Cyber and technology insurances often have a very broad coverage. Hence, they cover a comprehensive amount of risks that the insured technology company face.
Thus, the consequential loss the company might suffer is often an ensured risk, however, the liability claims the company is exposed to are also covered under the insurance. The coverage of the insurance products in this respect varies, hence, some of the products are in the nature of all-risk insurances to the policy holder.
Accordingly, the damages might differ widely and may for instance include the company’s liability for breach of personal data regulations by passing on personal information, loss of clients’ data (hosting companies), loss occurred from restoration of data, loss resulting from hacker attacks, loss resulting from computer viruses, theft of passwords, theft of hardware and others.
These types of damages require knowl-how in relation to calculating consequential loss, established security procedures in relation to the handling of data, technical insight into -among others – maintenance of hardware and software, knowledge of back-up systems etc.
Bergenser Law Firm has contributed to the drafting of insurance policies and, furthermore, it has prepared both legal opinions and legal-commercial opinions regarding cyber and technology insurance products. Hence, we have a thorough knowledge of the different coverage clauses and coverage exclusions that the insurance products offer.