Council Foundation Logo Leaders Edge

When selling cyber insurance, a sharp eye for detail is vital considering the details are constantly evolving and changing. John Ahmuty, a broker for Swett & Crawford, discovered just how confusing the cyber market can be while reading a cyber policy.

The policy stipulated that an insured’s security software had to be the “most up to date.” However, the policy did not explain what “most up to date” actually meant and when Ahmuty reached out to the underwriter to clarify  the underwriter responded that “he could not provide further clarification.” Ahmuty explained that this was just “another adventure in selling cyber insurance.” Carriers are regularly updating or changing their forms every couple of months which means “meticulous review is imperative, because agents and brokers who do not accurately differentiate between each policy could face potential lawsuits related to errors and omissions.”

Click here for the full Leaders Edge cyber story, which dives into potential for market growth, the danger of data breaches, market demand and more.

Leave a Reply

You must be logged in to post a comment.