Ascent announces the launch of its new CyberPro wording which has been designed to ensure continued enhancements of coverage.publish date : 6 Jun 2018
Ascent Underwriting are delighted to announce the launch of our new CyberPro wording, version 2.7, which has been designed to ensure continued enhancements of coverage for our Insureds.
In addition to the wording differentiators and changes listed below, we are also pleased to announce that the majority of accounts will now benefit from the addition of an automatic 250,000 sublimit of dependent business interruption, ensuring our policyholders obtain protection against business income loss as a result of downtime of third party IT vendor networks.
We will also be providing increased sublimits of electronic theft, computer fraud, telecommunications fraud and social engineering coverage of 250,000 to the majority of our SME client base*, responding to the ever more prevalent source of loss these modules represent to our Insureds.
CYBERPRO V2.7 KEY DIFFERENTIATORS
- Amendments of Insuring Modules 6 and 8 to “pay on your behalf” as opposed to indemnification
- Addition of Third party event support expenses (being event support expenses Insured has contractually agreed to assume in contract due to an event occurring on Insured’s network)
- Employee definition amended to include interns
- Removal of delivered programs definition and restriction in respect of network event
- Network event definition further expanded to include unintentional and unplanned outage as well as negligent failure of employees
- Notification expenses definition rearranged to ensure clarity of intent to provide voluntary notification, and include costs of notification to regulators
- GDPR explicitly stated within privacy regulations definition
- Enhancement of social engineering fraud definition to cover intangible assets
- Deletion of exclusion in respect of ceasing provision of products/services
- ERP amended to offer 24 months at reduced percentage of 150%
CYBERPRO V2.7 ENHANCEMENTS
- Restriction to general or managing partners in respect of Insured coverage removed
- Clarification that acts and/or events of independent contractors and agents are covered while acting on behalf of, at direction of, or under the control of the Named Insured
- Deletion of reference to insuring modules 9 and 10 within network event definition, as this is not the trigger for such modules
- Requirement of security event trigger within social engineering removed, and clarification that coverage applies in respect of misleading not just employees, but also officers and directors
A full summary of changes per product is available upon request.
*crime, theft and social engineering coverage appetite are industry dependent