Cyber Coverage

Cyber coverage provided via your Advisers Select™ policy.

Cyber coverage, otherwise known as Electronic Media, Network security or Data protection insurance is provided by the AdvisersGold Select™ program via endorsement:

Via the Electronic Media Endorsement:

Covered Act shall also include the following when committed by you in the rendering or failure to render Professional Services after the Retroactive Date:

  1. Misdirection of electronic mail or other electronic media, including but not limited to, an intranet, extranet or internet connection; or
  2. Loss or theft of client information transmitted via electronic media or contained on any portable computer or media device used for Professional Services; or
  3. Introduction of a computer virus or Cybertoxin into, or enabling a Denial of Service Attack on,a third party’s computer, computer system or network; or
  4. Enabling unauthorized access by a third party into another third party’s computer, computer system or network; or
  5. exceeding authorization in accessing a third party’s computer, computer system or network.

Via the Social Engineering Endorsement:

Up to $150,000 in liability coverage.

Professional Services shall also mean Funds Transfer Services.

Funds Transfer Services shall mean the services performed by an Authorized Employee of the Named Insured in the scope of his or her duties and on behalf of the Named Insured in the transfer, payment or delivery of Moneyor Securities from an account of the Named Insured or controlled by the Named Insured. Funds Transfer Services shall include Fraudulent Instruction Funds Transfer.

Fraudulent Instruction Funds Transfer means the transfer, payment or delivery of Moneyor Securities from an account of the Named Insured or controlled by the Named Insured that is made on behalf of the Named Insured by an Authorized Employee in the scope of his or her duties, in good faith and in reliance upon fraudulent instructions received from a third‐party purporting to be either another employee of the Named Insured, a Vendor or a client to a transaction involving the Named Insured, but only if the Named Insured or its Authorized Employee performed Call Back Obligations.

Subject to the call back obligations stated in the endorsement.

Via the Client Identity Theft Endorsement:

Via this endorsement the definition of damages is amended to include “a compensatory monetary amount for which you may be held legally liable, including any amounts to correct, monitor and safeguard personal identities, other than your personal identity, that you have a legal liability to protect from identity theft.” Coverage is provided up to the full limits of the policy.

Via the Enhanced Cyber Coverage endorsement:

This endorsement expands coverage to include free additional coverages for up to $50,000 per incident/$50,000 aggregate (which may be increased to $500,000/$1,000,000) for:

  • Breach and monitoring costs (replaces Client notification and consultant costs above);
  • Loss of digital property;
  • Business interruption and additional costs of working; and,
  • Cyber extortion.

The foregoing is for illustrative purposes only. Only the policy form and endorsements themselves can provide actual coverage wording and conditions. These endorsements are subject to underwriter approval and may not be offered or available to all firms.