Policy Considerations for Covering Special Exposures. Claire Lee Reiss Program Director National League of Cities Risk Information Sharing Consortium

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Policy Considerations for Covering Special Exposures. Claire Lee Reiss Program Director National League of Cities Risk Information Sharing Consortium"

Transcription

1 Policy Considerations for Covering Special Exposures Claire Lee Reiss Program Director National League of Cities Risk Information Sharing Consortium

2 Special exposures Coverage that targets a loss with special implications (emerging, affects some but not all members, unique in some way) Cyber (1 st & 3 rd party; statutory mandates; fines) Sewer back-up (3 rd party; emerging no fault) Special events Drones Skateboard parks Pools often treat differently from each other and from commercial insurers

3 Focus on cyber and sewer back-up Issues we ll discuss for each coverage: Types of potential losses from an event Pool approaches to coverage Policy considerations for selecting an approach

4 Cyber Coverage

5 What is a cyber event? Hacking Phishing Physical loss of, or unauthorized access to, computer or computer media Non-electronic loss of sensitive information (i.e. dumpster diving ) Accidental or intentional disclosure of private information

6 First party damages Member s own losses due to the cyber event Cost to repair or replace city technology & data Theft of city money/funds transfer fraud Extortion Business interruption & extra expense

7 Third party liability Liability to others Identity theft due to disclosure Defamation Trademark/copyright infringement Conduit for damage to others systems System unavailability Fraud from spoofing city system Possible consequences: damages, defense costs, and meeting regulatory requirements

8 Data breach response expenses Remedial actions required of those who hold private information that is disclosed improperly Often required by state law (esp. notification) Crisis management Legal services & forensics Public relations Notification ($2-5+) Mitigation (credit monitoring) ($12-15+)

9 Fines and penalties Government regulatory Credit card companies

10 Past losses due to cyber events Very low losses per RISC survey - so far Still a potentially serious and expensive risk Examples of RISC member cyber events Stolen laptop containing personally identifiable info Hard drive stolen while in possession of IT vendor Including private information in public presentation Malware on community center credit card equipment Key stroke recorder due to phishing money stolen Inappropriate access by public employees

11 Reasons to provide cyber coverage You may be covering already Increase in cyber attacks on cities Increased use of mobile devices with sensitive information Increased legal requirements for data privacy and breach notification Increased publicity of breaches Many members want cyber coverage Competitors are providing cyber coverage

12 Risks of providing cyber coverage Unpredictable losses Setting premiums too high or low Inadequate information about member exposures Development costs but uncertain demand Need for special skill sets Underwriting, claims & loss control Failure to understand legal requirements Positioning in competitive environment

13 General approaches to cyber coverage Few exclude cyber coverage outright Treat as standard coverage regular premium Existing policy language not excluded Cyber-specific coverage language or endorsement 1 st or 3 rd party coverage or endorsement Offer as optional coverage for additional premium Sublimit with additional limits for increased premium

14 Retained risk v. pass through Coverage on pool paper ceding risk to insurer Advantages Pool doesn t bear the risk Pool has benefit of insurer expertise in designing coverage and responding to breach Disadvantages Insurer gets the premium Coverage may not be tailored to members needs Lack of control over settlement

15 Occurrence v. claims made/made & reported Occurrence arising from an occurrence during the coverage period Claims made/made & reported claims made during coverage or extended reporting period Considerations 3 rd party liability: A breach may occur a long time before it is discovered Damages may take a long time to develop Pool may be exposed to loss long after coverage ends Considerations Data Breach Recovery Expenses: Good loss control

16 Triggers Occurrence (risk of unintended interpretations) Cyber liability event Security breach Unauthorized access Unintentional data compromise Information breach/interrelated information breaches

17 Limits Regular policy limits if no exclusion Sub-limits for cyber losses First party, third party, response, mitigation, penalties Higher limits for additional premium Special aggregate Ambiguity of occurrence Research says: Limits range $25,000 - $1,000,000 Aggregates range $25,000 - $5,000,000 Higher aggregates may be shared by all members: allocation? Claims/defense costs inside/outside limits

18 Member loss sharing Deductibles Regular policy deductible if no exclusion $2,500 - $5,000 per claim or occurrence Coinsurance for certain losses Public relations Privacy notification costs Prior consent of pool for certain notification costs

19 Exclusions Exclusions Certain intentional acts Unauthorized/unlawful collection of personal info Regulatory fines (sometimes) Coverage that belongs elsewhere: employment practices/labor relations/bi/pd/antitrust etc.

20 Underwriting Loss control benefits and pricing coverage Losses (probably none) Types of information handled Location of sensitive data Security policies and procedures Physical security for equipment Protective software Information security training for employees Breach response plan

21 Sewer Back-up Coverage

22 Potential losses from a sewer back-up Clean-up: repair and replacement of damaged property Most citizens don t have sewer back-up coverage Inability to use affected property Bodily injury and illness Public relations Environmental penalties

23 Portion of losses due to sewer back-ups Significant producer of claims for some pools, according to RISC survey Two pool s sewer losses: 10.6% claims by number &.5% losses 22% claims by number and 11% losses Half closed without payment Average paid claim was around $6,000

24 Coverage based on 3 rd party liability Caused by member fault Often inadequate inspection & maintenance May be covered because not excluded same premium May be covered using specific language/endorsement for more premium May be separate underwriting May be sub limits and aggregates Usually occurrence basis Often informal no-fault for clean up costs

25 Considerations favoring 3 rd party liability basis Pool has high losses for sewer back-ups Member sewer systems structurally compromised Pool s finances are tight Member needs and expectations Consistent with other liability exposures Members can t/don t want to pay for no-fault coverage Competitive environment

26 Why consider no-fault coverage? Need expressed by members Citizen expectations costs will be covered Formalize current practice of paying for clean up Public health benefits of rapid clean up Reduces liability claims and legal costs Mitigates damages, if legally liable Stabilizes costs for members Competitive advantage

