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Cyber Policies - 5 things overlooked

28 Sep 2017

Cyber insurance policies are some of the most complex policies that a broker will be asked to evaluate. There are five important differences in cyber insurance products that are often overlooked according to Nicholas Economidis, Underwriter at Beazley insurance.

Such policies often have multiple insuring agreements, cascading policy definitions and may even have a mix of claims-made, occurrence and ‘incident-discovered’ triggers applicable to different coverage parts. Compounding matters, there are no standard policy forms in the market. For that matter, there are really no true standard structures, definitions or key terms used amongst various insurance offerings in the market. Every carrier’s policy form is pretty much unique.

As an underwriter of ‘cyber-insurance,’ Nicholas Economidis says brokers often approach him with questions about policy forms and language. Because brokers must evaluate and explain competing offerings to insurance buyers, such questions are both understandable and routine. Most questions are fairly common and appropriate for a complete understanding of the policy. However over time, it has become obvious to Nicholas that there are important differences between different ‘cyber-insurance’ policy forms that, in many cases, brokers failure to recognize.

The following are five important differences in ‘cyber insurance’ products that are often overlooked.

1. Breach response expenses: “Pay on behalf of” or “Indemnity”?

2. Breach response expenses for suspected breach events?

3. Business interruption: period of recovery/extended period of recover

4. Breach response: panel vendors

5. The service behind the policy


For an explanation of these differences go to the full article HERE

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