United States: Insurance Broker Series: Stephen Leveroni, ABD Insurance And Financial Services

Last Updated: September 21 2017
Article by Mary E. McCutcheon

Farella's Insurance Recovery Group lawyers regularly collaborate with and learn from different players and functions within the insurance industry. To provide more value to our readers, we have reached out to a series of insurance brokers to create the Insurance Broker Series Q&A.

Our latest installment is with Stephen E. Leveroni, Executive Vice President / Founding Principal of ABD Insurance and Financial Services.

How long have you been in the insurance industry?

34 years

How did you get into the insurance industry?

Following an early career in the banking industry, I joined my sister to assume ownership and management of one of Silicon Valley's oldest and most respected independent insurance brokerage firms. As part of my mandate to evolve and grow the business, Johndrow, Leveroni and Vreeburg merged with ABD in 2011.

What trends are you seeing in the insurance industry or markets?

There are many factors in the marketplace today that present opportunity, yet also cause uncertainty and disruption. For example, altering the rules for coverage without a defined process can lead to lower business valuations and affect the future of a company.

There is a definite trend in the new shared economy that combines disruption with "old school" delivery of products and services–think of the local grocery store who had long delivered directly to nearby customers that now has to compete with the likes of Safeway or Amazon for business. The margins are very slim.

And like most consumer products and services, insurance coverages are increasingly sourced and delivered online, a trend that started with selling personal lines such as auto, home and rental policies over the Internet. The small business market has also evolved to a point where clients may never have a need or inclination to speak to an insurance professional, as they can ask and get responses to their questions online, in real time, at any time of day. The growth in client-centric applications and 24/7 "chat" give business insurance customers a much wider array of choices, and demands that we as brokers think differently in how we market, deliver, price, and upsell our services.

That said, 24/7 access and broader coverages also bring opportunities, as cyber-security threats, identity fraud, and uninsured/underinsured risks permeate the online marketplace. Not only must we ensure we vigilantly protect our clients' personal and business information, we need to look at the security of their entire business ecosystem. As a result, we are seeing an increased demand for corporate fraud insurance, and also individual coverages for phishing, hacking, identity fraud and cyber liability protection.

In this age of cyber leaks, we are also seeing a trend toward businesses wanting to protect themselves with insurance to mitigate trade credits and political risk, patent infringements, and warranties coverages. The consolidation occurring on the carrier side of the business — Chubb and Ace, XL and Caitlin Group, Allied International and Brooklyn Underwriting Agency, etc. — make these policies more complicated, expensive and challenging for brokers to sell and clients to understand. And finally, the plethora of computerized analytical models and risk management software is encouraging companies to take on more risk, and hence purchase less insurance.

What advice are you giving to clients looking to purchase or repurchase insurance?

A very clear path we are following with clients looking to purchase or repurchase is providing them with a thorough and honest review of their specific situation as soon as we begin the business relationship. We are risk management advisors as well as insurance brokers, offering insight into our clients' uninsured vs. noninsured exposures, as well as ways industry-wide changes may affect their costs for insuring safety in the work place, employee wellness, and other programs not typically covered by "traditional" policies.

What 2 – 3 questions do you wish your clients would ask you?

It's a complicated business, and clients often don't know what to ask or how the proper insurance can support their bottom line. The top three questions we always want to make sure we are addressing for each client's particular situation are:

  1. What are my uninsured risks? or "What keeps you up at night?"
  2. Is there an insurance solution that can help us better attract and retain customers?; and
  3. What can we do to take control of our Workers' Compensation costs?

How are insurance products in today's markets changing?

Our insurance products have evolved to provide secure protection against identity theft and cyber hacking of personal information and financial assets. The "Internet of Things" has evolved to a level that allows someone to take control of your home and/or business through your digital thermostat or alarm system. Our increasing role as risk advisors helps clients adopt the right combination of insurance products to help mitigate these threats.

What is the key issue you are facing as it relates to insurance products / policies today?

