Cyber Liability Insurance Cover Non Cyber?

[Milkman1265]

Does anyone have any experience selling cyber liability?

I am starting to get into this insurance market but a lot of the forms and endorsement doesnt state whether or not the data breach has to be in what format?

Can print outs, hand written, collected information on paper count?

What meduims/formats are covered?

 

[nbarnes]

It depends on the form, but there are markets that will cover both electronic and paper data.

Let me know if you have any specific questions about particular forms or if you need access to a market that will cover both.

 

[Milkman1265]

hiscox data breach form, does it cover paper?

 

[nbarnes]

Yes....here is some language directly from Hiscox:
Hiscox Privacy Broad data breach coverage for paper breach
Even if sensitive information is not stored or processed on a computer system, the risks of a breach can still be significant and the costs of responding can be very high.
For example, an insured decided to donate an old piece of furniture to a charity. Unfortunately, they neglected to empty it’s contents before doing so and thousands of personal records of their customers were disclosed. When the charity discovered the records they immediately contacted our insured but the damage had already been done.
The mere fact that the information had been made available to a third party meant that the information had been breached and the customers affected needed to be notified - it didn’t matter that there was no evidence the information had been used to commit any identity theft. Those whose information had been compromised had to be identified, notified and offered one year of credit monitoring services.
The cost of notifying over 11,000 customers was slightly over $4,000, while the credit monitoring invoices totaled just shy of $200,000 - all covered by the policy purchased from Hiscox.

 

[Milkman1265]

mmm... my forms dont have that section. I read the list up and down twice. maybe state specific...

 

[nbarnes]

mmm... my forms dont have that section. I read the list up and down twice. maybe state specific...

If you want, forward the forms to me and I'll take a look. I doubt it is state specific. We do a lot of business with Hiscox and at the very least, I can look and see if we are referencing the same thing.