P/C Insurers Rush to Meet Rising Demand for Cyber Insurance

By , and | October 9, 2014

  • October 10, 2014 at 1:44 pm
    Crain says:
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    How often are you quoting and how often are you selling this coverage to your customers? What kinds and sizes of employers do you see buying this coverage? Keep answers generic as I am not looking to invoke any antitrust laws.

  • October 10, 2014 at 2:24 pm
    PL Broker says:
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    Out of 100 quotes, I might sell 5. The coverage is cheap, but a client looking at purchasing an expensive PL Policy usually declines the Cyber.

  • October 10, 2014 at 3:55 pm
    Libby says:
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    We are selling about 1 out of 10, but offering it to everyone for E&O protection (CYA.) It’s not expensive for the usual risk. Someone doing e-trade would pay more. There are several good forms out there, but it seems carriers are coming out with them on a daily basis.

    If you’re contracted with Chubb or Hartford, they have products and can probably do some training. Another resource is netdiligence.com.

    Also: http://www.fas.org/sgp/crs/misc/R42475.pdf

    • October 10, 2014 at 5:02 pm
      PL Broker says:
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      Absolutely it’s CYA. We’ve had many report lost laptops and smart phones only to find they have no coverage unless there’s a PL Claim as a result.



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