27 Considerations against a no-fault basis Catastrophe risk Internal costs Development cost Uncertainty of demand if extra cost Underwriting and renewal work Extra claims administration cost Disincentive for homeowners to install back flow preventers and buy coverage One pool conditions coverage on installation of back flow device (at pool expense) on affected premises

28 How is no fault sewer back-up configured? Separate language within GL or by endorsement No fault exists alongside 3rd party coverage: may be voided if 3 rd party implicated Covers clean up costs, usually property damage, but not bodily injury Usually occurrence basis Often combined with water main rupture and in one case with other no-fault property damage

29 No-fault premiums Fully fund costs to avoid subsidy Approaches to setting premium Based on GL premium Per head of population Per tap or connection into city sewers Adjustment of premium for poor loss control v. deductible increases Deductible increases help members and avoid speculation about how much premium must increase

30 Exclusions from coverage Exclusions help protect from catastrophes Extreme weather (rainfall) events Eligibility of event for federal or state disaster aid Extended power failures affecting sewer facilities Damage to foundations Losses unrelated to member activities Resulting from illegal connections Occurring during homeowner work on wastewater system

31 Recovering losses from other sources Other insurance Excess over affected citizen s other insurance Pay affected citizen s deductible Subrogation No contractual waiver Must assist in exercise of subrogation rights

32 Member loss sharing Special deductibles As low as $250: as high as $10,000 per occurrence Multiple options may be offered Lower limits Per building/structure $5,000 $50,000 Limit per occurrence $5,000 - $100,000 Annual aggregate limit $10,000 $300,000 + Educate members in advance about limits and deductibles

33 Impact of definitions on member loss sharing Occurrence, structure, & building are often defined terms Occurrence multiple events in 72 hrs Building/structure group of structures served by a single tap

34 Tiered cost sharing One pool s approach: tiered cost sharing Pool pays initial $50,000 net of deductible After $50,000 member pays 80% and pool 20% If losses exceed $250,000 in a year, pool pays Deductible applies separately to each separately identifiable dwelling unit: business/residential Also works extensively with members to train about what to say when responding to the scene

35 Underwriting considerations Loss history Fault v. no-fault; different types of claims Age and condition of infrastructure Legal liability Discretionary immunity defense & tort cap Loss control Inspection, maintenance and repair requirements Tool kits (policies, procedures, model ordinances) Crews trained about maintenance & communication

36 Conclusion No one approach Gather and analyze information Loss data Legal requirements Members exposures and needs Competitive forces Be respectful of uncertain risk

37 Questions? Claire Lee Reiss Program Director, NLC-RISC National League of Cities 1301 Pennsylvania Ave., NW Washington, DC

Insurance Considerations Related to Data Security and Breach in Outsourcing Agreements

Insurance Considerations Related to Data Security and Breach in Outsourcing Agreements Insurance Considerations Related to Data Security and Breach in Outsourcing Agreements Greater New York Chapter Association of Corporate Counsel November 19, 2015 Stephen D. Becker, Executive Vice President

More information

Cyber Insurance Presentation

Cyber Insurance Presentation Cyber Insurance Presentation Presentation Outline Introduction General overview of Insurance About us Cyber loss statistics Cyber Insurance product coverage Loss examples Q & A About Us A- Rated reinsurance

More information

ISO? ISO? ISO? LTD ISO?

ISO? ISO? ISO? LTD ISO? Property NetProtect 360 SM and NetProtect Essential SM Which one is right for your client? Do your clients Use e-mail? Rely on networks, computers and electronic data to conduct business? Browse the Internet

More information

Don t Wait Until It s Too Late: Top 10 Recommendations for Negotiating Your Cyber Insurance Policy

Don t Wait Until It s Too Late: Top 10 Recommendations for Negotiating Your Cyber Insurance Policy Privacy, Data Security & Information Use Insurance Recovery & Advisory Cyber Insurance June 17, 2015 Don t Wait Until It s Too Late: Top 10 Recommendations for Negotiating Your Cyber Insurance Policy By

More information

Distributor Liability Contract Risk Management THOMAS DOUGLASS APRIL 15, 2015

Distributor Liability Contract Risk Management THOMAS DOUGLASS APRIL 15, 2015 Distributor Liability Contract Risk Management THOMAS DOUGLASS APRIL 15, 2015 Today s Agenda What are we talking about today? What is Risk Evolution of risk management Understand the importance of Risk

More information

Cyber/Information Security Insurance. Pros / Cons and Facts to Consider

Cyber/Information Security Insurance. Pros / Cons and Facts to Consider 1 Cyber/Information Security Insurance Pros / Cons and Facts to Consider 2 Presenters Calvin Rhodes, Georgia Chief Information Officer Ron Baldwin, Montana Chief Information Officer Ted Kobus, Partner

More information

GALLAGHER CYBER LIABILITY PRACTICE. Tailored Solutions for Cyber Liability and Professional Liability

GALLAGHER CYBER LIABILITY PRACTICE. Tailored Solutions for Cyber Liability and Professional Liability GALLAGHER CYBER LIABILITY PRACTICE Tailored Solutions for Cyber Liability and Professional Liability Are you exposed to cyber risk? Like nearly every other business, you have probably capitalized on the

More information

Insurance & Risk Management Update: November 2011

Insurance & Risk Management Update: November 2011 Insurance & Risk Management Update: November 2011 Jeffrey A. Lind, CPCU, CIC Clark Insurance November 17, 2011 Topics Current state of the insurance marketplace Property & Liability Flood Risk Hurricane

More information

Be Afraid, Be Very Afraid!!! Hacking Out the Pros and Cons of Captive Cyber Liability Insurance

