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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.

Why CA 99 48 And MCS-90 Are The Dynamic Duo Trucking Companies Need

Pollution liability can be a major problem for trucking companies. Typical business automobile liability insurance policies exclude coverage for losses caused by the release of pollutants. These policies define pollutants broadly as any irritant or contaminant, including smoke, vapor, soot, fumes, acids, alkalis, chemicals and waste. At some point, most trucking companies will transport something that qualifies as a pollutant just given the broadness of the definition. Therefore, the pollution exclusion in the traditional policy can create a major gap between a company’s risk exposures and their insurance coverage.

FDA Starts Looking At Entire Supply Chain After Latest Romaine Lettuce Recall

In October 2018, the Center for Disease Control and the Food and Drug Administration announced an outbreak of E. coli traced to the consumption of romaine lettuce. The outbreak continued through December. In total, the Center for Disease Control has traced fifty two cases to the produce across fifteen states, leading to nineteen people being hospitalized.

Specific Coverage Still Needed For D&O For Cyber Risks

The cyber market has evolved incredibly in a few short years. It’s been barely more than twenty years since the internet became a ubiquitous presence in the lives of most Americans. As cyberspace has grown, the risks attendant on cyberspace has grown as well. To meet the challenges of combining scope and risk, legislators and courts have had to move quickly to regulate this area and protect individuals from loss. At the same time, insurance companies have had to tailor policies to protect companies from the risks of doing business online.

Marriott's Cyber Breach Announcement Shows How Years Can Pass Without Even Large Businesses Noticing A Hack

It seems not a week goes by these days without news breaking of another massive data breach affecting hundreds of millions of people.  At the end of November 2018, Marriot, the global hotel chain, announced they had been hacked and the personal information of five hundred million preferred customers had been exposed to criminals. What’s worse, Marriott announced the original data breach occurred over four years ago, leaving people unknowingly at risk for identity theft during that time.

Insurance Coverage For Defective Work Differs Across State Lines

Commercial general liability policies provide insurance on a per occurrence basis.  What constitutes an occurrence, though, is an area of significant debate.  This is an issue that constantly arises in construction cases, especially construction defect.  The commercial general liability standard language defines an occurrence as an “accident . . .”.  Yet courts have divided on whether faulty workmanship in the course of construction constitutes an “accident” and therefore an “occurrence” triggering coverage under a commercial general liability policy. 

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. 

The Roller Coaster Ride That Is The Yahoo Breach

Within the context of cyber security, one most always discusses the subject in exponentials; Whether considering the number of breached records, the amount of damage, or the size of data leaks. What was groundbreaking three years ago in volume will seem quaint by the end of the year. A host of news stories regarding the 2013 and 2014 data breaches at Yahoo Inc. over the past few months have underlined this aspect of the conversation about cybersecurity. It serves as a stark reminder that companies need to keep an eye on their cyber risks and seriously consider purchasing cyber insurance if they have not done so already to survive this increasingly harsh ecosystem.