PI& CyberInsurance
Findia PI & Cyber insurance for IT companies
Findia PI & Cyber insurance is dedicated to companies and IT specialists who expect an international, broadest protection scope, combining professional and cyber liability.
Findia PI & Cyber insurance for IT specialists (Contractors)
The Insurance for contractors is intended for self-employed persons who do not have any employees, and perform work / assignments for third parties who take responsibility for their work.
Coverage
I section
Information technology professional indemnity
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Information technology professional indemnity insurance.
The Insurer will indemnify the Insured up to the limit of indemnity, for the Insured’s damages, Claimant’s legal costs and expenses and Defence Costs and Expenses that the Insured becomes liable to pay, arising out of a negligent acts, error or omission committed by the Insured which gives rise to a Claim first made against the Insured, on or after the Retroactive Date stated in the Policy, acting anywhere within the Territorial Limits during the Period of Insurance which is notified to the Insurer in accordance with the Policy terms and conditions, in respect of:
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breach of a written or verbal contract resulting from Products or Professional Services not conforming to the agreed specifications or the failure of Products to perform the function or serve the purpose intended, including any resulting Claim from a written contract giving rise to Liquidated Damages;
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the failure of Products or Professional Services to meet any statutory term implied into a written contract concerning the quality, fitness for purpose or safety of such Products or Professional Services;
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any negligent misstatement or negligent misrepresentation committed without malicious intent;
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any libel, slander or Product disparagement committed without malicious intent;
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any unintentional breach of confidence, unintentional invasion of privacy, or unintentional misuse of information which is either confidential or subject to statutory restrictions on its use;
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any unintentional infringement of intellectual property rights, including copyright, trademark or moral rights or any act of passing off, or unintentional disclosure of trade secrets;
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Damage to documents and data
Notwithstanding the ‘Physical Damage’ Exclusion in this Section, the Insurer will indemnify the Insured up to the limit of indemnity, in respect of any civil liability to pay costs and expenses for the replacement or restoration of any Third Party documents, which are lost or damaged while in the care and custody of the Insured in the course of the Professional Services, and which after diligent search cannot be recovered, due to a Claim being made against the Insured anywhere within the Territorial Limits during the Period of Insurance and arising in connection with the Insured’s business and is notified to the Insurer in accordance with the GTCI and Policy,unless stated otherwise, provided that the act, error or omission giving rise to the Claim takes place on or after the Retroactive Date stated in the Policy, provided that no costs and expenses are incurred by the Insured without the Insurer’s prior written consent not to be unreasonably withheld, and must be supported by invoices and/or accounts issued in conformity with generally applicable laws to the Insurer’s satisfaction.
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Dishonesty of employees
The Insurer will indemnify the Insured up to the limit of indemnity for the Insured’s liability to Third Parties for damages, Claimant’s legal costs and expenses incurred in civil, criminal, administrative or arbitration proceedings and Defence Costs and Expenses arising out of any dishonest or fraudulent act or omission by an Employee or Subcontractor, committed in the conduct of the Professional Services carried on, by, or on behalf of, the Insured within the Territorial Limits, which gives rise to a Claim, first made against the Insured during the Period of Insurance and notified in accordance with the relevant terms and conditions of the Policy; provided that:
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the Insured will, by any means and at the cost of the Insurer, seek to recover or obtain reimbursement of all such monies;
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no indemnity will be provided to any person committing, condoning or ignoring such dishonest or fraudulent act or omission;
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the Insured must take any possible steps to prevent dishonest and fraudulent acts and omissions;
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the Insurer is entitled to deduct from any payment to be made to the Insured, or be reimbursed in respect of any payment already made to the Insured, any monies:
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such reasonable fees, costs and expenses arise as a result of an actual or potential Claim against the Insured during the Period of Insurance; and
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The Insurer has given its prior written consent to the incurring of such fees, costs and expenses, subject to proviso that such consent or denial of consent must be expressed immediately; and
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No admission of liability is made by the Insured.
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nothing in this Clause precludes the Insurer from exercising any right of subrogation against any person committing, condoning or ignoring such dishonest or fraudulent act or omission.
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Subcontractors
Subject to the Policy terms and conditions, this Section is extended to cover the Insured’s legal liability under this Insuring Clause for a Claim arising out of Products or Professional Services supplied to the Insured or to third parties on behalf of the Insured by Subcontractors or consultants under a written contract.