Be Afraid, Be Very Afraid!!! Hacking Out the Pros and Cons of Captive Cyber Liability Insurance Be Afraid, Be Very Afraid!!! Hacking Out the Pros and Cons of Captive Cyber Liability Insurance Today s agenda Introductions Cyber exposure overview Cyber insurance market and coverages Captive cyber insurance

More information

DATA BREACH COVERAGE

DATA BREACH COVERAGE THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ THIS CAREFULLY. DATA BREACH COVERAGE SCHEDULE OF COVERAGE LIMITS Coverage Limits of Insurance Data Breach Coverage $50,000 Legal Expense Coverage $5,000

More information

DATA BREACH BREAK DOWN LESSONS LEARNED FROM TARGET

DATA BREACH BREAK DOWN LESSONS LEARNED FROM TARGET DATA BREACH BREAK DOWN LESSONS LEARNED FROM TARGET 2014 NSGA Management Conference John Webb Jr., CIC Emery & Webb, Inc. Inga Goddijn, CIPP/US Risk Based Security, Inc. Not just a big business problem

More information

What Data? I m A Trucking Company!

What Data? I m A Trucking Company! What Data? I m A Trucking Company! Presented by: Marc C. Tucker 434 Fayetteville Street, Suite 2800 Raleigh, NC, 27601 919.755.8713 marc.tucker@smithmoorelaw.com Presented by: Rob D. Moseley, Jr. 2 West

More information

MANAGING Cybersecurity Risk AND DISCLOSURE OBLIGATIONS

MANAGING Cybersecurity Risk AND DISCLOSURE OBLIGATIONS MANAGING Cybersecurity Risk AND DISCLOSURE OBLIGATIONS RRD Donnelley SEC Hot Topics Institute May 21, 2014 1 MANAGING CYBERSECURITY RISK AND DISCLOSURE OBLIGATIONS Patrick J. Schultheis Partner Wilson

More information

Managing Cyber Risk through Insurance

Managing Cyber Risk through Insurance Managing Cyber Risk through Insurance Eric Lowenstein Aon Risk Solutions This presentation has been prepared for the Actuaries Institute 2015 ASTIN and AFIR/ERM Colloquium. The Institute Council wishes

More information

Network Security & Privacy Liability:

Network Security & Privacy Liability: Network Security & Privacy Liability: An Overview of Loss Mitigation Concepts and Data Breach Response Services March 20 th, 2012 Brian Cole, Managing Director Professional Liability Specialty Practice

More information

Joe A. Ramirez Catherine Crane

Joe A. Ramirez Catherine Crane RIMS/RMAFP PRESENTATION Joe A. Ramirez Catherine Crane RISK TRANSFER VIA INSURANCE Most Common Method Involves Assessment of Risk and Loss Potential Risk of Loss Transferred For a Premium Insurance Contract

More information

SINGAPORE HEALTHCARE ENTERPRISE RISK MANAGEMENT CONGRESS 2014 - Data Breach : The Emerging Threat to Healthcare Industry

SINGAPORE HEALTHCARE ENTERPRISE RISK MANAGEMENT CONGRESS 2014 - Data Breach : The Emerging Threat to Healthcare Industry SINGAPORE HEALTHCARE ENTERPRISE RISK MANAGEMENT CONGRESS 2014 - Data Breach : The Emerging Threat to Healthcare Industry DATA BREACH A FICTIONAL CASE STUDY THE FIRST SIGNS OF TROUBLE Friday, 5.20 pm :

More information

DATA BREACH, NETWORK SECURITY, CYBER LIABILITY, PRIVACY PROTECTION: ARE YOU INSURED?

DATA BREACH, NETWORK SECURITY, CYBER LIABILITY, PRIVACY PROTECTION: ARE YOU INSURED? DATA BREACH, NETWORK SECURITY, CYBER LIABILITY, PRIVACY PROTECTION: ARE YOU INSURED? February 3, 2012 Steve Brown, Agency Manager West Virginia Medical Insurance Agency How many in the audience today will

More information

Cyber Exposure for Credit Unions

Cyber Exposure for Credit Unions Cyber Exposure for Credit Unions What it is and how to protect yourself L O C K T O N 2 0 1 2 www.lockton.com Add Cyber Title Exposure Here Overview #1 financial risk for Credit Unions Average cost of

More information

APIP - Cyber Liability Insurance Coverages, Limits, and FAQ

APIP - Cyber Liability Insurance Coverages, Limits, and FAQ APIP - Cyber Liability Insurance Coverages, Limits, and FAQ The state of Washington purchases property insurance from Alliant Insurance Services through the Alliant Property Insurance Program (APIP). APIP

More information

Cyber Liability. AlaHA Annual Meeting 2013

Cyber Liability. AlaHA Annual Meeting 2013 Cyber Liability AlaHA Annual Meeting 2013 Disclaimer We are not providing legal advise. This Presentation is a broad overview of health care cyber loss exposures, the process in the event of loss and coverages

More information

THE NEW REALITY OF RISK CYBER RISK: TRENDS AND SOLUTIONS

THE NEW REALITY OF RISK CYBER RISK: TRENDS AND SOLUTIONS THE NEW REALITY OF RISK CYBER RISK: TRENDS AND SOLUTIONS Read the Marsh Risk Management Research Briefing: Cyber Risks Extend Beyond Data and Privacy Exposures To access the report, visit www.marsh.com.

