Navigating the Complexities of Cyber Insurance Markets
Discover the challenges and nuances of over 100 cyber insurance markets, each with diverse policy language and coverage structures. Learn why engaging an expert in cyber insurance is crucial for brokers and underwriters to mitigate exposures effectively.
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Presentation Transcript
Cyber and Agents E&O Your E&O is on the Line
Cyber Insurance We now have over 100 cyber insurance markets This is not a standardized coverage Difficult for specialty brokers and underwriters Engage an expert with access to multiple products
100+ Markets Offering Cyber Policy Language Very Different The devil is in the detail This is where agents are creating exposure for themselves Sub-limits are easy to compare, language and structure are more difficult Appetite generally broad Small and Middle Market is very competitive Hard to Place - Data Aggregators, BI / PD Exposed, Business Int. Exposed, Fund Transfer Fraud, M&A
100+ Markets Offering Cyber Cont. Applications some ask for very little, some ask for a lot Many underwriters are not sure what they are underwriting or what their form covers Claims Handling this is what you are buying /selling Make sure the carrier has a good reputation or an experienced claims team
Not a Standardized Coverage The structure of the forms vary Do you know what to ask for? The definitions are very different Exclusions are not standardized Sub-limits vary by carrier and risk Case law is not established Very different underwriting processes Appetites that change quickly
Difficult even for Specialists RT Specialty has been sued by their retailer alleging negligent placement That agent was sued by their client PF Chang s Sued Chubb over Policy Language Chubb has prevailed, expect the broker to be sued for failure to explain the coverage properly Carriers are rolling out new forms with new language regularly You need to know what endorsements to ask
Engage an Expert An Expert will have access to the necessary markets, know what to ask for, and be able to negotiate better terms Everyone has access to Cyber products, but everyone is not an expert By using an expert, you can protect your agency, your E&O, and your reputation
