Consistency within cyber insurance policies is something the industry has been grappling with for nearly a decade, according to speakers at the annual RIMS Riskworld conference, held this year in Atlanta, but the industry is beginning to see a light at the end of the tunnel.
“I can’t underscore enough how much better the cyber marketplace has gotten in that regard,” said William Bennett, partner at Saxe Doernberger & Vita. “There are still policies with two insuring agreements and policies with 25 agreements and 400 definitions, but at least now they largely get to the same place.”
Bennett was speaking during a session about cyber coverage responses to the current global risk climate on the second day of the conference. Thomas Francavilla, director of insurance programs at Stratus Risk Associates, was speaking alongside Bennett. He pointed to an example of an exercise the Stratus team recently did with a broker client that is 51 percent owned by a banking group. The company was transitioning away from having standalone cyber policies in place for each broker in favor of one parent-owned cyber policy.