More information

RISKY BUSINESS SEMINAR CYBER LIABILITY DISCUSSION

RISKY BUSINESS SEMINAR CYBER LIABILITY DISCUSSION RISKY BUSINESS SEMINAR CYBER LIABILITY DISCUSSION October 23, 2015 THREAT ENVIRONMENT Growing incentive for insiders to abuse access to sensitive data for financial gain Disgruntled current and former

More information

To set out changes to Lloyd s monitoring of Cyber risks, including a new definition for risk code CY and a new risk code CZ

To set out changes to Lloyd s monitoring of Cyber risks, including a new definition for risk code CY and a new risk code CZ market bulletin Ref: Y4842 Title Purpose Type From Cyber Risks & Exposures To set out changes to Lloyd s monitoring of Cyber risks, including a new definition for risk code CY and a new risk code CZ Event

More information

(1) Commercial Crime Insurance or Employee Fidelity Bond

(1) Commercial Crime Insurance or Employee Fidelity Bond INSURANCE (A) GENERAL CONSIDERATIONS This document presents the minimum insurance requirements as set forth by the United States Trustee Program (USTP). A standing trustee must purchase property insurance

More information

Willis Healthcare Practice 11 th Annual Forum July 10,2007. Managing and Insuring Risks in Network Privacy/Cyber Risk

Willis Healthcare Practice 11 th Annual Forum July 10,2007. Managing and Insuring Risks in Network Privacy/Cyber Risk Willis Healthcare Practice 11 th Annual Forum July 10,2007 Managing and Insuring Risks in Network Privacy/Cyber Risk What is Network Security & Privacy Insurance? Created to cover gaps in traditional insurance

More information

Insuring Innovation. CyberFirst Coverage for Technology Companies

Insuring Innovation. CyberFirst Coverage for Technology Companies Insuring Innovation. CyberFirst for Technology Companies TECHNOLOGY IS EVERYWHERE. SO ARE THE THREATS. protection that goes well beyond a traditional general liability policy. CyberFirst CyberFirst is

More information

Cyber Liability. What School Districts Need to Know

Cyber Liability. What School Districts Need to Know Cyber Liability What School Districts Need to Know Data Breaches Growing In Number Between January 1, 2008 and April 4, 2012 314,216,842 reported records containing sensitive personal information have

More information

Insurance for Data Breaches in the Hospitality Industry

Insurance for Data Breaches in the Hospitality Industry The Academy of Hospitality Industry Attorneys The Pl Palmer House Hilton Chicago, IL April 25, 2014 Insurance for Data Breaches in the Hospitality Industry Presenters: David P. Bender, Jr. dbender@andersonkill.com

More information

CAMBRIDGE PROPERTY & CASUALTY SPECIAL REPORT

CAMBRIDGE PROPERTY & CASUALTY SPECIAL REPORT CAMBRIDGE PROPERTY & CASUALTY SPECIAL REPORT INSURANCE COVERAGES FOR TECHNOLOGY COMPANIES This Special Report was written by Daniel P. Hale, J.D., CPCU, ARM, CRM, LIC, AIC, AIS, API. Mr. Hale is Vice President

More information

Glossary of Insurance Terms: (obtained from website: http://www.iii.org/individuals/glossary/alfa.l/)

Glossary of Insurance Terms: (obtained from website: http://www.iii.org/individuals/glossary/alfa.l/) Glossary of Insurance Terms: (obtained from website: http://www.iii.org/individuals/glossary/alfa.l/) ACTUAL CASH VALUE A form of insurance that pays damages equal to the replacement value of damaged property

More information

Understanding the Business Risk

Understanding the Business Risk AAPA Cybersecurity Seminar Andaz Savannah Hotel March 11, 2015 10:30 am Noon Understanding the Business Risk Presenter: Joshua Gold, Esq. (212) 278-1886 jgold@andersonkill.com Disclaimer The views expressed

More information

CYBER RISK SECURITY, NETWORK & PRIVACY

CYBER RISK SECURITY, NETWORK & PRIVACY CYBER RISK SECURITY, NETWORK & PRIVACY CYBER SECURITY, NETWORK & PRIVACY In the ever-evolving technological landscape in which we live, our lives are dominated by technology. The development and widespread

More information

Cyber-insurance: Understanding Your Risks

Cyber-insurance: Understanding Your Risks Cyber-insurance: Understanding Your Risks Cyber-insurance represents a complete paradigm shift. The assessment of real risks becomes a critical part of the analysis. This article will seek to provide some

More information

Product Liability Insurance Proposal Prepared for: Lucas Luggage Bags, Inc San Francisco, CA 94114. Proposed by:

Product Liability Insurance Proposal Prepared for: Lucas Luggage Bags, Inc San Francisco, CA 94114. Proposed by: Product Liability Insurance Proposal Prepared for: Lucas Luggage Bags, Inc San Francisco, CA 94114 Proposed by: PAPERLESS INS SERVICES INC/PHS San Francisco, CA 94121 Proposal Date: 08/27/2014, 3:02 PM

More information

DATA SECURITY BREACH: THE NEW THIRD CERTAINTY OF LIFE

DATA SECURITY BREACH: THE NEW THIRD CERTAINTY OF LIFE DATA SECURITY BREACH: THE NEW THIRD CERTAINTY OF LIFE ACC-Charlotte February 4, 2015 THIS WILL NEVER HAPPEN TO ME! Death, Taxes & Data Breach Not just Home Depot, Target or Sony Do you employ the next

More information

Rogers Insurance Client Presentation

Rogers Insurance Client Presentation Rogers Insurance Client Presentation Network Security and Privacy Breach Insurance Presented by Matthew Davies Director Professional, Media & Cyber Liability Chubb Insurance Company of Canada mdavies@chubb.com

More information

3. Contract Works Insurance (Public and Products Liability)

3. Contract Works Insurance (Public and Products Liability) Schedule 15A: Insurance Part 1 Required Insurances Sub-part 1 Design and Construction Phase The policies to be taken out by the Contractor, or caused to be taken out by the Major Sub-contractor, and maintained

More information

Cyber Liability. Michael Cavanaugh, RPLU Vice President, Director of Production Apogee Insurance Group 877-337-3200 Ext. 7029

Cyber Liability. Michael Cavanaugh, RPLU Vice President, Director of Production Apogee Insurance Group 877-337-3200 Ext. 7029 Cyber Liability Michael Cavanaugh, RPLU Vice President, Director of Production Apogee Insurance Group 877-337-3200 Ext. 7029 Today s Agenda What is Cyber Liability? What are the exposures? Reality of a

