According to the report, clients in growing numbers are expecting their
business interruption losses to be covered with their cyber policies, as insurers "more carefully define the boundaries of property, casualty and cyber policies." Marsh said carriers have responded in kind by expanding their cyber coverage to address "a wide variety of risks while still being competitively priced."
Contingent
business interruption coverage typically involves three basic categories of losses.
A separate endorsement may be necessary to obtain coverage for losses typically caused by a cryptojacking event such as
business interruption loss.
Most
business interruption policies will include some "coinsurance" provision which results in the insured organization sharing a portion of the loss if the organization is considered underinsured.
The survey analyzed companies' cyber insurance purchasing behaviors as well, and found that just 10% of respondents identified
business interruption as the primary reason for buying cyber insurance.
The Superior Court found that the original umpire's possible impartiality was sufficient to set aside the
Business Interruption Award.
"Companies now have a greater understanding of the need to monitor risk aggregations, not just geographically, but also in
business interruption exposures."
"Unplanned technology failures are becoming an increasing cause of
business interruption," Paxton said.
Business interruptions pose a threat to advisors and their ability to service clients.
Many firms and managers may have
business interruption insurance.
A CHANGING CLIMATE MEANS WEATHER-RELATED
BUSINESS INTERRUPTIONS WILL STEADILY INCREASE, MAKING
BUSINESS INTERRUPTION INSURANCE ESSENTIAL FOR EVEN THE SMALLEST BUSINESSES.
The report estimates
business interruption costs would reach $325 billion.