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Business interruption
Under this section of coverage, the policy pays for:
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the insured’s loss sustained due to a reduction of business income in the consequence of a business interruption,
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insured’s expenses incurred in order to resume or restore their business operations,
arising out of a cyber event, cyber theft or cyber extortion.
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Cyber theft
Under this section of coverage, the policy pays for a loss caused by:
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theft or alteration/modification of the insured’s money or securities,
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theft or loss of the insured’s goods in connection with the supply or delivery of goods,
which is sustained by the insured exclusively as a consequence of a cyber theft through unauthorised access during the period of insurance, but always excluding impersonation fraud.
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Cyber extortion
Under this section of coverage, the policy pays for a loss caused by cyber extortion in connection with an imminent or probable threat of:
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loss of, or damage to, the insured’s network,
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loss of insured’s money or securities,
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loss, disclosure or unauthorised use of the insured’s confidential information or the confidential information of others in the insured’s care,
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defacement of the insured’s website,
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the payment of forensic investigation costs on account of a claim related to para. (a)-(d) above,
which follows any reasonable threat to the insured posed by an extortionist, which occurs during the period of insurance.
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Impersonation fraud
Under this section of coverage, the policy pays for the loss caused to any IT system as the result of impersonation fraud.
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Notification costs
Under this section of coverage, the policy pays for expenses following an actual or suspected disclosure of personal information, which were incurred by the insured in order to:
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comply with a security breach notice law of any jurisdiction within the territorial limits, and provide customer support services such as credit monitoring services, call centre costs and identity theft education and assistance costs,
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notify relevant individuals of such disclosure where no such security breach law exists and provide customer support services such as credit monitoring services, call centre costs and identity theft education and assistance costs.
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Damage to the insured’s reputation
Under this section of coverage, the policy pays for reasonable and necessary expenses incurred to respond to adverse or unfavourable publicity or media attention resulting from a cyber event.
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Cyber media liability
Under this section of coverage, the policy pays for damages arising out of a third-party claim made against the insured in respect of:
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defamation of any individual or commercial enterprise,
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product disparagement,
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unintentional infringement of intellectual property rights
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improper deep-linking or framing;
arising from the insured’s cyber media activities.
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Privacy liability and loss of documents
The insurer pays damages arising out of a claim made against the insured by a third party or insured’s employee in respect of:
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a breach of an individual’s right of privacy or wrongful public disclosure of private information by the insured or third party custodian,
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breach of the insured’s privacy policy, including breach of any common law or other law governing the confidentiality, integrity or accessibility of personal information, including any failure of the insured to provide notice of an actual or potential wrongful disclosure of personal information.
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Liability for a breach of confidentiality
The insurer pays on behalf of the insured damages arising out of a third-party claim made against the insured in respect of disclosure of non-public corporate information or trade secrets in the custody of the insured or a third party custodian, including their failure to provide notice of an actual or potential wrongful disclosure of non-public corporate information.
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Cyber security liability
The insurer pays on behalf of the insured damages arising out of a claim made against the insured by a third party in respect of the insured’s failure to prevent a cyber event resulting in:
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the inability of others to access the insured’s network, or
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damage to a third party network and/or loss of, or damage to, data stored on a third party network, or
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loss of, or damage to, data of others stored on the insured’s network or with a third party custodian, or
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loss of or damage to money or securities or the money or securities that the insured deposited with a third party custodian, but always excluding system failure.
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Regulatory actions and fines
The insurer pays on behalf of the insured damages arising out of a claim made against the insured by a third party in respect of:
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regulatory penalties, civil penalties or fines but only to the extent insurable by law;
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regulatory defence costs in respect of a criminal, civil or administrative actions or proceedings, including any pre-trial or appellate proceedings of any regulatory investigation in connection with the insured’s business activities.
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amage to the insured’s reputation – section II
The insurer will reimburse the insured (subject to the sublimit defined in the policy) for reasonable and necessary expenses approved by the insurer to respond to adverse or unfavourable publicity or media attention resulting from a claim indemnifiable under the insurance contract.
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Liability for a breach of payment security
The insurer pays on behalf of the insured damages arising out of a claim made by a third party in respect of a breach of a written contract between the Insured and any entity or individual that governs the storage and processing of credit card information including any breach of the PCI DSS (Payment Card Industry Data Security Standard).
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