January 4, 2013 – In general, Network Risk Insurance protects your company from risk and liabilities associated with processes and commerce through computer networks.
There are many examples of network risk exposures to companies, but the following are a few examples of areas where a firm may be exposed.
Example of First Party Exposures:
First Party: A hacker attacked and brought down your mission critical servers.
Examples of Third Party Exposures:
Third Party: If the hacker causes damages to a third-party for whatever reason, and that party sues your business, your network risk policy should cover these losses and provide for a defense.
Third party exposures also include internet, media, internet E&O, breach of security, release of virus and contracted disputes.
TehAssure member’s offers comprehensive coverage against first party exposures and third party claims including business interruption, cyber extortion, damage to intangible property, and public relations. Talk to your TechAssure member about:
- Coverage for claims alleging negligence in the provision of internet services.
- Coverage for liability associated with a failure or network security.
- Coverage for liability associated with dissemination of electronic content.
- Coverage for Business Interruption due to certain non-physical perils.
- Coverage for damage to one’s own intangible assets (e.g. code, data, etc.).
- May be endorsed to cover Miscellaneous E&O
Every firm has different risks and exposures. Contact a TechAssure member today.
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