Cyber/Crime
This insuring agreement on the Crime policy reimburses the insured when an employee steals or embezzles from the insured
What is Employee Theft?
An optional insuring agreement dedicated to claims brought by 3rd parties
What is Third Party EPL?
This insurance protects against claims of mistakes, negligence, inadequate work, inaccuracies, misrepresentations, or similar
What is E&O or Professional Liability insurance?
In the event of a lawsuit, the carrier has the obligation to defend the insured from complaints, including elements that are NOT covered
What is Duty to Defend?
The amount of money that you are required to pay per claim before the insurance company will begin to pay
What is a deductible or retention?
This insuring agreement reimburses the insured when an employee is tricked or duped into voluntarily sending money over to a threat actor
What is Social Engineering Fraud?
Claims brought in this state cost nearly double than all other states
What is California?
This excludes claims involving disputes between family members who have ownership interest in the insured entity
What is a Family Exclusion?
An entity that is majority owned by the Named Insured
What is a Subsidiary?
This condition in the liability policy is triggered when a subsidiary is newly formed or acquired
What is the Acquisition Condition?
This form of currency is typically used to fund ransom demands
What is Bitcoin?
A discharge of a worker or workers because of economic conditions or shortage of work
What is a layoff?
This claim is brought when there are allegations of anti-competitive practices, monopolistic behavior, price fixing, or bid-rigging
What is Anti-Trust?
This condition is triggered when the named insured is acquired or when the majority ownership has changed
What is Change of Control?
This management liability policy provides coverage for claims related to the management and administration of employee benefit plans
What is Fiduciary liability?
This privacy control helps prevent unauthorized access by verifying something you know, something you have, or something you are
What is Multi-Factor Authentication (MFA)?
An optional insuring agreement addresses claims related to violations of laws governing overtime pay, minimum wage, and employee classification
What is Wage & Hour defense?
This insuring agreement or "side" pays for loss from wrongful acts against the insured organization
What is C or side C?
An entity that shares common ownership and/or management in common with the Named Insured
What is an Affiliate?
In the event of a lawsuit, the carrier will reimburse the insured from complaints, but only for complaints that are covered under the policy
What is reimbursement?
This Cyber Insurtech carrier was acquired by Travelers in 2024
Who is Corvus Insurance?
This optional insuring agreement addresses issues related to the employment of individuals who are not legally authorized to work in the country
What is Immigration Claims defense?
This is another name for Supplemental Personal Indemnification
What is additional "Side A" coverage?
This condition in the liability policy is also known as the "Hammer Clause"
What is the Settlement Condition?
A written demand for monetary, non-monetary or injunctive relief
What is a claim?