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Is A Cyber Attack An Act Of War?

 

Cyber coverage remains a hot topic in the insurance world.  The coverage is relatively new and complicated questions of claims handling are still working their way through the court system with often unforeseeable results.  Now, a novel defense is one cyber coverage lawsuit may throw a major wrench in the extent of protection these policies provide.

Insuring Intangible Assets Like Data, Brand, and Intellectual Property

 

When people think of property insurance, they often immediately think of buildings – things like houses, retail stores, or warehouses.  If they continue the thought further, they may think of additional items of property like furniture or inventory.  These items have a very real physical presence, and that physical presence subjects them to potential damage or loss from known hazards like a fire or water damage.  Property insurance exists to protect individuals and companies from that loss.

Court Cases Show That Claims Costs Grow When Handled Poorly

Insurance contracts are contracts of good faith. Usually, this means that both parties to the contract will deal with each other honestly and fairly, fulfilling their obligations under the contract. Occasionally, allegations of bad faith on the part of insurance companies arise. Courts have sometimes struggled with all to handle the full extent of damages in these circumstances.

Issues Continue For Businesses With Risk Retention Group Coverage When Working In Multiple States

In 1986, responding to a host of industries that struggled to find acceptable coverage in the traditional insurance marketplace, Congress passed the Liability Risk Retention Act.  The Act authorized the creation of risk retention groups – liability insurance companies owned by its members.  Entities in an industry suffering through a liability crisis can form a risk retention group to provide them with the coverage they need when the wider insurance market is unwilling to. 

How Insurance Can Protect Your Business Against Man In The Middle Payment Schemes

Wire transfer fraud claims resulting from cyber attacks have increased dramatically over recent years, and companies are losing millions of dollars in these attacks. As is common when a new business risk develops, organizations look to their insurance policies to help cover their losses. As we have shared in previous examples, the coverage is not always adequate.

The extent of coverage for a company that has been a victimized may be sparse, and the costs of any breach are ongoing. Consequences of a fraudulent wire transfer depend not just on the specific wording in the policies a business has purchased, but as seen in the following instances, also being upheld differently in different states.

That Time When A Recycling Bin Was A Vehicle And How Policy Exclusions Are An Expensive Oversight

In claims handling and litigation, a little creativity with definitions can help advance a case forward. Occasionally, though, that creativity gets pushed a little too far. Fireman’s Fund recently won a declaratory judgment ruling they did not owe coverage to a luxury apartment building. The case hinged on the interpretation of a relatively simple word in the insurance policy - “vehicle.”

The Need For Checking Your Insurance Policies Is Ongoing And Multifaceted

 

Insurance lawsuits often turn on the definitions of words. This confusion results in extensive litigation over words that seem to have commonly understood meanings – words like loss or occurrence for example. With millions of dollars on the line, the exact definition of a single term within a policy can make or break a business. This highlights the need for companies to understand to the best of their ability what their insurance coverage provides and what it does, keeping a particular eye on what exclusions may apply.

Driver Interviews Can Lead To Liability After An Accident

 

In the wake of an accident, its standard for trucking companies to conduct thorough investigations of what happened. Having a clear indication of what happened can help the company manage the claims process more efficient and help the company save money in the long run. At the same time, trucking companies need to be aware that their investigations create a paper trail that can be used against them in a lawsuit. As a result, post-accident investigative processes need to be well thought out to ensure they do not accidentally damage the business.

Best Practices In Managing A Claim Begin With The Wording Of The Claim

No one wants to have to submit a claim to their insurance company.  For businesses, claims can mean increased costs, increased hassle, and loss of control.  That unpleasantness can lead to delays and avoidance when handling issues and accidents that could turn litigious.  Effective claims management means taking proactive approaches to these issues at an early point- as a set up for the best possible outcome.

 

Cyber: What Data Loss Claims Look Like in 2018

 

Many businesses remain hesitant to purchase cyber insurance policies.  Studies show fewer than a third of a businesses within the United States have specific coverage for their cyber risks.  Yet losses resulting from those risks can easily reach catastrophic levels.  This has left underinsured companies searching for unique recovery theories under their traditional insurance policies when suffering the types of losses that cyber insurance would cover.