Cyber and Executive Risk Jeopardy

Definitions

100

This definition typically consists of the CEO, CFO, GC, RM, or functional equivalent.

Control Group

200

This date in a claims-made policy determines the earliest point from which claims can be covered.

Retroactive Date

300

These are reasonable and necessary expenses incurred to minimize, reduce, or avoid income loss.

Extra Expense

400

This legal term refers to a lawsuit where one or more plaintiffs sue on behalf of a larger group.

Class Action

500

This term refers to a hostile work environment created by unwelcome conduct based on race, gender, or other protected characteristics.

Workplace Harassment

Insuring Agreements

100

This covers losses from fraudulent electronic funds transfer instructions sent to the insured’s bank.

Funds Transfer Fraud

200

On a D&O policy, this insuring agreement reimburses a company for its indemnification obligation to its directors and officers.

Side B

300

This coverage applies to the cost of physical injuries or damage if it results from a professional service.

Contingent bodily injury / property damage

400

This cyber insuring agreement is triggered when an insured is unable to provide electricity, oil, water, or gas to a third party.

Failure to Supply

500

This insuring agreement covers the costs to manufacture replacement payment cards, deliver new payment cards, and notify cardholders of a breach.

Card Reissuance Costs

Specialty Coverages/Policies

100

This product covers the policyholder for allegations of patent infringement, trade secret infringement, and various other types of infringement.

Intellectual Property

200

This product covers the policyholder for their accounts receivable if their customer is unable to pay outstanding bills.

Trade Credit

300

This policy covers shadow audit expenses, fines and penalties, and defense costs for billing errors.

MedDefense or Medical Billing E&O

400

This type of professional policy covers firms that design products.

Architects and Engineers E&O

500

This policy covers business interruption, bodily injury, and property damage due to a malicious attack.

Active Assailant

Exclusions/Conditions/Clauses/etc.

100

This exclusion prevents coverage for claims brought by one insured against another insured.

Insured vs. Insured

200

This exclusion applies to claims arising from the insured's intentional misconduct or fraudulent acts.

Fraudulent Acts

300

This is the conversational name for a Defense and Settlement Provision (typically 80/20).

Hammer Clause

400

This provision determines the portion of payments if both covered and uncovered allegations are submitted in a single claim.

Allocation Provision

500

This clause determines whether one insured’s knowledge can be used to deny a claim for all insureds.

Severability Clause