CGL EXCLUSIONS FOR CYBERATTACKS AND LOSS OF ELECTRONIC DATA IS THERE A GAP IN YOUR COVERAGE?

By using ISO forms, an insurance company does not have to request new state regulatory approval for its forms each time there is an update to an insurance regulation. Because carriers must obtain regulatory approval for new custom forms in most states, their use can sometimes mean considerable effor...

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Bibliographic Details
Published in:The Brief (Chicago. 1980) 2020-07, Vol.49 (4), p.48-53
Main Authors: Schiffer, Larry P, Bryan, Kristin, Lafrance, Ann, Brown, Glenn
Format: Article
Language:English
Subjects:
Cybercrime
Data integrity
Liability insurance
Software
State court decisions
Online Access:Get full text
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Summary:By using ISO forms, an insurance company does not have to request new state regulatory approval for its forms each time there is an update to an insurance regulation. Because carriers must obtain regulatory approval for new custom forms in most states, their use can sometimes mean considerable effort and delay, and so the convenience of using ISO forms is very appealing. [...]many companies protect themselves from cyber-related losses with specific cyber or network security insurance policies. [...]damage resulting from the unauthorized access, use, or disclosure of personal or confidential information was not clearly covered under older CGL policies. The exclusion does contain limited coverage for bodily injury caused by data-related perils by including an exception for "damages because of'bodily injury.'" ISO endorsement CG 21 07 05 14 contains identical language but does not include the limited bodily injury exception. [...]policyholders have a choice between ISO endorsement CG 21 06 05 14 and ISO endorsement CG 21 07 05 14 regarding the purchase of the limited bodily injury exception.
ISSN:0273-0995
2163-0178