Cyber Insurance for Healthcare

NOW AVAILABLE

The Betterley Report: Cyber Insurance for Healthcare Market Survey 2017

2017 Report Highlights

21

insurers analyzed

92

pages of charts

25

lines of coverage analyzed

Updates inside the full report include:
  • The first-ever edition of the "Cyber Insurance for Healthcare Market Survey" report
  • 92 pages with 25 different kinds of charts comparing 21 of the most prominent insurers writing cyber and privacy coverage for healthcare organizations
  • A comparison of insurance company market appetite by specific healthcare segment
  • A guest article explaining how to evaluate an insurer's value-added risk management services
  • An analysis of the drivers for growth in the market of healthcare insureds
  • Need-to-know information for 6 key aspects of data privacy coverage
  • A look at how insurers are adapting their coverage for remediation services
  • Analysis of the variance in deceptive funds transfer coverage from insurer to insurer
  • Specific cyber and privacy insuring agreements that are increasing in demand
  • Difficulties associated with the "failure to maintain security standards" exclusion

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—2017” 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: more than 90 pages of incomparably detailed charts comparing 21 of the leading cyber and privacy liability insurers writing healthcare organizations. These comparison charts allow readers to see how each of the 21 insurers stacks up with the others in terms of the following.

25 types of insurer comparison charts available in full report:

These comparison charts allow readers to see how each of the 26 insurers stacks up with the others in terms of:

  • Contact and Product Information
  • Product Description
  • Market Focus: Healthcare Insureds
  • Market Focus: Managed Care Insureds
  • 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
  • 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 21 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 No Yes, thru the Data Breach Response insuring agreement definition of Data Restoration Expenses Not a Business Interruption coverage. However, Supplemental Coverage includes costs and expenses to identify or remove software program errors, malware, computer viruses or vulnerabilities Yes, thru the Business Interruption insuring agreement Yes, thru the Business Interruption insuring agreement
Capacity, Deductibles, Coinsurance, and Agent Access
Carrier Capacity Available Deductible or SIR
(Minimum & Maximum)
Is Product Available to Retail Broker or to Wholesale Only
Starr $10 million primary
$25 million excess
$5,000 and up depending on risk Both

Your Objective Source: A Renowned Industry Expert

rick_betterley_186x175Richard 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 insurable risk, coverage, alternatives to traditional insurance, and related services to corporations, educational institutions, and other organizations 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.

More recently, Mr. Betterley created The Betterley Report Blog on Specialty Insurance Products, which offers readers updates on and insight into insurance products such as those covered in The Betterley Report. It provides him with a platform to more frequently and informally comment on product updates and newly announced products as well as trends in the specialty insurance industry.

Next Issue: December

Employment Practices Liability Insurance Market Survey

The Betterley Report is distributed by International Risk Management Institute, Inc. (IRMI) and may be accessed by subscribers on IRMI Online. To purchase a subscription, call IRMI Client 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 to corporations, educational institutions, and other organizations throughout the U.S. It does not sell insurance nor provide insurance-related services.

Betterley Risk Consultants, Inc.
Thirteen Loring Way • Sterling, Massachusetts 01564–2465
Phone (774) 262–3460
e-mail: rbetterley@betterley.com

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

Purchase Options

This Report Only:

Starting at $115 / year

Management Reports 3-Pack:

Starting at $280 / year

The Betterley Report 6-Pack:

Starting at $317 / year

    Navigation

    Social Media

    User ID: Subscriber Status:Free