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
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
"Companies now have a greater understanding of the need to monitor risk aggregations, not just geographically, but also in business interruption
"Unplanned technology failures are becoming an increasing cause of business interruption
," Paxton said.
pose a threat to advisors and their ability to service clients.
Many firms and managers may have business interruption
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.