Insurance protection for your business, its board, brand and balance sheet. Carefully structured and negotiated with the expertise of a specialty agency, served with the customer relationship of a boutique brokerage.
Navigating the ever-changing risk landscape is difficult. One hidden risk can sink already established company. The first step is knowing why lies ahead. Let us help with “Risk Alerts" - our complimentary monthly alert program to help promote a more risk conscious corporate culture.
For directors and officers considering a seat in the c-suite, the prospect of having your personal assets exposed can be a scary one. Before accepting that seat, it's important to understand how/when your assets could come into play and the scope of protection the company is affording you. Do not make the mistake of sitting on an uninsured board or thinking that a personal umbrella will provide coverage.
Could your internet connected/VOIP phone system be the next target for hackers? Cyber related breaches and social engineering (otherwise known as CEO fraud) have made a lot of waves in 2015 which are expected to continue in frequency and severity into 2016. Cyber breaches are generally employed in the form of malicious code, and social engineering in the form of fraudulent emails, however, with many companies using internet connected/VOIP phones today consider the potential damage of a hacker gaining access to your phone systems. Scenarios could include:
This is just a short list of potential scenarios but they pose some interesting coverage questions. Would such a breach trigger coverage in a cyber or crime policy? How is "unauthorized access" and "insured system" defined? Would the scope of that definition extend to internet connected phone systems? In terms of any social engineering coverage, are "oral requests" for information covered? Would an oral request over a VOIP system be considered an "electronic request"? And most importantly, how secure are your phone systems and internal controls?
This may come as a surprise, but not all cyber policies provide coverage for self propagating code such as viruses, trojans or malware. While most policies today do provide coverage for such claims, some carriers' forms still contain exclusions, particularly older forms and more basic policy endorsements. This exclusion can generally be located in one of two areas. The first, and most obvious section is within the policy exclusions itself, which will exclude coverage for: “a named virus as recognized by CERT” or ”based upon, arising out of or attributed to a virus as recognized by a government agency”. The second area is within the definition of "data" , “malicious code”, or equivalent definition. When intending to carve out coverage for viruses, this clause will contain wording, defining malicious code as “unauthorized software code…..but not including self propagating code such as viruses or malware”. When performing a policy comparison be sure to include this in your review and understand the coverage implications it could pose. Potential solutions include attempting to carve back coverage through negotiating policy verbiage or locating an alternative carrier.
Ready to review your existing insurance program? Interested in setting a reminder for a renewal review? Or simply have a question? We're here to help. We also understand you're busy - let's schedule a time to speak that works best for you. Simply schedule a call and we'll reach out when it's convenient.