Condo Media - June 2019 - 17

limits typically are too low
and the coverage too narrow
to cover their exposure. For
example, if the association's
Directors' and Officers'
Liability policy does not
expressly exclude coverage
for cyber liability and data
breach, it will probably
cover defense costs and damages, up to the policy limits-
typically $1 million. But the
policy won't cover ancillary
costs, penalties or fines.
Boards may assume they
have more protection than
a policy provides, Meskin
cautions. He notes that one insurer added $50,000 in data
beach coverage to its standard D&O policy, but that actually
reduced the protection, Meskin says, because "it capped the
coverage at $50,000," not at $1 million, which would have
been the limit had the policy remained silent on data breach.

The comprehensive coverage insurers need is available in a cyber liability and data breach response policies.
In addition to covering costs other
policies exclude, Meskin says, these
policies can provide access to an array
of specialized services and information associations need to cope with
a data breach.
Data breach/cyber coverage
is widely available today and wellpriced, Meskin says, but boards
should shop for policies designed
specifically for condominium associations, he emphasizes. For a 100-unit
association, the premium would be
around $325 for a policy providing
$250,000 for cyber liability and an equal amount for data
breach; $500 would buy $1 million in coverage for each.
"The coverage is relatively inexpensive at this point,"
Meskin says, "because there haven't been a lot of claims"
on which to base the cost.

"This is the calm before the
storm." Claims are coming,
Meskin predicts, and most
community association

boards don't understand
the risks and potential
liability they face.

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June 2019 CONDOMEDIA

17



Condo Media - June 2019

Table of Contents for the Digital Edition of Condo Media - June 2019

Contents
Condo Media - June 2019 - Cover1
Condo Media - June 2019 - Cover2
Condo Media - June 2019 - Contents
Condo Media - June 2019 - 2
Condo Media - June 2019 - 3
Condo Media - June 2019 - 4
Condo Media - June 2019 - 5
Condo Media - June 2019 - 6
Condo Media - June 2019 - 7
Condo Media - June 2019 - 8
Condo Media - June 2019 - 9
Condo Media - June 2019 - 10
Condo Media - June 2019 - 11
Condo Media - June 2019 - 12
Condo Media - June 2019 - 13
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Condo Media - June 2019 - 15
Condo Media - June 2019 - 16
Condo Media - June 2019 - 17
Condo Media - June 2019 - 18
Condo Media - June 2019 - 19
Condo Media - June 2019 - 20
Condo Media - June 2019 - 21
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Condo Media - June 2019 - 24
Condo Media - June 2019 - 25
Condo Media - June 2019 - 26
Condo Media - June 2019 - 27
Condo Media - June 2019 - 28
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Condo Media - June 2019 - 42
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Condo Media - June 2019 - Cover3
Condo Media - June 2019 - Cover4
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