Cyber breaches are on the rise and taking longer to resolve. For businesses that experience a cyber breach, it takes an average of 14 days to resolve the attack and costs an average of $17,696 per day.¹ In spite of this, you may be finding that your customers don’t realize just how important cyber liability protection can be. You may even be noticing that there’s a general lack of awareness about the exposure; how cyber policies work; or perhaps even assumptions that existing policies will provide coverage for this type of risk.
We’ve created a short video that you can share with your customers to help address some of the common misconceptions about cyber risk. The video will help your customers develop a basic understanding of cyber risk, the types of companies that are commonly exposed, what happens when a company faces a breach and the importance of having cyber liability coverage to protect their business.
Click The Link Below To View The Hartford’s Cyber Liability Video
The Hartford’s Cyber Liability Solutions
The Hartford has cyber liability solutions for business of all sizes. To learn more about our offerings, check out our other marketing tools on cyber coverage for technology and life science companies as well as non-technology companies.
For Technology and Life Science Companies
- Cyber Risk Podcast – Listen to The Hartford’s Joe Coray, Vice President of Marine, Technology & Life Science, as he discusses The Hartford’s cyber coverage solutions for technology and life science companies.
- FailSafeTM Coverage Analyzer - The Hartford’s FailSafe suite of technology professional liability products offers flexible coverage solutions for your clients’ errors and omissions exposures. Use this coverage analyzer to compare the benefits of addressing your clients’ cyber risk with our FailSafe suite of products.
- Cyber Risk Questions to ask Technology Clients – Asking the right questions is important to help evaluate your client’s exposure. These questions can help you identify a potential cyber exposure and open a discussion with your client.
For additional information, contact your Technology & Life Science Practice underwriter directly or email us at techpracticegroup@thehartford.com.
For Non-Technology Companies
- CyberChoice Overview Guides – The Hartford’s CyberChoice suite of professional liability products is designed for non-technology companies across a broad spectrum of industry classes. The CyberChoice suite offers coverage options for a broad range of common third party and first party risks of small, medium and large companies. Learn more with the CyberChoice 1.0SM Overview flyer and CyberChoice 2.09SM Overview flyer.
Colorado Contractors Insurance Impacted By New Bill
The latest news is that Governor Ritter signed HB 10-1394 into law last Friday afternoon. As reported in the Insurance Journal:
Colorado Governor Bill Ritter has signed into law a bill changing retroactively the duty of insurers to defend contractor professionals in construction liability cases.
The bill (HB 1394) was opposed by insurers and agents, who have warned it could make liability insurance for contractors hard to find or very expensive. For that same reason, it was also opposed by the American Subcontractors Association of Colorado.
It was passed in response to a 2009 court decision in General Security Indemnity v. Mountain States Mutual, which excluded claims for certain construction defects and imposed no obligation to defend in a contractor’s professional liability insurance policy. The decision held that there was no duty to defend faulty construction work claims for faulty work performed by a general contractor’s subcontractors.
Lawmakers were concerned that the Colorado Court of Appeal decision did not adequately consider a construction professional’s reasonable expectation that an insurer would defend against a defect claim.
The bill was meant to restore some duty of the insurer to defend contractors in such claims. The new law now considers damage caused by the work of a construction professional — even damage to the work itself — as accidental, and eligible for coverage.
But critics say it goes too far, requiring the liability policy to almost guarantee the quality of a contractor’s work much like a bond. They say the general liability policy is meant to cover the consequential damage resulting from faulty work, but not the faulty work itself.
Also, the law makes the new rules retroactive, placing insurers in a position of having to defend claims that they never envisioned when current policies were written and priced.”It is likely that the bill will have adverse effects on the availability and affordability of insurance for construction professionals in Colorado,” said Kelly Campbell, vice president for Property Casualty Insurers of America (PCI). PCI had urged the governor to veto the measure.
Campbell said the retroactive rewriting of policies is likely unconstitutional. “One thing is certain, this bill will spawn litigation on these issues, which is not in the best interests of Coloradoans or the judicial system of this state,” Campbell said.
PCI said the law overturns existing Colorado law, “creating a set of insurance unique rules that would be applicable only to construction professionals, and is underscored by poor public policy that will only serve to incentivize poor workmanship in the construction industry.”
According to Campbell, the bill creates incentives for general contractors to use the least expensive subcontractors, regardless of the quality of their work, and serves to insulate construction professionals from the consequences of poor workmanship.
