Risk & Business Magazine Spectrum Insurance Spring 2017 | Page 8

CYBER RISK COVERAGE AS PART OF BI COVERAGE, THE EXTENT OF FINANCIAL REIMBURSEMENT FOR A COVERED REVENUE LOSS IS ALSO CONTROLLED BY OTHER IMPORTANT POLICY PROVISIONS, AS LISTED BELOW: • • The specified BI sublimit in the policy will set forth the maximum BI exposure for the insurer. Regardless of the revenue loss, the BI sublimit caps the payout under the policy. The BI sublimit may at times be tied to an annual BI aggregate limit — the maximum payable in the policy period if separate network attacks take place. Policies that provide BI coverage will often include a separate BI deductible or BI waiting period, either in hours or days, before liability will arise under the policy. If a BI loss is below the deductible or does not exceed the waiting period, then the policy will not respond. An example of the 8 waiting period not being met would be if a denial-of-service lasts two hour