Updates inside the full report include:
- 91 pages with 26 different kinds of charts
comparing 19 of the most prominent insurers writing cyber and
privacy coverage for healthcare organizations
- A survey showing how insurance companies are responding with
pandemic-related extensions or exclusions for cyber and
healthcare exposures
- A review of why ransomware exposures are increasing
during the pandemic
- A comparison of insurance company market appetite by specific
healthcare segment
- An update on rates and ransomware-specific
deductibles
- An examination of how liability and breach response coverage is
expanding to pick up new exposures
- Three different forms of cyber risk enhancements
being added to existing policies
- A look at why purchase rates have grown over the
last 3 years
- A closer look at three fundamental types of
coverage: liability for loss or breach of data, remediation
costs, and fines and penalties
- Areas of opportunity regarding remediation coverage
services
- A look at how security assessment requirements are
changing
- A comparison of how each insurer covers deceptive funds
transfer or social engineering
- A chart addressing cyber coverage for media-related
exposures
- 10 specific coverages that are valuable in a cyber
policy
- Analysis of the concerning nature of the failure to maintain
security standards exclusion
- An overview of the types of risk management services
offered by insurers
Why The Betterley Report?
Agents and
Brokers—Find the best fit for your client by learning exactly what
types of insureds each of the major insurers prefers writing, as well as the
best way to contact each insurer. Some insurers prefer small companies, some
prefer large companies, and some prefer companies in certain industry
segments—save time and effort during the placement process by familiarizing
yourself with this information beforehand.
Risk Managers and Insurance Buyers—Identify, eliminate, or
avoid coverage gaps with coverage comparison charts.
Underwriters—Research competitors with quick policy
comparisons.
Attorneys—Keep up with year-to-year trends in policy form
development.
Consultants—Identify markets and match them up to your
clients' needs.
Imagine that you or your client, a healthcare
organization, is victimized by a major data breach, exposing thousands of
medical records and other sensitive information. Along with the threat of
serious bodily injury to patients, costs begin to rack up in the form of
general remediation, data recovery, notification requirements, and, of course,
significant lawsuits.
- "What are the best insurance products available to
protect against this circumstance?"
- "How can financial losses be
minimized?"
- "How could my company (or my client) have been better
prepared for this liability?"
Depending on whether you are the risk manager, the agent or broker, the
consultant, or any other role, these are likely the questions you are asking
yourself. Amplifying the significance of these questions is the especially
sensitive nature of the information stored by healthcare organizations in
particular.
The "Cyber Insurance for Healthcare Market Survey" edition of
The Betterley Report compares and contrasts the options available in
the insurance marketplace to address scenarios like this and sheds light on the
specific knowledge that can help any risk management and insurance professional
better address the cyber and privacy exposures of healthcare organizations
Following a general overview of the state of the cyber and privacy insurance
market for healthcare organizations, the report dives into the trademark
feature offered in each edition of The Betterley Report:
incomparably detailed charts comparing the leading cyber and privacy
liability insurers writing healthcare organizations. These comparison
charts allow readers to see how each of the insurers stacks up with the others
in terms of the following.
26 types of insurer comparison charts available in full
report:
These comparison charts allow readers to see how each of the insurers
stacks up with the others in terms of:
- Contact and Product Information
- Product Description
- Market Focus—Healthcare Organizations
- Market Focus—Managed Care Organizations
- Capacity, Deductibles, Coinsurance, and Agent Access
- Data Privacy: Types of Coverage and Limits Available
- Data Privacy: Regulatory and Statutory Coverage Provided
- Data Privacy: Payment Card Industry Coverage Provided
- Data Privacy: Coverage Triggers
- Data Privacy: Types of Data Covered
- Data Privacy: Remediation Costs Covered
- Data Privacy: Remediation Coverage Services
- Coverage Extensions and (Sub)Limits Available for Cyber
Insureds—Media Liability
- Security Assessment by Third-Party Requirements
- First-Party Coverage: Direct Damage and Business Interruption
- Coverage for Loss Resulting from State-Sponsored or Terrorist
Act
- Theft (First-Party) Coverage
- Theft (First-Party) Coverage—Deceptive Funds Transfer or Social
Engineering
- Extortion Ransomware Coverage
- Third-Party Coverage: Bodily Injury and Property Damage
- Third-Party Coverage
- Claims Reporting, Extended Reporting Period, Selection of Counsel,
Consent To Settle
- Prior Acts
- Coverage Territory
- Exclusions
- Risk Management Services
Sample Market Information from Full Report
Below is a small sample of the information that is available for each of the
insurers via the 25 different types of charts included in the full report.
