Insurance Program Coverage Consulting
I assist companies with the placement and/or renewal of their insurance programs. Here’s a summary of one such engagement:
Online Wholesale Products Distributor
Provided advice concerning the renewal of the client’s entire insurance program, including cyber, management liability, employed lawyers, fiduciary liability, crime, general liability, and commercial property policies. Highlights include negotiation for:
● Removal of various exclusions in all policies;
● Modification of conditions concerning notice of claim, imputation of knowledge of intentional acts, right to bring actions against the insurer, and consent to settle;
● Clarification and expansion of contingent business interruption coverage and modification of the war exclusion in the cyber policy;
● Reconciliation of multiple conflicting endorsements across all policies;
● Expand management liability coverage for pre-claim regulatory inquiries for insured persons and entity;
● Removal of presumptive indemnification provision in employed lawyers policy.
Cyber Insurance Coverage Consulting
I have provided consulting services for global, Fortune 500, midsize, and small entities across various industry verticals concerning insurance coverage for cyber and emerging risks. Sample engagements include:
National Healthcare Trade Association
I assisted with renew of the association’s cyber insurance policy. Highlights of engagement include negotiation for:
● Removal and narrowing of various exclusions, including for events affecting the insured’s data hosting vendors and for acts of malicious employees;
● Clarification of various conditions concerning the priority of insurance policies and notice of claims and modification of certain policy definitions.
Global Payment Card Processing Companies
I assisted with the renewal of cyber insurance for two global payment card processing companies. One of those engagements also involved an analysis of how the cyber policy dovetailed with the company’s directors and officers policy. Highlights of that work include negotiation for:
● Removal and narrowing the scope of various exclusions and inclusion of additional coverages;
● Reconcile terms of cyber policy with directors and officers policy;
● Modification of “other insurance” provisions.
Global Commercial Bank
I identified previously unnoticed policy terms that precluded coverage for a data breach of the insured’s data while hosted by vendors and for PCI exposures. Identified gaps in coverage for business interruption and contingent business interruption losses, and undesirable notice provision.
Software as a Service Company
Assist with procurement of cyber and tech E&O coverage and provided advice concerning coverage for the wide range of liabilities assumed under contract. Pointed out coverage gaps for liabilities arising under new privacy laws and regulations.
Large regional healthcare enterprise
Identified significant gaps in coverage concerning trigger of business interruption coverage in connection with cyber extortion claims, limitations in regulatory coverage, narrow scope of covered information, and deficiencies in social engineering coverage. Reconciled cyber policy with crime and kidnap & ransom policies.
Fortune 50 Telecommunications Company
In support of a SOC 2 audit, I was retained to review the company’s cyber insurance coverage in light of its cybersecurity risk assessment report. Highlights of that engagement include:
● Analysis of coverage gaps based on risks identified in risk assessment report;
● Identify various ambiguities and inconsistent provisions in cyber policy;
● Provide list of issues to improve coverage at renewal.
Insurance Claim Assistance
I also assist companies following incidents or losses triggering insurance coverages. Sample engagements include:
Online Donation Platform Company
I was retained to assist a company concerning coverage under its Technology Errors and Omissions (tech E&O) policy following a devastating degradation of services event. I identified coverage for the event under the policy, assisted with submission of the claim and with negotiation with the insurer.
Private Equity Consulting
I provide insurance due diligence services in connection with mergers and acquisitions, loss portfolio transfers, and MGA investment opportunities.