The 2016 Highlights in Cyber Insurance Explored!
For the past years, cyber insurance has been attracting interest from the different sectors of the economy. It has helped and secured companies and organizations against the rising risks and financial losses brought by cyber breaches. To date, companies, insurers and reinsurers are taking advantage of the opportunities to secure high margins in a soft market.
With the escalating threats from cybercrime and the increasingly frequent and severe loss from cyber risks, it is highly necessary for companies and organizations to carefully review the fundamental framework of their cyber insurance policies.
In this LIVE Webcast, a remarkable panel of thought leaders and professionals brought together by The Knowledge Group will provide the audience with an in-depth analysis of the Cyber Insurance framework. Speakers will also share their insights on how to avoid possible pitfalls while maximizing opportunities in cyber insurance.
Key topics include:
- Cyber Insurance – A Legal Perspective
- Cyber Insurance Policies
- Potential Risks and Pitfalls
- Opportunities and Challenges for Insurers and Reinsurers
- Recent Trends
Alex Gould, Broker
CRC Insurance Services
- Overview of the cyber marketplace – what are some factors that are driving cyber exposures, who is at risk and why?
- Cyber Market Evolution – where it started, what it has become, what it is today.
- Placement considerations – Coverages/Insuring Agreements that are available in the marketplace.
David J. Baldwin, Partner
Potter Anderson & Corroon LLP
- When is there a “publication?”
- Recall Management
- Portal Healthcare
Bradley J. Lorden, Attorney
Proskauer Rose LLP
- Overview of the P.F. Chang’s data breach and resulting insurance claim
Bradley J. Lorden, Attorney
Proskauer Rose LLP
- The “Privacy Injury” definition at issue in the P.F. Chang’s Decision
- Other key definitions in cyber policies
Bradley J. Lorden, David J. Baldwin, & Timothy R. Sullivan
- The “Contractual Obligations” Exclusion at issue in the P.F. Chang’s decision (Bradley Lorden)
- Other Key Exclusions in Cyber Policies:
- Illegal/fraudulent conduct exclusion (Bradley Lorden)
- Government activity exclusion (Bradley Lorden)
- Laptop/portable devices coverage issues (David Baldwin)
- Failure to follow minimum required practices exclusion. Columbia Casualty Co. v. Cottage Health System (C.D. Cal. 2015) 2:15:cv:03432 (misrepresentation defense / Mandatory ADR provision) (Timothy Sullivan)
Timothy R. Sullivan, Partner
McCormick Barstow LLP
- Bodily Injury and Property Damage: Where Do They Fit?
- The Internet of Things / Programmable Logic Controls (PLCs) / systems and applications software hacks that could cause bodily injury or property damage; “Live Free or Die Hard”
- CGL Policy exclusion
- Exclusion P: damages arising out of: “The loss of, loss of use of, damage to, corruption of, inability to access, or inability to manipulate electronic data.” “Electronic data” includes “systems and application software … which are used with electronically controlled equipment.”
- Cyber Policy Exclusion
- Alleging, arising out of, based on or attributable to any bodily injury or property damage.
Timothy R. Sullivan , Partner
McCormick Barstow LLP
- Difference in Conditions Coverage: Modular basis and format of policies
- DIC is designed to fill gaps.
- Drops down where coverage does not apply due to a (1) cyber coverage restriction or (2) negligent act requirement.
- Targeted to large companies in the industrial and utility space.
- Given that DIC coverage essentially plugs potential gaps between different policies, the DIC carrier will probably have to write all underlying coverage, limiting flexibility.
- It does not bridge the gap on property damage and bodily injury.
Alex Gould & David J. Baldwin
- Other Key Concepts to Consider in Cyber Coverage
- FTC jurisdiction (David Baldwin)
- Why stay away from sublimits? (Alex Gould)
Alex Gould, Broker
CRC Insurance Services
- Predictions for the future.
Who Should Attend:
- Insurers and Reinsurers
- Cyber Insurance Lawyers
- Privacy Lawyers
- Cyber and Privacy Insurance Companies
- Private and Public Companies
- Data Breach Analysts
- Privacy and Data Security Officers
Alex Gould is a wholesale broker with CRC Insurance Services specializing in Professional Liability and Cyber Liability. CRC’s commitment to its longstanding underwriting partnerships has provided access to a wide range of resources and expertise, facilitating the production of enhanced custom solutions and risk placements assistance for commercial insurance agents and their clients nationwide. In response to the continuous rise in demand for complex insurance solutions, Alex has been fortunate to contribute to CRC’s product development and rapid growth in the Cyber Security & Privacy Liability market space. Alex joined CRC in January 2008 after receiving his Bachelor of Science in Commerce and Business Administration from the University of Alabama. Alex is based in CRC’s home office of Birmingham, Alabama.
