The Ontario Broker - February 2018 - 40

ARTHUR J. GALLAGHER & BEAZLEY
OFFER NEW CYBER PRODUCT FOR
INSURANCE BROKERS
IBAO MEMBERS RECEIVE 10% OFF
Cyber coverage is a hot topic, and while insurance brokers understand the coverage as a benefit to their clients,
many brokerages haven't adopted the coverage within their own business. Any organization relying on technology
and the safe processing and storage of data needs cyber liability - brokerages fall square within this category.
Data is one of your organization's most important assets. From client contact details to client driving history,
information isn't typically covered by a standard insurance policy. Loss of data or information doesn't just cause
litigation expenses, it can cause financial losses such as notification expenses in the event of a privacy breach -
new Federal legislation includes a mandatory requirement to notify affected individuals about privacy breaches. As
recent breaches of major corporations illustrate, any business can be vulnerable to attack.

CYBER LIABILITY FOR INSURANCE BROKERS
Policy Aggregate Limit of Liability - Up to $2,000,000 (Higher limits available)
In the Aggregate including Claims Expenses:
A. Information Security & Privacy Liability
B. See Below
C. Regulatory Defense & Penalties
D. Website Media Content Liability
E. PCI Fines, Expenses and Costs - Sub-Limit $100,000 (if PCI Compliant)
F. Cyber Extortion
Criminal Rewards Expenses - Sub-Limit $50,000
G. First Party Data Protection
H. First Party Network Business Interruption

Includes Sub-Limits (depending on limits purchased) for Dependent Business Loss and Forensic Expenses
B. Limit of Coverage for Privacy Breach Response Services, Insuring Agreement B
Privacy Breach Response Services Aggregate Limit
of Coverage for all incidents first discovered by the
insured and reported to the underwriters during the
policy period

100,000
Notified Individuals

Legal Services, Computer Expert Services, Public
Relations and Crisis Management Expenses

Aggregate Sub-Limit
Depending on Limits Purchased

The Privacy Breach Response Services Aggregate Limit of Coverage is separate from the Policy Aggregate
Limit of Liability
Retentions:
Each Claim, Extortion Threat & Security Breach
Retention (including each Claim in the form of a
Regulatory Proceeding and Claims Expenses)

$1,000-$2,500

Waiting Period

12 Hours

Threshold/Retention applicable to each incident, event or related incidents or events giving rise to an
obligation to provide Privacy Breach Response Services under Insuring Agreement B:
Notification Services, Call Centre Services, Breach
Resolution and Mitigation Services to be available
for each incident

25
Notified Individuals

Retention applicable to Legal Services, Computer
Expert Services, Public Relations and Crisis
Management Expenses

$1,000-$2,500 except $500-$1,250 for legal
services which is part of and not in addition to
combined retention

Table of Contents for the Digital Edition of The Ontario Broker - February 2018