philip Deramo - Experienced Insurance Underwriter

Philip Deramo set himself up for success in the insurance industry by studying law at Quinnipiac University School of Law in 1987. He then worked as an Assistant State Prosecutor for Connecticut and entered the insurance industry as in-house counsel for Kemper Insurance after a few years cutting his teeth in criminal courts. Kemper Insurance is a family of companies with scattered over the United States. Kemper has over 30,000 representatives offering customers the best auto, home, and life insurance policies possible to help them prepare for the future. After working as in-house counsel for several years with Kemper, Deramo became an underwriter, a position that he has maintained for much of his career in insurance.

Philip Deramo has performed many different duties as an insurance underwriter throughout his career. He has researched prospective clients on behalf of his employers to decide if the company can offer these customers certain insurance policies and figure out which products will fit with their needs the best. Philip Deramo has learned early on that he had to be very attentive to detail and analytical so that he can give his clients the best policies for their individual situations. Underwriters often rely on their experience and their instinct in many cases, as well as their understanding of the policies their company offers. Deramo has developed excellent instincts and abilities throughout his career.

Philip Deramo gained experience as a mentee of experienced underwriters on his way to leadership positions within the insurance industry. He trained hard to gain the knowledge he needed to get started, but he has also taken advantage of the help that others offered him.

Philip Deramo - One-Time In-House Counsel for Kemper Insurance

Philip Deramo earned his law degree from Quinnipiac University Law School in 1987. From there, he worked as an assistant state prosecutor for Connecticut. After a few years working in this capacity and earning litigation and trial experience, Deramo moved on to the private sector. He became official in-house counsel for the insurance company Kemper Insurance. He worked as in-house counsel for three years before moving on to underwriting. As an underwriter, he found his true calling. Deramo would later make a career out of underwriting insurance policies and eventually join a company called WR Berkley. He held various high-level positions within the WR Berkley companies, including the position of Vice President.

Kemper Insurance is a family of companies that offers its clients insurance policies and the proper expertise that should come with them to families across the United States for their lives, cars, homes, and more. Kemper Insurance also works closely with small businesses to create professional liability policies and many other policies that keep local businesses alive and making local services available to everyone in communities across the US. Philip Deramo helped with many legal issues that many customers and company officials deal with on a daily basis in this industry as in-house counsel. When Philip Deramo moved on to underwriting, he was able to effectively negotiate insurance contracts and policies that were mutually beneficial to both the company and its customers. 

Philip Deramo went on to join a startup called Berkley Capital Underwriters, along with a few other associates, in 2002. When he left as the company in 2015, the company had helped a great many clients solve their insurance issues.

Philip Deramo - Quinnipiac University Law School Moot Court Judge

Philip Deramo earned his law degree from Quinnipiac University Law School in 1987. He had many responsibilities as a law student there, including volunteering as a judge in the law school’s moot court. He heard cases and made rulings in this optional club for law students to practice their skills in front of their peers. Despite all of the extra work Deramo did as a moot court judge, he loved being a part of the moot court and the experience helped him hone his skills and talents in the courtroom, skills that he would later use to great effect in his career as an attorney and then insurance underwriter.

Moot courts are simulated court rooms set up by law students to test their skills in the courtroom. They help students apply the concepts and knowledge they developed in the classroom in scenarios very close to real life. Philip Deramo started in the moot court at Quinnipiac University Law School as a litigator and eventually by the strength of his commitment to the moot court and its core purpose, which is to provide law students with the practice they’ll need to improve their skills and help people after they graduate, that he became moot court judge, testing his fellow students in their litigation ability.

Philip Deramo gained valuable experience as a litigator and a judge in moot court. He went on to work for the Division of Criminal Justice in Connecticut and has worked as an insurance underwriter for several insurance companies, including WR Berkley.