BERKLEY CYBER RISK PROTECTSM PRODUCT DESCRIPTION
Berkley Cyber Risk ProtectSM provides expansive first and third party cyber coverage that provides options for separate limits and retentions, subject to an annual policy aggregate, allowing flexibility to choose only coverages meeting policyholders’ needs.
FEATURES AND HIGHLIGHTS
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- A+ rated insurance carrier
- Admitted where available
- Primary appetite for companies with revenues up to $5B
- Capacity up to $25M
- Worldwide Coverage
- Non-cancellable except for non-payment of premium
- Severability of application
- Single highest retention for related claims and losses from a single data security event
- Automatic subsidiary coverage
THIRD PARTY COVERAGE
- Data Security and Privacy
- Regulatory
- Payment Card Industry
- Cyber Media
- Technology E&O (available by endorsement)
THIRD PARTY COVERAGE FEATURES
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- Claims Made coverage
- Comprehensive definitions of Claim, Insured, Data Security Event
- Data Security and Privacy Event includes Personally Identifiable and Corporate information
- Punitive Damages included (where allowed by law)
- Duty to Defend
- Favorable consent to settlement, with insured ability to settle within retention
- Broad definition of Damages associated with a PCI Claim
FIRST PARTY COVERAGE
- Data Breach Response Coverage includes:
- Crisis Management and Reward Expenses
- Forensic and Breach Counsel Expenses
- Notification and Monitoring Expenses
- Data Restoration Expenses
- Business Interruption/Extra Expense
- Contingent Business Interruption
- System Failure Business Interruption
- Reputation Risk
- Ransomware Extortion
- Cyber Crime
- Social Engineering
FIRST PARTY COVERAGE FEATURES
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- Discovery trigger for Data Breach Response, Cyber Crime and Social Engineering
- A 24-hour data breach hotline is available
- The Breach Counsel Hotline is 1.844.844.0104
- No retention for costs of preferred Breach Counsel
- Optional coverage for Number of Notified Individuals outside the limit of liability
- Voluntary Notification for written and electronic data
- No prior consent required for use of Preferred Data Breach Response Providers
- Forensic accounting costs included for Business Interruption
SUPPLEMENTAL COVERAGE
- Cyber Risk Solutions Services
- Reimbursement for costs to replace, remediate and improve computer systems and establish and improve data security practices and policies