| Data Privacy: Types
of Coverage and Limits Available |
| Carrier |
Liability |
Remediation |
Fines and/or
Penalties |
| Ascent Underwriting |
Up to policy limit covered under Insuring Module 1 (Security and
Privacy Liability) |
Up to policy limit (also have the ability to offer notification
expenses outside the limit) |
Up to policy limit (including PCI fines and assessments and
contractual fines) |
| First-party
Coverage: Direct Damage and Business Interruption |
| Carrier |
Direct Damage to
Equipment |
Destruction of
Data |
Virus Extraction |
Business
Interruption |
Denial of
Services |
| Berkley Cyber Risk Solutions |
Available by endorsement subject to underwriting
|
Yes |
Yes—supplemental coverage includes reimbursement of costs and
expenses to identify or remove software program errors, malware,
computer viruses or vulnerabilities |
Yes |
Yes |
| Capacity,
Deductibles, Coinsurance, and Agent Access |
| Carrier |
Capacity
Available |
Deductible or SIR
(Minimum & Maximum) |
Is Product Available to Retail
Broker or to Wholesale Only |
| AIG |
$100 million |
Minimum retention $1,000 (First Response Coverage $0) |
Available to all licensed brokers appointed with AIG |
Your Objective Source: A Renowned Industry Expert
Richard S. Betterley, LIA, is the president of Betterley Risk Consultants
(BRC), an independent insurance and alternative risk management consulting
firm. BRC, founded in 1932, provides independent advice and counsel on matters
important to the commercial property and casualty insurance industry and its
customers, alternatives to traditional insurance, and related services
throughout the United States. It does not sell insurance or related
services.
Mr. Betterley is a frequent speaker, author, and expert witness on specialty
insurance products and related services. He is a member of the Professional
Liability Underwriting Society. He joined the firm in 1975.
Mr. Betterley created The Betterley Report in 1994 to be the
objective source of information about specialty insurance products. Now
published six times annually, The Betterley Report is known for its
in-depth coverage of management liability, cyber risk, privacy, intellectual
property, and media insurance products.
Next Issue: December
Employment Practices Liability Insurance Market Survey
The Betterley Report, your independent guide to specialty insurance
products, is a series of six comprehensive reports published annually by
Betterley Risk Consultants and distributed by International Risk Management
Institute, Inc. (IRMI).
The Betterley Report may be accessed by subscribers on IRMI Online
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Services at (800) 827–4242 or learn more on IRMI.com.
Betterley Risk Consultants is an independent insurance and
alternative risk management consulting firm. Founded in 1932, it provides
independent advice and counsel throughout the United States. It does not sell
insurance nor provide insurance-related services.
Betterley Risk Consultants, Inc.
235 Forest Lake Rd. • Friendship, Maine 04547
Phone (774) 262–3460
email: [email protected]
The editor has attempted to ensure that the information in each issue is
accurate at the time it was obtained. Opinions on insurance, financial, legal,
and regulatory matters are those of the editor and others; professional counsel
should be consulted before any action or decision based on this matter is
taken. Note: all product names referred to herein are the properties of their
respective owners.
The Betterley Report is published six times yearly by Betterley
Risk Consultants, Inc. This material is copyrighted, with all rights reserved.
ISSN 1089–0513