Industry Insights

Professional services are meant to be covered in Errors & Omissions (E&O) Insurance policies and are therefore excluded in certain other types of policies through a professional services exclusion. Many insureds do not know that the professional services exclusion exists, and therefore assume that they are adequately covered when they are not.

Investors and the companies they invest in have significant funds transfer fraud exposure and should be taking steps to protect themselves. Protective steps include simple security procedures and comprehensive Cyber Insurance including funds transfer fraud coverage. We will review your coverage for you.

Cyber Insurance should be purchased as a standalone policy covering cyber risks. Some organizations think that they have comprehensive Cyber Insurance when they have really purchased an add-on to another policy. Add-on cyber can mislead an insured into thinking that they have comprehensive cyber coverage.

Business interruption coverage is a standard coverage part in comprehensive Cyber Insurance policies and has become a critical financial protection from ransomware attacks. A Cyber Insurance policy with robust business interruption coverage is an essential protection.

Like many insurance policies, Cyber Insurance policies typically include an exclusion for acts of war, called the war exclusion. The war exclusion has become top of mind because of the threat of cyber-attacks by Russia. You can take steps to minimize the impact and protect your organization.

Organizations can expect Cyber Insurance premiums to continue to rise, and terms tighten, as cyber attacks continue.