More information

Lessons Learned from Recent HIPAA and Big Data Breaches. Briar Andresen Katie Ilten Ann Ladd

Lessons Learned from Recent HIPAA and Big Data Breaches. Briar Andresen Katie Ilten Ann Ladd Lessons Learned from Recent HIPAA and Big Data Breaches Briar Andresen Katie Ilten Ann Ladd Recent health care breaches Breach reports to OCR as of February 2015 1,144 breaches involving 500 or more individual

More information

INFORMATION SECURITY & PRIVACY INSURANCE WITH BREACH RESPONSE SERVICES

INFORMATION SECURITY & PRIVACY INSURANCE WITH BREACH RESPONSE SERVICES INFORMATION SECURITY & PRIVACY INSURANCE WITH BREACH RESPONSE SERVICES NOTICE: INSURING AGREEMENTS I.A., I.C. AND I.D. OF THIS POLICY PROVIDE COVERAGE ON A CLAIMS MADE AND REPORTED BASIS AND APPLY ONLY

More information

Cutting through the insurance jargon!

Cutting through the insurance jargon! Cutting through the insurance jargon! Babbar Abbas October 2015 Who I am Babbar Abbas Worked in insurance for 7 years worked at Aon for 5 years Worked with numerous non-profit organisations varying in

More information

Managing Your Cyber & Data Risk 2010 NTA Convention Montreal, Quebec

Managing Your Cyber & Data Risk 2010 NTA Convention Montreal, Quebec Managing Your Cyber & Data Risk 2010 NTA Convention Montreal, Quebec Jeremy Ong Divisional Vice-President Great American Insurance Company November 13, 2010 1 Agenda Overview of data breach statistics

More information

PROFESSIONAL RISK PRIVACY CLAIMS SCENARIOS

PROFESSIONAL RISK PRIVACY CLAIMS SCENARIOS PROFESSIONAL RISK PRIVACY CLAIMS SCENARIOS The following claim scenarios are hypothetical and are offered solely to illustrate the types of situations that may result in claims. Although sorted by industry,

More information

Demystifying Cyber Insurance. Jamie Monck-Mason & Andrew Hill. Introduction. What is cyber? Nomenclature

Demystifying Cyber Insurance. Jamie Monck-Mason & Andrew Hill. Introduction. What is cyber? Nomenclature Demystifying Cyber Insurance Jamie Monck-Mason & Andrew Hill Introduction What is cyber? Nomenclature 1 What specific risks does cyber insurance cover? First party risks - losses arising from a data breach

More information

Managing E-Risks in today s cyberspace: Growth of Cyber Liability Insurance

Managing E-Risks in today s cyberspace: Growth of Cyber Liability Insurance WHITEPAPER MARCH 2014 www.beroe-inc.com Managing E-Risks in today s cyberspace: Growth of Cyber Liability Insurance Abstract With cyber-attacks becoming increasingly sophisticated and frequent, and with

More information

Cyber Risk: Global Warning? by Cinzia Altomare, Gen Re

Cyber Risk: Global Warning? by Cinzia Altomare, Gen Re Cyber Risk: Global Warning? by Cinzia Altomare, Gen Re Global Warning It is a matter of time before there is a major cyber attackon the global financial system and the public needs to invest heavily in

More information

Don t Be a Victim to Data Breach Risks Protecting Your Organization From Data Breach and Privacy Risks

Don t Be a Victim to Data Breach Risks Protecting Your Organization From Data Breach and Privacy Risks Don t Be a Victim to Data Breach Risks Protecting Your Organization From Data Breach and Privacy Risks Thank you for joining us. We have a great many participants in today s call. Your phone is currently

More information

Implementing Electronic Medical Records (EMR): Mitigate Security Risks and Create Peace of Mind

Implementing Electronic Medical Records (EMR): Mitigate Security Risks and Create Peace of Mind Page1 Implementing Electronic Medical Records (EMR): Mitigate Security Risks and Create Peace of Mind The use of electronic medical records (EMRs) to maintain patient information is encouraged today and

More information

Cyber-Crime Protection

Cyber-Crime Protection Cyber-Crime Protection A program of cyber-crime prevention, data breach remedies and data risk liability insurance for houses of worship, camps, schools, denominational/association offices and senior living

More information

Cyberinsurance: Insuring for Data Breach Risk

Cyberinsurance: Insuring for Data Breach Risk View the online version at http://us.practicallaw.com/2-588-8785 Cyberinsurance: Insuring for Data Breach Risk JUDY SELBY AND C. ZACHARY ROSENBERG, BAKER HOSTETLER LLP, WITH PRACTICAL LAW INTELLECTUAL

More information

Coverage is subject to a Deductible

Coverage is subject to a Deductible Frank Cowan Company Limited 75 Main Street North, Princeton, ON N0J 1V0 Phone: 519-458-4331 Fax: 519-458-4366 Toll Free: 1-800-265-4000 www.frankcowan.com CYBER RISK INSURANCE DETAILED APPLICATION Notes:

More information

Pete Tritz, LMCIT Administrator Dan Greensweig, LMCIT Assistant Administrator Liam Biever, LMCIT Underwriting Manager

Pete Tritz, LMCIT Administrator Dan Greensweig, LMCIT Assistant Administrator Liam Biever, LMCIT Underwriting Manager November 13, 2014 To: From: RE: LMCIT Members and Agents Pete Tritz, LMCIT Administrator Dan Greensweig, LMCIT Assistant Administrator Liam Biever, LMCIT Underwriting Manager Coverage Changes to LMCIT

More information

Data breach! cyber and privacy risks. Brian Wright Michael Guidry Lloyd Guidry LLC

Data breach! cyber and privacy risks. Brian Wright Michael Guidry Lloyd Guidry LLC Data breach! cyber and privacy risks Brian Wright Michael Guidry Lloyd Guidry LLC Collaborative approach Objective: To develop your understanding of a data breach, and risk transfer options to help you

More information

Hit ratios are still very low for Security & Privacy coverage: What are companies waiting for?