There are several issues ABD monitors on a continual basis. Business interruption insurance has not kept up with the changing marketplace, and global supply chain management has grown well beyond what the industry is used to underwriting. Insured Values and Indemnity Extensions are always in flux, making them difficult to determine and cost, and potentially causing problems down the line in the claims settlement process. And as stated above, understanding the intent of Cyber Liability is an ongoing challenge, as the policies are ever-changing depending on the range and scope of cyber attacks.

What risks should clients be using insurance products to mitigate that they may not know they can use insurance for?

There are three highly underinsured products that nearly every business should consider depending on their situation: Patent/IP protection insurance in coordination with outside legal services; Credit Insurance, which helps clients to safeguard large receivables; and Cyber Liability, with an understanding of what these policies do—and do not—protect.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on Mondaq.com.

Click to Login as an existing user or Register so you can print this article.

In association with
Related Video
Up-coming Events Search
Font Size:
Mondaq on Twitter
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
Email Address
Company Name
Confirm Password
Mondaq Topics -- Select your Interests
 Law Performance
 Law Practice
 Media & IT
 Real Estate
 Wealth Mgt
Asia Pacific
European Union
Latin America
Middle East
United States
Worldwide Updates
Check to state you have read and
agree to our Terms and Conditions

Terms & Conditions and Privacy Statement

Mondaq.com (the Website) is owned and managed by Mondaq Ltd and as a user you are granted a non-exclusive, revocable license to access the Website under its terms and conditions of use. Your use of the Website constitutes your agreement to the following terms and conditions of use. Mondaq Ltd may terminate your use of the Website if you are in breach of these terms and conditions or if Mondaq Ltd decides to terminate your license of use for whatever reason.

Use of www.mondaq.com

You may use the Website but are required to register as a user if you wish to read the full text of the content and articles available (the Content). You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these terms & conditions or with the prior written consent of Mondaq Ltd. You may not use electronic or other means to extract details or information about Mondaq.com’s content, users or contributors in order to offer them any services or products which compete directly or indirectly with Mondaq Ltd’s services and products.


Mondaq Ltd and/or its respective suppliers make no representations about the suitability of the information contained in the documents and related graphics published on this server for any purpose. All such documents and related graphics are provided "as is" without warranty of any kind. Mondaq Ltd and/or its respective suppliers hereby disclaim all warranties and conditions with regard to this information, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. In no event shall Mondaq Ltd and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use or performance of information available from this server.

The documents and related graphics published on this server could include technical inaccuracies or typographical errors. Changes are periodically added to the information herein. Mondaq Ltd and/or its respective suppliers may make improvements and/or changes in the product(s) and/or the program(s) described herein at any time.


Mondaq Ltd requires you to register and provide information that personally identifies you, including what sort of information you are interested in, for three primary purposes:

  • To allow you to personalize the Mondaq websites you are visiting.
  • To enable features such as password reminder, newsletter alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our information providers who provide information free for your use.

Mondaq (and its affiliate sites) do not sell or provide your details to third parties other than information providers. The reason we provide our information providers with this information is so that they can measure the response their articles are receiving and provide you with information about their products and services.

If you do not want us to provide your name and email address you may opt out by clicking here .

If you do not wish to receive any future announcements of products and services offered by Mondaq by clicking here .

Information Collection and Use

We require site users to register with Mondaq (and its affiliate sites) to view the free information on the site. We also collect information from our users at several different points on the websites: this is so that we can customise the sites according to individual usage, provide 'session-aware' functionality, and ensure that content is acquired and developed appropriately. This gives us an overall picture of our user profiles, which in turn shows to our Editorial Contributors the type of person they are reaching by posting articles on Mondaq (and its affiliate sites) – meaning more free content for registered users.

