Commercial Cyber Insurance Policy Declarations – CY DS 02

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Cyber Liability Insurance

INTRODUCTION

Each insurance company develops and modifies its own version of the advisory Insurance Services Office (ISO) CY DS 02-Commercial Cyber Insurance Policy Declarations to meet its specific needs and purposes. The information provided on this declaration must be accurate because it is referenced within the policy. If the entered information is incorrect it could result in a denial of coverage or less coverage than had been expected.

This declaration is used with CY 00 01-Commercial Cyber Insurance Policy.

AGREEMENT

In this section, the insurance company agrees to provide the named insured with insurance as described in the policy, subject to its terms and conditions and to the premium being paid.

GENERAL INFORMATION

This section includes the following information:

  • Policy number
  • Insurance company name
  • Producer name
  • Named insured – Note: The order in which multiple named insured are listed matters. The first named insured has duties and responsibilities that are not shared with the other named insured. It must pay the premium and will receive any return premium. It is also the only insured that will receive notice of cancellation. If that first named insured is deleted from the policy, the second named insured will automatically move up the list to be the first named insured.
  • Mailing address

POLICY PERIOD

Policy period must be expressed as month, day, and year. The period commences at 12:01 a.m. at the policy mailing address.

WEB SITE ADDRESSES

A listing of all website addresses is to be entered on the declarations. This is identification only because the policy itself does not tie coverage to only those websites listed on the Declarations.

TYPE OF BUSINESS ORGANIZATION

A checkbox is to be selected for one of the seven types of businesses listed. This selection is identification only because the policy itself does not tie coverage to the type of business organization selected.

ANNUAL PREMIUM

The annual premium must be entered. There are no conditions for audit or for reporting so this is a final premium.

LIMITS AND DEDUCTIBLES

Policy Aggregate Limit – The Policy Aggregate Limit is the most paid in a single policy period. It is reduced whenever a payment is made for a loss covered under any of the six insuring agreements.

Aggregate Sublimits of Insurance – Aggregate Sublimits of Insurance are available for:

  • Extortion Threats – Random Payments, Business
  • Business Income and Extra Expense
  • Public Relations

These apply when either a percentage or dollar amount are entered. The policy does not explain how the percentage entered is to apply or what occurs if both a percentage and a dollar amount are entered.

Deductibles – The entered deductible applies to all insuring agreements but the application varies by insuring agreement as explained in the policy. As with other coverage forms, if a loss is covered by multiple insuring agreements, only the highest applicable deductible is used.

ENDORSEMENTS

Endorsements that are included when the policy is issued are entered in this section. Subsequent endorsements issued after inception obviously cannot be listed but are included by inference.

COUNTERSIGNATURE

Spaces for the authorized representative’s countersignature and date are provided.