DUAL New Zealand outlines changes in "much better" cyber policy
DUAL New Zealand outlines changes in “much better” cyber policy | Insurance Business New Zealand
Cyber
DUAL New Zealand outlines changes in “much better” cyber policy
Fresh wording applies to new business from January 24
Cyber
By
Terry Gangcuangco
DUAL New Zealand has updated its cyber liability and privacy protection wording to offer what NZ cyber claims head Adam Weal (pictured below) believes is a “much better” cyber policy.
“The main reason we are here is because our new cyber wording is now available – it went live last week,” Weal told attendees of DUAL’s cyber webinar on Tuesday. “We think it’s a much better policy, so we want to talk about what has changed.”
Cyber coverage enhancements
DUAL’s cyber proposition spans third-party claims, business interruption, and first-party costs. So, what can brokers expect from the new wording?
“What we sought to do in the first instance, really, is to make sure that we’re continuing to offer market-leading policy coverage to our broker partners,” Samuel Rogers (pictured below), DUAL’s cyber insurance head for Australia and New Zealand, said. “First of all, we’ve looked to simplify our policy structure quite substantially…
“It’s a fairly old policy up until now and has been, on an ongoing basis, improved by adding endorsements, which is not the structure that a lot of brokers appreciate… What we’re looking to do is simplify that policy structure as much as possible, and what basically incorporate coverage that was previously included by endorsement, into the wording.”
More importantly, the policy wording itself was changed, with DUAL enhancing the insuring clauses and automatic extensions while offering new extensions where valuable and possible.
Enhancements include extending “insured systems” to also span systems that are supplied to the policyholder by a service provider, e.g. cloud-hosted systems; coverage for business interruption losses due to human and system error; coverage for botnetting and phreaking expenses; coverage for post-event consulting costs; and access to round-the-clock incident response support.
The policy also offers specific cover for the costs of complying with an enforceable undertaking, as well as an optional extension for contingent business interruption loss. Optional extension for social engineering fraud, while available for some time now, was also highlighted to stress that it is something that DUAL offers as “not every policy form does,” according to Rogers.
DUAL’s webinar also featured Canopius incident response manager Ellen Brookes, who discussed the incident response process, their geographical coverage and vendor panel, as well as the cyber incident management team’s creed.
Weal, meanwhile, presented several claims examples outlining the insured’s profile, the incident, and the policy’s response.
According to DUAL, the new wording will apply to any new business quote generated from January 24.
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