Follow Adjusting Today on Facebook & X: Facebook.com/AdjustersInternational X.com/AdjustingToday ADJUSTING TODAY® is published as a public service by Adjusters International, Ltd. It is provided for general information and is not intended to replace professional insurance, legal or financial advice for specific cases. There are 23 back issues of AT at www.adjustingtoday.com. ADJUSTINGTODAY® AdjustingToday.com View our entire catalog of back issues, download PDF versions, subscribe and contact the editor. EMAIL Info@AdjustersInternational.com WEB ADDRESSES AdjustersInternational.com AdjustingToday.com PUBLISHER Gregory P. Raab, MBA EDITOR Ethan A. Gross, JD AT24 3060 Mr. Harrington is an independent insurance writer and communications specialist. He served for over 20 years as communications director for the American Association of Insurance Services (AAIS). His work has been published in Best’s Review, Rough Notes, publications of The Institutes, and elsewhere. Joseph S. Harrington, CPCU ABOUT THE AUTHOR ADJUSTING TODAY® is published by Adjusters International Ltd. to educate professionals and consumers on significant issues for first-party property insurance markets and claims. A.I. is a consortium of the nation’s premiere public adjusting firms covering all 50 states, U.S. Possessions, the Caribbean, Canada, and selected international locations. Our member firms help businesses and homeowners get through some of life’s greatest catastrophes, by shouldering the burden of managing property insurance claims. Adjusters International represents policyholders only. We do not represent insurance companies. Our principal mission is to support families in their property, financial and emotional recovery; and to assist businesses with their property losses, including interruption of business, retaining employees, and serving customers. For help with a first party insurance claim please email info@adjustersinternational.com or visit our website at www.adjustersinternational.com. Copyright © 2024 Adjusters International, Ltd. All Rights Reserved. *The concern over silent cyber was great enough to prompt a study by the Organization for Economic Cooperation and Development (OECD), a body representing countries with developed economies, entitled “Encouraging Clarity in Cyber Insurance Coverage.” The report suggested that desired growth in cyber insurance is impeded by overlaps in coverage between cyber policies and property, liability, fidelity, commercial crime, and kidnap and ransom policies. †There are some vehicle risks that “cross the line,” so to speak, between auto and other property and liability exposures. These risks are mostly related to vehicles that are not required to be licensed for use on public roads, including mobile equipment, utility vehicles, and off-road, all-terrain vehicles. Policy language has been developed to address risk to these and arising from these. ‡Regarding computer hardware, as devices themselves have become smaller and more powerful, the value of hardware relative to software and data has decreased to the point where replacing hardware is of little concern in addressing cyber risk. It remains to be seen, however, how widespread integration of intelligent devices into items of tangible property will affect the hardware component of cyber losses. §The ISO property and liability cyber exclusions are provided as “mandatory” endorsements, meaning that participating insurers are expected to add them to all applicable policies. If they don’t, the insurers would be providing broader coverage than intended by ISO drafters and exceeding the parameters of the corresponding loss cost rating information. The provisions of mandatory endorsements are commonly incorporated into base policy forms when the latter undergo a general revision. 1 Claims Mitigation Management Alliance, “The Future of the Cyber Claims Adjuster: A Jack of All Trades,” CLM 2016 Cyber Liability Summit, October 5, 2016; accessed at https://www.theclm.org/ Event/GeneratedScheduleAndCourses/4539 2 Joshua Gold and Daniel Healy, “The Implications of Silent Cyber Coverage Restrictions,” Risk Management, Oct. 7, 2019; accessed at https://www.rmmagazine.com/articles/article/2019/10/07/- The-Implications-of-Silent-Cyber-Coverage-Restrictions 3 GBA Insurance, “Common Cyber Claims Insured Outside Of Cyber Policies,” Oct. 23, 2023; accessed at https://www.gbainsurance.com/silent_cyber_1023 4 GBA Insurance, “The Many Cyber Exclusions Within D&O Policies,” undated; accessed at https:// www.gbainsurance.com/cyber-exclusions-of-directors-insurance FOOTNOTES
RkJQdWJsaXNoZXIy NjIxNjMz