December 16, 2019 by Jason Contant
Cyber insurance policies still tend to be confusing for brokers, but there are three areas that they should focus on, recommends Nathan Rose, senior underwriter and business development specialist with Burns & Wilcox Canada.
This includes: 1) policies that have encryption exclusions related to mobile devices; 2) retroactive cover; and 3) voluntary notification, Rose told Canadian Underwriter in an interview Wednesday.
The various differences between cyber insurance offerings make it difficult for brokers to actually draw true comparisons between wordings, Rose said. “You have to really scrutinize a lot of the wordings. It’s [sometimes] the same coverage, but it goes by different terms and different names.”
To help brokers navigate the space, the managing general agency “draws comparisons to some wordings when we give our terms” in the underwriting process, Rose explained. “So when they’re in front of their clients, they are confident, they have a solid product offering and something suitable to their insured’s needs.”
Thank you for the well written article. Keep them coming.