C&F SIMPLE CYBER:
The Next Generation of Cyber
Is Cyber insurance too complex? Is it to hard to explain? Crum & Forster has modernized Cyber insurance around the questions that your clients are asking.
Is it covered?
“Is this covered…?” is the question that insurance buyers ask most often when presented with cyber insurance. See what we’ve done to help make Cyber coverage straightforward and easy to understand.
Clear and concise Declarations page
Many cyber insurance policies have multiple declarations pages with limits, sublimits, deductibles, and sub-deductibles. We’ve replaced all of this with a simple and straightforward Declarations page. One limit, two sublimits, and one common deductible.
A simple 15-page policy form
It’s not unusual for a cyber insurance policy to be 60, 70, or more pages long, and contain a confusing assortment of endorsements. If the policy is over 60 pages long and includes more than 20 policy endorsements, can you ever be sure what’s covered? The Crum & Forster Simple Cyber policy is a compact 15 pages, and includes the coverage features brokers are looking for without a laundry list of endorsements.
Common triggering definition
The ‘cyber’ insuring agreements (Breach Costs, Cyber Liability, and (Enhanced) First Party Loss in the C&F Simple Cyber policy all share a single triggering definition. Most cyber policies in the markets have unique triggers for liability coverage from the first-party coverage. That means that a loss covered under the third party section of the policy might not be covered by the first party loss section of the policy.
No “gotchya” clauses.
Nobody wants to find out that a loss isn’t covered after they submit the claim. We’ve gone to great lengths to remove surprises and potential surprises from the policy form (including the common triggering definition cited above). For instance, the eCrime section of the policy does not contain a “callback provision,” potentially eliminating coverage.
Get the Policy Guide!
We even produced a guide to the policy to help you find, locate and explain coverage to your client. To get a copy of the guide, log on to the Crum & Forster Simple Cyber broker portal or e-mail us at CFcyberRisk@cfins.com.
How can I reduce the premium?
After “Is this covered…?” insurance buyers most often ask “how can I reduce the premium?” See how we provide target risk advice to help buyers improve controls with immediate premium savings.
We identify “advanced risk controls” and offer two quotes. The first quote is based on the submitted policy application. Our second quote is based on the applicant implementing additional risk controls-easy to implement safeguards that we believe will dramatically reduce the chance of a loss-resulting in a reduced premium.
We can’t promise to offer dual quotes on every opportunity, but we endeavor to help customers reduce their premiums when we see opportunities.
How does ‘Cyber’ work with my other insurance?
Look how we’ve made Cyber insurance ‘other insurance’ friendly…
Most cyber insurance policies provide coverage without regard to overlap or gaps with traditional P&C insurance polices (and, likely have a litany of exclusions designed to eliminate coverage for anything that might be covered by those traditional P&C policies).
The Crum & Forster policy is different. The C&F Simple Cyber policy is designed to wrap around an entity’s existing P&C insurance program. You might get a sublimit from another insurance policy, but the Crum & Forster Simple Cyber policy extends full limits for:
- Contingent bodily injury/property damage.
- Damage to computer equipment caused by a Cyber Event (a.k.a. “Bricking”).
How are claims handled?
Coverage and clever policy language is a good start, but what about claims? Does the carrier have the experience to handle the loss quickly and painlessly? Do they have a dedicated team available to help the insured with a breach, or suspected cyber event, 24/7? See how Crum & Forster has designed claim and loss services that are responsive to your client’s needs.
Modern cyber insurance doesn’t leave the insured to “figure it out,” with a “save your receipts” approach focused only on reimbursement of the loss. Rather, next generation cyber insurance is there assisting the insured to efficiently and effectively respond to a cyber event every step of the way. That’s why Crum & Forster Simple Cyber features:
- 24/7/365 Cyber Response Team; and,
- Experienced in-house Claims staff.
What services come with the policy?
Modern cyber insurance provides service before and after the insured purchases the coverage.
As mentioned above, Crum & Forster reduces premiums by implementing additional risk controls. We also highlighted the availability of a 24/7/365 Cyber Response Team along with an experienced claims staff.
Additionally, C&F Simple Cyber insureds can obtain assistance from the CFcyberAssist.com web portal. CFcyberAssist.com provides a variety of tools, resources, and training aids to help insureds manage and reduce cyber risk. Using tools available at CFcyberAssist.com, insureds can initiate phishing exercises to help their employees recognize and respond to e-mail phishing campaigns.
Does the client need help with specific questions? We do that too. Insureds receive assistance by contacting CFcyberAssist.com via phone or e-mail.