COVERAGE INCLUSIONS

 

the following coverage is the best available cyber liability insurance offered to date

Our cyber expert, Charlie Bernier, worked with an AM Best “A” rated carrier to create a policy that does not contain the typical cyber policy exclusions that reduce or negate coverage in the event of a breach.

THIRD PARTY PRIVACY LIABILITY

 

overview

covers sums the insured is legally obligated to pay as a result of privacy breach or unintentional breach of privacy regulations.

what expenses does it cover?

damages to third parties

regulatory fines and penalties

claims expenses – defense costs, accounting costs

 

 

 

NETWORK SECURITY COVERAGE

 

overview

covers damages and claims that insured is legally obligated to payarising out of computer attacks caused by failures of security including theft of client information, identity theft, negligent transmission of computer viruses and denial of service liability

 what type of attacks does it cover?

unauthorized access of the insured’s computer system = hacker

unauthorized use of insured’s computer systems by authorized person = rogue employee or malicious insider

denial of service attack

transmission of malicious computer code, malware, or virus

alteration, destruction, deletion of data on insured’s computer system

 

FIRST PARTY COVERAGE

 

overview

covers direct first party losses that an insured may incur in connection with a privacy or security breach

what are examples of first party losses?

notification expenses

forensic costs to investigate a breach

public relations/crisis management expenses

credit monitoring expenses – for victims of identity/credit card theft

data recovery expenses  – costs to recover, replace, or restore lost/stolen data

business interruption expenses –  lost income due to an inability to access data,  hourly wait deductibles

 

INTERNET & MEDIA LIABILITY

 

overview

covers third party losses that an insured may incur as a result of errors and omissions in communication of information on the internet, also protects against defamation and/or invasion of privacyclaims resulting from copyright and/or  trademark infringement

what alleged acts are covered?

defamation, libel, disparagement (including product disparagement)

breach of implied contract arising out of the submission of ideas

invasion of privacy

infringement of copyright, trademark or unauthorized use of material

breach of agreement relating to product placement

plagirism

 

CYBER EXTORTION COVERAGE

 

overview

cyber extortion is a type of online crime in which a criminal threatens to damage or shut down a company’s website, e-mail server, or computer system or threatens to expose electronic data or information belonging to the company unless the company pays the criminal a specific ransom amount.

what losses can arise from cyber extortion?

ransom payment

expenses incurred in responding to a cyber demand