We recently wrote about the business interruption (BI) risk from DDoS attacks.
Now @CAC_Specialty discusses 5 important elements of BI coverage.
“1) Waiting Period Length
Prior to the hard market, waiting periods may have been as low as 8 to 10 hours for most insureds, whereas with the hard market conditions of 2021, some carriers began pressing for waiting periods of 24 hours or more.
The market standard is 12 hours, which is generally available in today’s moderating market.
How insurance carriers provide business interruption coverage in the event of a cyber attack is continually evolving. It behooves risk managers to stay in touch with their brokers for updates.”
Source: Cyber Business Interruption Coverage Is Anything But Simple. 5 Key Things to Keep in Mind