Hit ratios are still very low for Security & Privacy coverage: What are companies waiting for? Hit ratios are still very low for Security & Privacy coverage: What are companies waiting for? Authored by Neeraj Sahni and Tim Stapleton Neeraj Sahni is Director, Insurance Channel at Kroll Cyber Investigations

More information

CYBER & PRIVACY LIABILITY INSURANCE GUIDE

CYBER & PRIVACY LIABILITY INSURANCE GUIDE CYBER & PRIVACY LIABILITY INSURANCE GUIDE 01110000 01110010 011010010111011001100001 01100 01110000 01110010 011010010111011001100001 0110 Author Gamelah Palagonia, Founder CIPM, CIPT, CIPP/US, CIPP/G,

More information

cyber invasions cyber risk insurance AFP Exchange

cyber invasions cyber risk insurance AFP Exchange Cyber Risk With cyber invasions now a common place occurrence, insurance coverage isn t found in your liability policy. So many different types of computer invasions exist, but there is cyber risk insurance

More information

Protecting Your Assets: How To Safeguard Your Fund Against Cyber Security Attacks

Protecting Your Assets: How To Safeguard Your Fund Against Cyber Security Attacks Protecting Your Assets: How To Safeguard Your Fund Against Cyber Security Attacks Hacks, breaches, stolen data, trade secrets hijacked, privacy violated, ransom demands made; how can you protect your data

More information

Brief. The BakerHostetler Data Security Incident Response Report 2015

Brief. The BakerHostetler Data Security Incident Response Report 2015 Brief The BakerHostetler Data Security Incident Response Report 2015 The rate of disclosures of security incidents in 2015 continues at a pace that caused many to call 2013 and then 2014 the year of the

More information

CYBER SECURITY SPECIALREPORT

CYBER SECURITY SPECIALREPORT CYBER SECURITY SPECIALREPORT 32 The RMA Journal February 2015 Copyright 2015 by RMA INSURANCE IS AN IMPORTANT TOOL IN CYBER RISK MITIGATION Shutterstock, Inc. The time to prepare for a potential cyber

More information

Cyber and Privacy Risk What Are the Trends? Is Insurance the Answer?

Cyber and Privacy Risk What Are the Trends? Is Insurance the Answer? Minnesota Society for Healthcare Risk Management September 22, 2011 Cyber and Privacy Risk What Are the Trends? Is Insurance the Answer? Melissa Krasnow, Partner, Dorsey & Whitney, and Certified Information

More information

Midwives Association of British Columbia

Midwives Association of British Columbia Midwifery Practice Insurance Program Midwives Association of British Columbia Prepared by: Lee Fulsher, BA, CAIB Account Manager Direct Line: 604-699-2266 Email: lfulsher@shawsabey.com November 13, 2015

More information

TAC RMP Coverage Enhancements Presented by: TAC RMP Risk Management Consultants

TAC RMP Coverage Enhancements Presented by: TAC RMP Risk Management Consultants TAC RMP Coverage Enhancements Presented by: TAC RMP Risk Management Consultants Mike Strawn Victor Uvalle Robert Ruiz Todd Kisel Agenda Review coverage changes Auto Liability & Physical Damage Coverage

More information

Insurance Basics 101: Demystifying Your Insurance Program. RLI Design Professionals Design Professionals Learning Event DPLE 165 December 16, 2015

Insurance Basics 101: Demystifying Your Insurance Program. RLI Design Professionals Design Professionals Learning Event DPLE 165 December 16, 2015 Insurance Basics 101: Demystifying Your Insurance Program RLI Design Professionals Design Professionals Learning Event DPLE 165 December 16, 2015 RLI Design Professionals is a Registered Provider with

More information

Insurance Solutions for Health Care Organizations

Insurance Solutions for Health Care Organizations Insurance Solutions for Health Care Organizations Is your organization at risk? A health care organization s complex exposures require expert, state-of-the-art insurance protection. Fortunately, Chubb

More information

UCIP COVERAGE SUMMARY

UCIP COVERAGE SUMMARY Save As UCIP COVERAGE SUMMARY EXHIBIT 1A THE REGENTS OF THE UNIVERSITY OF CALIFORNIA UNIVERSITY CONTROLLED INSURANCE PROGRAM (UCIP) This Exhibit summarizes the UCIP Commercial General Liability, Workers

More information

Data Breach and Cybersecurity: What Happens If You or Your Vendor Is Hacked

Data Breach and Cybersecurity: What Happens If You or Your Vendor Is Hacked Data Breach and Cybersecurity: What Happens If You or Your Vendor Is Hacked Linda Vincent, R.N., P.I., CITRMS Vincent & Associates Founder The Identity Advocate San Pedro, California The opinions expressed

More information

Everything You Need to Know About Small Business Insurance. Brian Price, VP Marketing, Hiscox 2/27/14

Everything You Need to Know About Small Business Insurance. Brian Price, VP Marketing, Hiscox 2/27/14 Everything You Need to Know About Small Business Insurance Brian Price, VP Marketing, Hiscox 2/27/14 Agenda Risk in business Business Insurance 101 Insurance for Disasters Purchasing Business Insurance

More information

HOME INSURANCE OUR MISSION IS YOU. HOMEOWNERS INSURANCE. www.afi.org

HOME INSURANCE OUR MISSION IS YOU. HOMEOWNERS INSURANCE. www.afi.org HOME INSURANCE OUR MISSION IS YOU. HOMEOWNERS INSURANCE www.afi.org Our Mission Like those who serve our nation, AFI is dedicated to delivering protection and peace of mind. Our unwavering commitment to

More information

What would you do if your agency had a data breach?

