Cyber Liability Insurance

• Backed by Chubb’s extensive experience – we wrote our first cyber policy in 1998 insuring cyber risks
• Chubb’s Cyber Experience gives you access to cyber breach resources online, including incident response plan template guidance and more tools to help your business mitigate its risk of a data breach or privacy loss and assist it in responding quickly when one occurs
• Reimbursement for a percentage of the cost of qualified cyber loss prevention services for specialized cyber attorneys, vendors, and service providers (where permitted by law)

Coverage Part Highlights:

• Comprehensive cyber liability (third-party) and expense (first-party) coverage
• Broad definition of Record, including:
  • Private information as defined by law
  • Business and proprietary information in the care, custody or control of an organization or a third-party service provider performing processing, storage, or hosting services for an organization
  • Other non-public information provided to an organization pursuant to a written confidentiality or non-disclosure agreement
• Exception to the war exclusion for cyberterrorism
• Insured can waive subrogation rights prior to a wrongful act; Chubb has no subrogation rights against the insured
• Coverage is non-cancelable (other than non-payment of premium) and non-rescindable by Chubb

Cyber Liability Coverage:

• Privacy liability, including coverage for claims alleging actual or potential unauthorized access to private information, failure to comply with an organization’s publicly stated privacy policy, failure to notify people in a timely fashion about unauthorized access to their private information, and release of information due to unauthorized access into a system operated by an organization or third-party service provider
• Conduit liability, including claims arising from system security failures in an insured’s or third-party service provider’s system that result in systems being impaired or unavailable
• Impaired-access liability, including claims arising from a system security failure resulting in a company’s system being unavailable to its customers
• Privacy regulatory action coverage, including regulatory action defense costs, fines, penalties, and consumer redress funds associated with actual or potential privacy liability

Cyber Expense Coverage:

• Privacy notification expenses even if the notification is voluntary on the part of the insured (with an alternative limits of liability or number of affected persons approach, which is outside the limit of liability)
• Crisis management and reward expenses, including the cost of forensic and public relations consultants
• E-business interruption and first-dollar extra expense
• E-threat, including the cost of a professional negotiator and ransom payment
• E-vandalism expenses, even when the vandalism is caused by an employee

Optional Coverage:

• Payment card industry assessments
• Service provider e-business interruption and extra expense (for companies that outsource)