Cyber War Exclusions

Placing You First Insurance Podcast by CRC Group

Cybercriminals have turned the internet into a virtual battlefield, but insurers are increasingly worried about the growing risks that actual war and state-sponsored attacks pose to the market. Many insurers are adding new cyber war and terrorism exclusions to their cyber policies that further complicate an already complex marketplace. Amanda and Scott are joined by Lori Wheeler, a Broker with CRC Group’s Dallas office, and Tim Graham, a Broker with CRC’s Chicago office. They’re going to fill us in on what these exclusions can mean for clients.
Featuring:
Lori Wheeler - Inside Broker, CRC Dallas
Tim Graham - Broker, CRC Chicago

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Chapters

1. Cyber War Exclusions (00:00:00)

2. What has prompted carriers to add these new exclusions? (00:01:32)

3. Are you finding that they’re making their way into most of the policies you see or only for insureds in specific classes or industries? (00:03:57)

4. It seems that state-sponsored attacks may pose a bigger danger to larger insureds with multinational operations, but you said a severe cloud outage would affect all companies across the spectrum? (00:07:15)

5. What kind of reaction are these exclusions getting from insureds? (00:08:52)

6. What are some nuances that agents and insureds need to watch out for when it comes to cyber renewals? (00:13:01)

7. How does partnering with a CRC Group broker make a difference for the agent or the insured? (00:14:55)