We are only able to provide the material on the Mondaq (and its affiliate sites) site free to site visitors because we can pass on information about the pages that users are viewing and the personal information users provide to us (e.g. email addresses) to reputable contributing firms such as law firms who author those pages. We do not sell or rent information to anyone else other than the authors of those pages, who may change from time to time. Should you wish us not to disclose your details to any of these parties, please tick the box above or tick the box marked "Opt out of Registration Information Disclosure" on the Your Profile page. We and our author organisations may only contact you via email or other means if you allow us to do so. Users can opt out of contact when they register on the site, or send an email to unsubscribe@mondaq.com with “no disclosure” in the subject heading

Mondaq News Alerts

In order to receive Mondaq News Alerts, users have to complete a separate registration form. This is a personalised service where users choose regions and topics of interest and we send it only to those users who have requested it. Users can stop receiving these Alerts by going to the Mondaq News Alerts page and deselecting all interest areas. In the same way users can amend their personal preferences to add or remove subject areas.


A cookie is a small text file written to a user’s hard drive that contains an identifying user number. The cookies do not contain any personal information about users. We use the cookie so users do not have to log in every time they use the service and the cookie will automatically expire if you do not visit the Mondaq website (or its affiliate sites) for 12 months. We also use the cookie to personalise a user's experience of the site (for example to show information specific to a user's region). As the Mondaq sites are fully personalised and cookies are essential to its core technology the site will function unpredictably with browsers that do not support cookies - or where cookies are disabled (in these circumstances we advise you to attempt to locate the information you require elsewhere on the web). However if you are concerned about the presence of a Mondaq cookie on your machine you can also choose to expire the cookie immediately (remove it) by selecting the 'Log Off' menu option as the last thing you do when you use the site.

Some of our business partners may use cookies on our site (for example, advertisers). However, we have no access to or control over these cookies and we are not aware of any at present that do so.

Log Files

We use IP addresses to analyse trends, administer the site, track movement, and gather broad demographic information for aggregate use. IP addresses are not linked to personally identifiable information.


This web site contains links to other sites. Please be aware that Mondaq (or its affiliate sites) are not responsible for the privacy practices of such other sites. We encourage our users to be aware when they leave our site and to read the privacy statements of these third party sites. This privacy statement applies solely to information collected by this Web site.

Surveys & Contests

From time-to-time our site requests information from users via surveys or contests. Participation in these surveys or contests is completely voluntary and the user therefore has a choice whether or not to disclose any information requested. Information requested may include contact information (such as name and delivery address), and demographic information (such as postcode, age level). Contact information will be used to notify the winners and award prizes. Survey information will be used for purposes of monitoring or improving the functionality of the site.


If a user elects to use our referral service for informing a friend about our site, we ask them for the friend’s name and email address. Mondaq stores this information and may contact the friend to invite them to register with Mondaq, but they will not be contacted more than once. The friend may contact Mondaq to request the removal of this information from our database.


This website takes every reasonable precaution to protect our users’ information. When users submit sensitive information via the website, your information is protected using firewalls and other security technology. If you have any questions about the security at our website, you can send an email to webmaster@mondaq.com.

Correcting/Updating Personal Information

If a user’s personally identifiable information changes (such as postcode), or if a user no longer desires our service, we will endeavour to provide a way to correct, update or remove that user’s personal data provided to us. This can usually be done at the “Your Profile” page or by sending an email to EditorialAdvisor@mondaq.com.

Notification of Changes

If we decide to change our Terms & Conditions or Privacy Policy, we will post those changes on our site so our users are always aware of what information we collect, how we use it, and under what circumstances, if any, we disclose it. If at any point we decide to use personally identifiable information in a manner different from that stated at the time it was collected, we will notify users by way of an email. Users will have a choice as to whether or not we use their information in this different manner. We will use information in accordance with the privacy policy under which the information was collected.

How to contact Mondaq

You can contact us with comments or queries at enquiries@mondaq.com.

If for some reason you believe Mondaq Ltd. has not adhered to these principles, please notify us by e-mail at problems@mondaq.com and we will use commercially reasonable efforts to determine and correct the problem promptly.