Page 105 - Policy Wording - Hollard Business Binder (2020-08-26)

2.3 Events covered and extensions of cover payable with the consent of the Specialist Liability Underwriter:
2.3.1 Cyber liability:
2.3.1.1 Defence and settlement of liability claims arising from:
a. Compromised information.
b. A system security incident affecting systems and data as well as causing harm to third-party systems and data.
2.3.1.2 To the extent insurable by law, fines assessed by a government regulatory body due to an information privacy breach.
2.3.2 Crisis management and notification expenses:
2.3.2.1 Public relations campaigns to limit reputational damage.
2.3.2.2 Costs for communications during the crisis, especially to keep affected parties informed.
2.3.2.3 Notifications to affected parties.
2.3.2.4 Remediation services to safeguard affected parties e.g. credit monitoring.
2.3.3 First party expenses:
2.3.3.1 Expenses for security specialists, attorneys, forensic investigators and loss adjusters to contain, manage and recover from an incident.
2.3.3.2 Costs to restore, recollect or replace data lost, stolen or corrupted due to a system security incident, or costs incurred until such point in time where it is established that data cannot be recovered or restored.
2.3.4 Loss of business income (50% of the limit):
2.3.4.1 Loss of income and increased cost of working because of a system security incident.
2.3.5 Cyber extortion:
2.3.5.1 Costs to investigate and mitigate a cyber-extortion threat. Where required, costs to comply with a cyber-extortion demand.
2.3.6 Digital media liability:
2.3.6.1 Defence and settlement of liability claims resulting from disseminated content including:
defamation, unintentional copyright infringement and unintentional infringement to right to privacy.
Cyber Liability
2.4
Excluded risks
Adult media
Any government department, state owned enterprise, development agencies and the likes thereof
Call center/telemarketers
Car sales with a turnover more than R25 000 000 per annum
Casinos/gambling of any nature
Credit card aggregators/processing service providers (provide the credit card processing functionality to other companies)
Data processor/outsourcer
Financial institution
Gaming (including online)
Healthcare center/provider with a turnover more than R25 000 000 per annum Hospitality industry with a turnover more than R25 000 000 per annum Internet service/hosting/cloud storage provider
104 Commercial Underwriting Mandates and Guidelines – Binder – Version 2 2020