While reviewing a cyber liability policy today, I came across a “Difference in Conditions Endorsement” that stipulated that if a previous policy by the insurer for this insured provided broader coverage, then the relevant provisions of the current policy will be replaced by that broader coverage. There were two exceptions to this enhancement. One being […]
Cyber Liability
The Variance in Cyber Forms Calls for Seeking Cyber Expertise
Each time I have an opportunity to review cyber quotes, I discover new endorsements being added to cyber policies. They vary between enhancements, clarifications of coverage, and restrictions or exclusions, but the important takeaway is to be meticulous in scrutinizing the policy forms. Although ISO cyber policy forms do exist (not sure many people are […]
Silent Cyber Coverage May be Going Extinct
Silent cyber coverage may becoming more of a relic on the pathway to possible extinction. ISO has issued a number of exclusionary endorsements for cyber incidents at the end of 2020 and into 2021. Most recently, a new mandatory cyber incident exclusion endorsement, EB 10 01, will be included on all equipment breakdown policies. It […]
Jackware and the Need to Address Bodily Injury and Property Damage on Cyber Policies
I have previously posted about the need to address the potential gap in coverage for bodily injury and property damage arising from a cyber event, but the evolution of new risks calls for a reiteration of that point. I came across a recently published article yesterday warning of a new type of ransomware, “”Jackware,”” that […]
Don’t Rely on Endorsement Titles Without Reading the Form
I have posted in the past about not relying on the title of a policy endorsement as an interpretation of coverage, but recommend reading the substance of the endorsement to confirm what coverage, if any, is being afforded. In reviewing a cyber policy form today, I came across an endorsement that included the positive descriptor […]
Cyber Liability and Contingent Business Interruption
One of the hesitancies and reservations companies may have in purchasing cyber liability insurance is the false belief that they are unlikely targets. Loss data has shown that to the contrary, smaller and lesser-known companies may be greater targets due to their often weaker cyber security. Even if their beliefs were accurate, the recent Colonial […]
Insurance for Ransomware and Pandemics
Cyber extortion and ransomware may get more difficult to insure in the near future. Many believe that paying out such demands only encourages the malevolent behavior and in fact, one of the world’s largest insurers, AXA, recently announced that it will no longer provide the coverage in France. On a separate and more positive note, […]
Business Interruption and Cyber Liability
Business interruption coverage has attracted prominent attention ever since the start of the pandemic, and rightfully so. As many companies focus greater attention to this coverage, it should not exclusively be directed at commercial property policies. Business interruption coverage can be found on other first party insurance policies and one such example are cyber liability […]