Alex Gould is a wholesale broker with CRC Insurance Services specializing in Professional Liability and Cyber Liability. CRC’s commitment to …
Bradley J. Lorden is an associate in the Litigation Department and a member of the Insurance Recovery & Counseling Group. His practice focuses on general commercial litigation, as well as mediation and arbitration, and he often appears before state and federal courts. Brad represents clients in a variety of complex commercial litigation matters, including insurance coverage litigation, contract and business torts and general business disputes. His insurance coverage experience includes matters involving first-party property liability, general liability claims, privacy claims and asbestos liability claims. Brad earned J.D. and M.B.A. degrees from Loyola University Chicago, where he was the editor-in-chief of the Loyola Consumer Law Review, a fellow in the Willem C. Vis International Commercial Arbitration Moot competition, and a member of Loyola’s Life After Innocence Clinic, a student group dedicated to helping exonerated men and women return to society after their wrongful convictions. During the upcoming webcast, Brad will discuss the recent P.F. Chang's China Bistro, Inc. v. Federal Insurance Co., No. CV-15-01322-PHX-SMM (D. Ariz. May 31, 2016) decision, involving insurance coverage for a data breach involving over 60,000 stolen credit card numbers, and how that decision impacts policyholders considering cyber coverage.
Bradley J. Lorden is an associate in the Litigation Department and a member of the Insurance Recovery & Counseling Group. …
Timothy R. Sullivan is a partner in the Fresno, California office, where he serves as Chair of the firm’s Insurance Coverage and Bad Faith Litigation practice group. Tim was selected as one of the “Top 100 Insurance Lawyers in California” by the American Society of Legal Advocates, and as a “Super Lawyer” in Insurance Coverage (each year since 2008). He is an Associate in the American Board of Trial Advocates, and a Member of the Claims & Litigation Management Alliance. Tim was the 2011 President of the Fresno County Bar Association. He is the Consulting Editor and co-author of Property Insurance: Law & Litigation, a practice treatise jointly published by the California State Bar’s Continuing Education of the Bar (“CEB”) Committee and UCLA, and has written chapters on insurance coverage and bad faith litigation for five other books published by CEB/UCLA. Tim earned his B.A. degree from the University of Missouri-Columbia, and his J.D. from the University of Missouri-Columbia School of Law.
Timothy R. Sullivan is a partner in the Fresno, California office, where he serves as Chair of the firm’s Insurance …
Mr. Baldwin represents corporate clients in business litigation matters. He has handled cases in all Delaware state and federal courts, as well as numerous courts in other states.
A significant focus of his practice involves representing policyholders seeking coverage for directors and officers, property damage, product liability, environmental, aircraft liability, cyber liability, and other insurance claims. He also has an active commercial litigation and bankruptcy practice, and has frequently participated in mediation to successfully resolve his clients’ matters.
Mr. Baldwin is a Fellow of the American College of Coverage and Extracontractual Counsel comprised of “preeminent coverage in the United States and Canada.” He is recognized in Who’s Who Legal Insurance and Reinsurance, and in Best Lawyers in America in the areas of Bankruptcy and Creditor/Debtor Rights and Commercial Litigation.
Mr. Baldwin represents corporate clients in business litigation matters. He has handled cases in all Delaware state and federal courts, …
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NASBA Field of Study:
Specialized Knowledge & Applications
NY Category of CLE Credit:
Areas of Professional Practice
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About CRC Insurance Services
CRC was founded in 1982 and specializes in Property, Casualty, and Professional risks. CRC’s extensive market experience allows it to draw on a wide range of resources from across the country and around the world. Created through the combination of CRC and Swett in April 2016, the improved CRC Wholesale Group expanded to 2,400 employees and 81 offices nationwide. CRC’s Professional Liability Department – CRC-PRO – is a mainstay leader in Surplus Lines Market placement and innovation.
About Proskauer Rose LLP
Proskauer is a leading international law firm focused on creating value. Our roots go back to 1875, when we were founded in New York City. With 700+ lawyers active in virtually every major market worldwide, we are recognized not only for our legal excellence, but also our dedication to client service. Our clients include many of the world’s top companies, financial institutions, investment funds, not-for-profit institutions, governmental entities and other organizations across industries and borders. We also represent individuals in transactions and other matters. In addition to New York, we have offices in Beijing, Boston, Chicago, Hong Kong, London, Los Angeles, Paris, São Paulo and Washington, D.C., as well as Boca Raton, Newark and New Orleans.
About McCormick Barstow LLP
McCormick Barstow LLP is a Martindale Hubbell AV® Preeminent™ Peer Review Rated law firm committed to providing the highest quality legal representation. Founded in 1951 in Fresno, the firm has grown to nearly 100 attorneys and has offices in Fresno, CA; Cincinnati, OH; Denver, CO; Las Vegas, NV; and Modesto, CA.
About Potter Anderson & Corroon LLP
Potter Anderson & Corroon LLP is the oldest Delaware law firm and one of the ten oldest continuously practicing law firms in the country. Since its beginnings in 1826, Potter Anderson has become one of the largest and most highly regarded Delaware law firms, providing specialized legal services to its local, national and international clients. With nearly 100 active attorneys, the firm’s practice is centered on seven major areas of law: Corporate Law, Corporate Litigation, Intellectual Property, Commercial Litigation (including Insurance Recovery Litigation & Advice), Restructuring/Bankruptcy, Healthcare, Labor and Employment.