What would you do if your agency had a data breach? What would you do if your agency had a data breach? 80% of businesses fail to recover from a breach because they do not know this answer. Responding to a breach is a complicated process that requires the

More information

Service Schedule for CLOUD SERVICES

Service Schedule for CLOUD SERVICES Service Schedule for CLOUD SERVICES This Service Schedule is effective for Cloud Services provided on or after 1 September 2013. Terms and Conditions applicable to Cloud Services provided prior to this

More information

Discussion on Network Security & Privacy Liability Exposures and Insurance

Discussion on Network Security & Privacy Liability Exposures and Insurance Discussion on Network Security & Privacy Liability Exposures and Insurance Presented By: Kevin Violette Errors & Omissions Senior Broker, R.T. Specialty, LLC February, 25 2014 HFMA Washington-Alaska Chapter

More information

SPOTLIGHT ON. Insurance and Bonding Considerations for Registered Investment Advisors

SPOTLIGHT ON. Insurance and Bonding Considerations for Registered Investment Advisors SPOTLIGHT ON Insurance and Bonding Considerations for Registered Investment Advisors The contents of this Spotlight have been prepared for informational purposes only, and should not be construed as legal

More information

INFORMATION SECURITY AND PRIVACY INSURANCE WITH ELECTRONIC MEDIA LIABILITY COVERAGE. I. GENERAL INFORMATION Full Name:

INFORMATION SECURITY AND PRIVACY INSURANCE WITH ELECTRONIC MEDIA LIABILITY COVERAGE. I. GENERAL INFORMATION Full Name: INFORMATION SECURITY AND PRIVACY INSURANCE WITH ELECTRONIC MEDIA LIABILITY COVERAGE NOTICE: COVERAGE UNDER THIS POLICY IS PROVIDED ON A CLAIMS MADE AND REPORTED BASIS AND APPLIES ONLY TO CLAIMS FIRST MADE

More information

Cyber Insurance: How to Investigate the

Cyber Insurance: How to Investigate the 10-26-2015 Cyber Insurance: How to Investigate the Right Coverage for Your Company Presented by: Faith M. Heikkila, Ph.D., CISM, CIPM, CIPP-US, ABCP Greenleaf Trust Chief Information Security Officer (CISO)

More information

Tools Conference Toronto November 26, 2014 Insurance for NFP s. Presented by Paul Spark HUB International HKMB Limited

Tools Conference Toronto November 26, 2014 Insurance for NFP s. Presented by Paul Spark HUB International HKMB Limited Tools Conference Toronto November 26, 2014 Insurance for NFP s Presented by Paul Spark HUB International HKMB Limited Topics Insurance Policies Basics Directors and Officers Liability Insurance Commercial

More information

Appendix J Contractor s Insurance Requirements

Appendix J Contractor s Insurance Requirements Appendix J Contractor s Insurance Requirements Page 1 of 7 Appendix J Contractor s Insurance Requirements During the term of this Contract, the Contractor shall maintain in force, at its sole cost and

More information

Business Owner s Policy (BOP)

Business Owner s Policy (BOP) A. BOP: What It Is B. BOP: Why You Need It C. BOP: What It Covers D. BOP: What It Costs E. BOP: Coverage Options F. BOP: Claims G. BOP: How To Buy It H. BOP: 10 Good Things To Ask About Business Owner

More information

Why Obtain Student Medical Malpractice Insurance?

Why Obtain Student Medical Malpractice Insurance? Why Obtain Student Medical Malpractice Insurance? Important Notice & Disclaimer Please Read! This presentation is for use by Western Washington University (WWU) students only. Neither WWU, nor any officer,

More information

Preparing for the Inevitable Data Breach: What to Do Before Sensitive Customer and Employee Data is Breached, Stolen or Compromised

Preparing for the Inevitable Data Breach: What to Do Before Sensitive Customer and Employee Data is Breached, Stolen or Compromised ACE USA Podcast Released February 3, 2010 Preparing for the Inevitable Data Breach: What to Do Before Sensitive Customer and Employee Data is Breached, Stolen or Compromised Moderator: Richard Tallo Senior

More information

Ten Questions Your Board Should be asking about Cyber Security. Eric M. Wright, Shareholder

Ten Questions Your Board Should be asking about Cyber Security. Eric M. Wright, Shareholder Ten Questions Your Board Should be asking about Cyber Security Eric M. Wright, Shareholder Eric Wright, CPA, CITP Started my career with Schneider Downs in 1983. Responsible for all IT audit and system

More information

CYBER LIABILITY INSURANCE

CYBER LIABILITY INSURANCE CYBER LIABILITY INSURANCE CONTINUING EDUCATION CLASS MARCH 6, 2013 PRESENTED BY COUSINO HARRIS STEWART V. NELSON, Senior Risk Advisor Stewart.Nelson@Kapnick.com 734 929 6057 Class Objectives Understand

More information

Internet Gaming: The New Face of Cyber Liability. Presented by John M. Link, CPCU Cottingham & Butler

Internet Gaming: The New Face of Cyber Liability. Presented by John M. Link, CPCU Cottingham & Butler Internet Gaming: The New Face of Cyber Liability Presented by John M. Link, CPCU Cottingham & Butler 1 Presenter John M. Link, Vice President jlink@cottinghambutler.com 2 What s at Risk? $300 billion in

More information

9/13/2011. Miscellaneous Current Topics in Healthcare Professional Liability. Antitrust Notice. Table of Contents. Cyber Liability.

