APPA/HCI CYBER LIABILITY INSURANCE FAQ
1) WILL I BE SHARING LIMITS, DEDUCTIBLES, OR MATCH RENEWAL DATES WITH OTHER
MEMBERS OF APPA?
- No. Limits and deductibles are negotiated per policyholder and each participant will choose its own renewal date.
2) HOW MUCH MONEY WILL I SAVE?
- When comparing our rates to those outside the program, we see an average of 20% in savings.
3) TELL ME ABOUT THE APPLICATION.
- Click Here to access the one page questionnaire now. Estimated time to complete is 5 minutes. If answers are satisfactory, a policy with pre-negotiated pricing, terms, and conditions will be issued.
- Answering “No” to questions does not disqualify you; underwriters may request additional clarification before binding coverage.
- When asked for the number of “Personally Identifiable Records” – add the # of Employees, #of Retirees, and # of Customers (meters) to determine a total.
4) CAN YOU DESCRIBE THE COVERAGE AFFORDED IN CYBER LIABILITY POLICY?
5) PREMIUMS LISTED ON THE APPLICATION STOP AT $100M IN REVENUE, WHAT IF OURS ARE
GREATER THAN $100M?
- Underwriters have predetermined premiums for those Utilities whose revenues are below $100m. For those greater than $100m, they require a review of the application and organization before producing the premium. We anticipate that this would take less than a week to provide an initial indication of terms.
6) WHO IS INSURED UNDER THE CYBER LIABILITY POLICY?
- Please refer to the policy for the actual definition, but as a synopsis is the Named Insured on the Policy, any majority owned subsidiaries, as well as any Past, Present, Future Officer, Director, Trustee or employees.
7) TELL ME ABOUT CLAIMS REPORTING AND WHAT HELP I CAN EXPECT TO RECEIVE
- Once you have purchased the coverage, a toll free phone number will be provided where you can report all breaches and arrange services needed. Additionally, you must provide written notice of the claim directly to firstname.lastname@example.org.
- Claims Management – Claims Process Management Including Appointing Specialists.
- Legal Services – Help to investigate & Respond to Breach Incidents.
- Computer Forensic Services – Assessment of Breach Impact and the “How and When”.
- Notification/Call Center Services – Instructions for Reaction Response and Notification.
- Fraud Resolution Services – Credit/ID Theft Monitoring & Remediation.
- Public Relations and Crisis Management Services – PR Consultation.
- For 3rd party claims, report when a demand or lawsuit as a result of a breach, is received. These claims "Pay On Your Behalf" (Lawsuits, Fines/Penalties).
- For 1st party claims, report when an actual or suspected privacy/security breach has occurred. For these Claims you are “Indemnified” (Reimbursed) (e.g. Network Interruption Costs, Notification Expenses, Fraud, Loss of Income, Etc.).
8) WHEN DO WE HAVE TO NOTIFY CUSTOMERS OF A BREACH OF PERSONAL INFORMATION?
- This is governed by state law, but generally when their Personally Identifiable Information has been compromised (Credit Card & Medical Info, SS#, etc.). A privacy / data breach attorney will provide guidance on this at the time of the breach.
9) DO YOU HAVE ANY THING THAT WILL HELP ME REDUCE THE CHANCE OF A BREACH?
Mitigating 100% of Cyber Risk is a financial hardship and nearly impossible. The services offered by our partners target mitigation of 80% of Cyber Risk at a reasonable cost. Our Cyber Insurance program then provides financial protection from the other 20%. Click the link here to complete the Cyber Risk Evaluation Tool to determine where your mitigation funds are best spent.
- CONTINUOUS MONITORING SERVICE – N-Dimensions Solutions, an APPA/HCI Partner offers continuous monitoring of live network traffic, and then alerts you of Suspicious Behavior/Patterns. This service is available at a reduced cost if purchased along with the APPA/HCI Cyber Liability Insurance program.
- FREE CYBER RISK EVALUATION TOOL/REPORT – This simple 12 question survey (Check Boxes) asks questions, typically used to prepare for a cybersecurity review. They are based on the fundamental cybersecurity controls that mitigate approximately 80% of Cyber Risks. Responses will provide a general sense of the cybersecurity environment and will generate a report with a cybersecurity maturity score, along with a discussion on areas where cybersecurity controls appear weak .