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
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waiting period not being met would
be if a denial-of-service lasts two
hour