Cyber Insurance Policy - CoverMitra Insurance Broking Pvt Ltd

What is Cyber Insurance Policy?

Cyber insurance protects companies, whether they are startups or established organizations, from cyberattacks and ransomware breaches that occur during the policy period. If a company’s information technology systems, which may contain sensitive customer data like credit card details, account numbers, or health records, are compromised and result in financial losses due to online fraud, the cyber insurance provider will compensate for those losses.

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What are the benefits of Cyber Insurance?

Data Breach Response

Coverage for costs associated with responding to a data breach, including investigation and forensics, legal assistance, customer notification, credit monitoring, public relations, and regulatory compliance.

Data and Asset Restoration

Coverage for expenses related to data recovery and restoration, including the cost of recovering lost or damaged data, repairing or replacing compromised systems, and restoring business operations.

Business Interruption

Compensation for financial losses and additional expenses resulting from a cyber incident that disrupts your business operations, leading to income loss and extra costs incurred during the restoration process.

Cyber Extortion

Coverage for expenses related to cyber extortion incidents, such as ransomware attacks. This includes ransom payments, negotiation costs, and assistance from specialized professionals.

Cyber Liability

Protection against third-party claims arising from data breaches or unauthorized access to sensitive information. This includes legal defense costs, settlements, and damages awarded to affected individuals or organizations.

Privacy and Notification

Coverage for costs associated with complying with data breach notification laws and regulations, including customer notification, credit monitoring, public relations, and identity theft assistance.

Media Liability

Protection against claims of intellectual property infringement, defamation, or slander arising from online content or advertising activities.

Note: Remember that the specific coverage details may vary depending on the insurance provider. It’s advisable to review the policy documents for precise information about coverage.

What is not covered under Cyber Insurance policy?

Known vulnerabilities

Losses resulting from cyber incidents that occur due to known security vulnerabilities that were not addressed or mitigated by the insured party.

Unapproved system modifications

Damages caused by unauthorized modifications or alterations made to the insured party's computer systems or networks without proper approval.

Intentional acts

Losses resulting from intentional acts or willful misconduct by the insured party or its employees, such as fraudulent activities or deliberate unauthorized access.

Loss of future profits

Loss of future profits: Financial losses arising from the interruption of business operations or loss of future profits due to a cyber incident, unless explicitly included in the policy.

War and terrorism

Damages caused by acts of war, terrorism, or related conflicts, unless a specific cyber terrorism insurance coverage is in place.

Fines and penalties

Any fines, penalties, or punitive damages imposed by regulatory bodies or authorities for non-compliance with data protection regulations or cybersecurity standards.

Non-cyber incidents

Losses resulting from events unrelated to cyber risks, such as physical damage to property or traditional liability claims.

Note: Remember that the specific coverage details may vary depending on the insurance provider. It’s advisable to review the policy documents for precise information about coverage.

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CoverMitra Insurance Broking Pvt. Ltd. is an IRDAI-authorized insurance broking firm that aims to simplify insurance for its customers to make Smart Choices.

IRDAI License No. 600 Valid till: 01/06/2026

Incorporation date 10/10/2016

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What’s Covered in Fire Insurance?

Loss or damage caused by fire
Loss or damage due to natural heating, fermentation, or spontaneous combustion
Losses or damages resulting from implosion or explosion are covered under fire insurance. This includes damages caused by internal pressure, bursting of boilers, gas explosions, etc.
Fire insurance typically covers losses or damages caused by natural calamities such as earthquakes, volcanic eruptions, storms, cyclones, typhoons, hurricanes, etc.
Fire insurance may also provide coverage for losses or damages caused by malicious acts, including arson, riots, strikes, or civil commotions.
Terrorism (subject to policy clauses): Some fire insurance policies may include coverage against losses or damages caused by acts of terrorism, subject to the specific terms and conditions mentioned in the policy.
Bursting and overflowing of water tanks, pipes, and apparatus (under building insurance): Fire insurance policies that include building insurance coverage may cover losses or damages resulting from bursting or overflowing of water tanks, pipes, or apparatus within the insured premises.
It is recommended to review the policy documents or consult with the insurance company to fully understand the coverage provided by a fire insurance policy.

What is Not Covered Under Fire Insurance?

1. Arson: Intentional fire-setting or fraudulent activity.
2. Vacant or unoccupied property: Extended periods of vacancy.
3. Acts of war and terrorism: Damage caused by war or terrorism.
4. Nuclear incidents: Damage from nuclear reactions or radiation.
5. Wear and tear or lack of maintenance: Gradual deterioration or neglect.
6. Consequential losses: Indirect or business interruption losses.
7. Illegal activities: Fire damage resulting from illegal acts.
8. Specific property types: Certain high-risk properties or violations.

Remember to refer to your policy documents for precise details