Page 131 - Hollard Business Policy - Binder

Cyber Insurance (Claims-made Basis)
Loss (cont.)
Malicious Code
Network Security Breach
Notification Expenses
Hollard Business Policy – Binder – Version 8 2024
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Loss does not include:
1. profits, restitution, or disgorgement of profits by any Insured;
2. costs to comply with orders granting injunctive or non-monetary relief;
3. return or offset of fees, charges, royalties or commissions for goods or services;
4. non-compensatory (except to the extent covered at (2.2.2)), multiple or liquidated damages;
5. fines or penalties (except to the extent covered at (2.2.2));
6. damages, fines, penalties or awards from industry-wide, non-firm specific regulatory inquiry or action;
7. any amount which the Insured is not legally liable to pay;
8. loss of any remuneration or financial advantage to which the Insured was not legally entitled;
9. matters deemed uninsurable under the jurisdiction in which a Claim is brought; and
10. matters relating to laws not pursuant to which this Section may be construed
Loss of Business Income
the reduction in net income (net profit before income taxes) which the Insured would have earned had no Network Security Breach occurred; and the Insured’s reasonable continuing, and normal operating and payroll expenses (after accounting for savings) that were incurred and affected by a Network Security Breach. Loss of Business Income shall not mean bank interest or investment income, nor include penalties paid to third parties or losses arising from Claims made by third parties
software designed to infiltrate or damage the Computer System without the Insured’s consent
a Downstream attack, Unauthorised Access to, Unauthorised Use of, Theft of Data from, Denial of Service Attack against or transmission of Malicious Code to the Insured’s Computer System, including physical theft of any part thereof
a statutory, regulatory or common law breach of confidentiality, infringement, or violation of any right to privacy, which results in harm to employees of the Insured or third parties
reasonable and necessary expenses approved by the Company within 1 (one) year of the Insured notifying the Company of the Wrongful Act, to comply with governmental privacy legislation or Guidelines recommending as best practice, notification in the event of a Privacy Breach or Network Security Breach
Privacy Breach
Restoration Period
begins for First Party Expenses, immediately after the actual or potential impairment or denial of the Insured’s business activities occurs; and continue until the earlier of:
1. the date the Insured’s business activities are restored, with due diligence and dispatch, to the condition that would have existed had there been no Network Security Breach; or
2. 60 days after the date an Insured’s Computer System is fully restored, with due diligence and dispatch, to the condition that would have existed had there been no Network Security Breach
Retroactive Date
the Retroactive Date as specified in the cyber Section Schedule. If not specified, the Retroactive Date shall be the date of first inception of this Section