How To

What to Ask About Cyberinsurance Policies

These questions will help you evaluate cybersecurity insurance policy providers

By Daintry Duffy

December 01, 2002 — CSO — Coverage
Will you perform a gap analysis on my company's current business insurance policies to determine where there may be holes in coverage?
What types of e-risk to you cover and which do you exclude?
Do you offer coverage for cyberlosses resulting from terrorism?
Are additional costs for crisis management and communications included in the policy?
What is your coverage capacity? (Should be $25 million at minimum.)

Third-party providers
Whom do you partner with for risk assessments?
Can we choose from a group or is there only one option?

Experience
How long have you been covering cyberrisk?
How many policies have you issued?
Will you provide a client reference?
How familiar are you with my industry and business?
Do you have the in-house staff (underwriters, claims specialists, legal professionals and technologies) to handle the claims process?

International coverage
Does the policy have a geogrphic definition? If we are sued abroad will the policy cover any liabilities?
Does the company have its own global operations or does it partner with another carrier?

Other stories by Daintry Duffy

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