CYBER INSURANCE: WHAT ABOUT PRIOR ACTS COVERAGE?
Under Cyber Liability Insurance, coverage is provided only for events that occur after the inception date of the policy. This is an important part of the policy that a potential new insured needs to know. Every day without a policy is a time bomb for a couple of reasons.
The 4 Month Window
A Cyber claim takes time to develop. The average length of time from the onset of an event to its discovery is about 4 months. This means that every day without a policy is even more dangerous. An uninsured entity is gambling in a game where the odds do not favor them by not having this coverage in place.
Increasing Probabilities
Cyber events continue to be the fastest growing Crime in American and are on the rise. It is only a matter of time until this problem reaches your customer. Every individual’s information is at risk, so every business, nonprofit or municipality is at risk of being targeted for it. For some even today, an event is going on and they just have not yet discovered it.
Today’s message is so simple, but it is also extremely urgent. Uninsured risks are highly exposing themselves to a potential average claim of over $188,000, and as much as $180 per record, and further delay continues to compromise the integrity of your insured’s business every day they go uninsured. Write us today at ksneed@usproins.com for an immediate quote. Find out why we are known as America’s Cyber Insurance Experts!
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