State of the Market for First- and Third-Party Coverage and Losses: New Underwriting Issues in a Connected World and With Highly Exposed Industries, Today’s Key Considerations for Brokers and Carriers, and

March 23, 2015 11:45am

René L. Siemens
Partner
Covington & Burling LLP

Laura Johnson
Senior Vice President, Underwriting
Hudson Insurance Company

Erica Davis
Vice President Underwriting Manager
Zurich North America, Specialty E&O

Mario G. Paez RPLU
Vice President Professional Risk Group
Wells Fargo Insurance Services USA, Inc.

Becky Swanson
Managing Director, Misc. Professional Lines – E&O, Technology & Cyber
Markel – Product Line Leadership

Moderator:

Harry A. Valetk
Of Counsel
Baker & McKenzie LLP

  • Reviewing the underwriting process – key considerations, policy language, and processes
    • Underwriting application, pricing, auditing
  • Underwriting
    • first party similar to contingent business interruption
    • third party side: computer virus of global nature, denial of services, etc.
  • Key considerations for cyber liability coverage
  • New coverage options and issues including:
    • PCI-DSS
    • Operational risk
    • Reputational harm
    • Business interruption
    • Property damage
  • Trends in language
  • What are the policy provisions that will be litigated on the coverage side?
    • What is the definition of the loss in a policy and does this include statutory liability?
    • Penalties for failure to notify