Cyber Liability Insurance Information
Cyber Liability insurance addresses the first- and third-party risks associated with e-business, the Internet, networks and informational assets. Cyber Liability Insurance coverage offers cutting edge protection for exposures arising out of Internet communication, including the storage and management of information. It can be tailored to the unique demands of an insured’s business or activities. This is a rapidly evolving market, which requires consistent evaluation to ensure ‘state of the art’ protection is maintained. Great attention to detail is required for both new and renewal accounts to maximize client protection
Key Components of a sound Cyber insurance program may consist of:
Technology Errors & Omissions Insurance
Errors and Omissions Liability/Professional liability protects an insured against claims arising out of their legal liability in the rendering or failure to render technology or professional services to third parties, for a fee. Usually the insurer has the ‘duty to defend’.
Media Liability Insurance
Media Liability Insurance protects an insured against claims arising out of the gathering and communication of information or content. Media Liability Insurance provides very valuable coverage against defamation and invasion of privacy claims as well as copyright and/or trademark infringement.
Network Security Insurance
Network Security insurance coverage protects an insured from third party losses associated with failure of the insured’s network security, including unauthorized access to a system. Some forms may provide data content restoration for first party losses. Liability exists for the disclosure of confidential or private information, transmission of computer viruses, denial of service attacks, as well as alleged unauthorized e-commerce transactions.
Privacy Liability includes event expense coverage for mandatory notice requirements and obligations imposed by regulatory authorities or assumed under Agreements as well as defense of regulatory investigations, fines or penalties, etc. Data privacy laws set regulatory standards, which may form the basis for negligence claims.
Cyber Extortion Insurance
This is first party coverage to address insured’s costs as a result of either a security or privacy threat against the computer network or confidential information held by insured. Such threat emanates from an outside party attempting to extort money, securities or other valuables
Coverage for actual actions or threatened disruptive activities against the computer system or network intended to cause harm, further social, ideological, religious or political or similar objectives or otherwise intimidate
A first party coverage to manage the costs incurred to avoid or minimize the potential impact of a specific reputation threat or attack. Involves the retention of a Public Relations firm and related costs as more detailed in the policy form.
At Trinity, we write both primary and excess on most lines of business. We specialize in creative solutions with flexible terms customized to address the client’s particular needs.
A.M. Best “A” (Excellent) rated, or better with Financial Class of at least ‘ X’
Limits up to $10,000,000 or more on most classes – primary or excess
Tailored Coverage Extensions Available
Coverage Highlights may include
Errors and omissions in services
•Punitive Damages where law allows
Personal Injury Coverage
• Subsidiary Coverage extension
Defense for fraud, dishonest, intentional acts
Innocent Insured coverage for acts of ‘rogue’ employees
Third party vendors/cloud storage providers extension
-Accidental introduction of viruses or malicious code
-cyber Extortion/denial of service attack protection
-cyberterrorism for actual or disruptive activities against computer system or network to advance
• Regulatory Defense
• Business Interruption/Extra Expense
• Data Restoration costs
• Funds Transfer Coverage
• Impersonation Fraud/Social Engineering Endt.
• Ransomware Extensions
• Criminal Reward Payments Extension
• E-Discovery Consultant Services
* Payment Card Industry-Data Security Standard-(PCI-DSS) Sublimit
• Loss Prevention/Loss Mitigation/and/or Loss Control tools