9/13/2011. Miscellaneous Current Topics in Healthcare Professional Liability. Antitrust Notice. Table of Contents. Cyber Liability. Miscellaneous Current Topics in Healthcare Professional Liability Josh Zirin, FCAS, MAAA Antitrust Notice The Casualty Actuarial Society is committed to adhering strictly to the letter and spirit of the

More information

Michael Gaudet 2015 PHC 7/23/2015. Key Broker Challenges

Michael Gaudet 2015 PHC 7/23/2015. Key Broker Challenges Cyber 2015: The Market, Choosing Coverages and AEGIS Update Broker s Perspective Michael Gaudet Marsh FINPRO Energy, Power & Utility Industry Leader Marsh USA, Inc. Key Broker Challenges Coverage consistency

More information

Privacy Rights Clearing House

Privacy Rights Clearing House 10/13/15 Cybersecurity in Education What you face as educational organizations How to Identify, Monitor and Protect Presented by Jamie Gershon Sr. Vice President Education Practice Group 1 Privacy Rights

More information

Privacy / Network Security Liability Insurance Discussion. January 30, 2013. Kevin Violette RT ProExec

Privacy / Network Security Liability Insurance Discussion. January 30, 2013. Kevin Violette RT ProExec Privacy / Network Security Liability Insurance Discussion January 30, 2013 Kevin Violette RT ProExec 1 Irrefutable Laws of Information Security 1) Information wants to be free People want to talk, post,

More information

CYBER INSURANCE. Cyber Insurance and Gaps in Traditional Insurance. Cyber and E&O Team Willis FINEX North America

CYBER INSURANCE. Cyber Insurance and Gaps in Traditional Insurance. Cyber and E&O Team Willis FINEX North America CYBER INSURANCE Cyber Insurance and Gaps in Traditional Insurance Cyber and E&O Team Willis FINEX North America Privacy & Network Security (Cyber) Insurance COVERAGE MODULES Privacy Expense Consumer Notification

More information

Managing Cyber Threats Risk Management & Insurance Solutions. Presented by: Douglas R. Jones, CPCU, ARM Senior Vice President & Principal

Managing Cyber Threats Risk Management & Insurance Solutions. Presented by: Douglas R. Jones, CPCU, ARM Senior Vice President & Principal Managing Cyber Threats Risk Management & Insurance Solutions Presented by: Douglas R. Jones, CPCU, ARM Senior Vice President & Principal Overview Recent Trends and Loss Exposures Risk Management Strategies

More information

Beyond Data Breach: Cyber Trends and Exposures

Beyond Data Breach: Cyber Trends and Exposures Beyond Data Breach: Cyber Trends and Exposures Vietnam 7 th May 2015 Jason Kelly Head of Asia Financial Lines AIG Agenda Why do companies need cyber protection Example of Cyber attack worldwide and in

More information

Mayor and City Council IV. E.

Mayor and City Council IV. E. Mayor and City Council IV. E. Lisa Schaefer, Director of Human Resources November 18, 2014 Resolution # 2014-140 Establishing Limited Clean Up and Property Damage Protection for Sewer Back-Ups and Water

More information

How-To Guide: Cyber Security. Content Provided by

How-To Guide: Cyber Security. Content Provided by How-To Guide: Cyber Security Content Provided by Who needs cyber security? Businesses that have, use, or support computers, smartphones, email, websites, social media, or cloudbased services. Businesses

More information

Guide to Commercial Insurance

Guide to Commercial Insurance Guide to Commercial Insurance Introduction Operating a successful business today requires knowledge in many different areas, and one of the most important things to consider are the types and amounts of

More information

An Introduction to Cyber Liability Insurance. Catherine Berry Senior Underwriter

An Introduction to Cyber Liability Insurance. Catherine Berry Senior Underwriter An Introduction to Cyber Liability Insurance Catherine Berry Senior Underwriter What is cyber risk? Exposures emanating from computer networks and the internet The Cyber Risk Phenomenon The incredible

More information

Best practices and insight to protect your firm today against tomorrow s cybersecurity breach

Best practices and insight to protect your firm today against tomorrow s cybersecurity breach Best practices and insight to protect your firm today against tomorrow s cybersecurity breach July 8, 2015 Baker Tilly Virchow Krause, LLP Baker Tilly refers to Baker Tilly Virchow Krause, LLP, an independently

More information

Kansas Coverage Comparisons

Kansas Coverage Comparisons The Universal Security Policy Kansas Coverage Comparisons Comparing some of the coverages offered under our Special, Deluxe and Elite levels of coverage to standard industry homeowners, dwelling fire and

More information

General Liability. www.insurancefornonprofits.org A Head for Insurance. A Heart for Nonprofits. (800) 359-6422

General Liability. www.insurancefornonprofits.org A Head for Insurance. A Heart for Nonprofits. (800) 359-6422 General Liability Highlighted Features of our General Liability Coverage ANI and NIAC are 501(c)(3) nonprofits whose sole (All mission included is at to no additional charge, Nonprofits unless noted) OWN

More information

Cyber Security: Are You Prepared?

Cyber Security: Are You Prepared? Cyber Security: Are You Prepared? This briefing provides a high-level overview of the cyber security issues that businesses should be aware of. You should talk to a lawyer and an IT specialist for a complete

More information

Privacy Liability & Data Breach Management Nikos Georgopoulos Cyber Risks Advisor cyrm October 2014

Privacy Liability & Data Breach Management Nikos Georgopoulos Cyber Risks Advisor cyrm October 2014 Privacy Liability & Data Breach Management Nikos Georgopoulos Cyber Risks Advisor cyrm October 2014 Nikos Georgopoulos Privacy Liability & Data Breach Management wwww.privacyrisksadvisors.com October 2014

More information

MEMORANDUM. Receive and file presentation on fiduciary insurance and/or provide follow-up direction to staff.

MEMORANDUM. Receive and file presentation on fiduciary insurance and/or provide follow-up direction to staff. ORANGE COUNTY EMPLOYEES RETIREMENT SYSTEM MEMORANDUM DATE: October 7, 2015 TO: FROM: SUBJECT: Members of the Board of Retirement Robert Valer, Chief Legal Officer Fiduciary Insurance Recommendation: Receive

More information