The report focuses on how cyber insurance applicants can avoid future claims nightmares by answering underwriting questions accurately. It also suggests applicants carefully consider the interaction of cybersecurity coverage with related exposures such as the protection of personal information.
But a more fundamental issue exists, suggest one cyber insurance claims officer.
“James Berry, London-based chief claims officer for Corvus Insurance Holdings Inc., said, ‘For me, it’s more a case that policyholders should be aware that we work on the basis the policyholder’s presumed to have read and understood’ the policy’s terms and conditions and exclusions.”
Policyholders can increase the chances of a smooth claims process long before a cyber incident occurs by carefully filling out their cyber liability insurance submissions, consulting with technology experts and making sure they understand their policies’ terms and conditions, experts say.
Source: Advanced planning eases cyber claims process – Business Insurance