The Source for Cyber Insurance News, Insights and Data
“’In most instances, having standalone cyber coverage has proven to provide the most comprehensive coverage in the cyber realm’ and insurers have made an effort to eliminate so-called ‘silent’ cyber coverage in other policies, said Peter A. Halprin, a partner with Pasich LLP in New York. Nevertheless, coverage can be found in property, employment practice … Read more
“One company, New York-based Parametrix Insurance Services LLC, is targeting businesses hit by a cloud outage. Parametrix sells insurance specifically to mitigate the risks of downtime events, compensating businesses for any losses, including lost revenue and the cost of recovery, when their cloud-computing provider or cloud-based applications service goes down.”
“If Merck eventually winning seems like good news for enterprises in similar policy situations, it is — but with a caveat. The vagaries of the policy meant it took five years and litigation to recover a substantial amount of losses, something attorney Marcus Christian, a partner at Mayer Brown’s cyber and data privacy practice, said … Read more
“New Jersey Superior Court Judge Thomas J. Walsh ruled Jan. 13 that Merck’s insurers can’t claim the war exclusion because its language is meant to apply to armed conflict. The ruling noted that insurers didn’t change the war language to put companies like Merck “on notice” that cyberattacks wouldn’t be covered, despite a trend of attacks … Read more
Keep an eye on the role of Managing General Agents/MGAs (brokers with underwriting authority from carriers), says @CyberDanBurke. “Greater adoption of MGA capacity and the willingness of traditional cyber insurance carriers to write insurance above these MGAs in a cyber insurance tower will be an area to watch throughout 2022.” Includes commentary from Woodruff expert … Read more