On the final installment of our Cyber Exposure series, Jay Williams, CIC, CRM, CRIS, MLIS, AIP, AAI, ACSR and Paul Burkett, J.D., CIC, CRM, CPCU, ARM, ALCM are back to discuss coverage pitfalls, ransomware, and the ever-moving target that is “the standard of care.” We also dive into how E&O trends are shifting away from the 50/50 rule and offer advice on how to properly analyze risk to avoid faulty coverage.
One of the biggest things to watch out for are inadequate limits. As agents pull together coverage, they should be aware that typical data breach claims are not covered a hundred percent. Be aware of gaps in insurance, improper endorsements, or the lack of them. Remember that coverage forms have sub limits, which are inadequate to cover the loss exposures. If they can’t do that, how can you recommend higher limits as an E&O claim?
Tune in to learn about common pitfalls and how you can avoid them.