Cyber Insurance Policy for Construction & Real Estate: Inclusions
The following losses shall be covered under the cyber liability insurance policy.
- Any loss or damage caused due to cyber stalking shall be covered under the cyber policy
- Any financial loss incurred due to IT theft shall be covered under a cyber policy
- Any loss or damage caused due to phishing shall be covered under the cyber policy
- Cyber insurance covers a policyholder in case of a malware attack. The insurance company offers the cost of restoration of the data
- The insurer indemnifies the insured against a loss or damage caused due to email spoofing
- Media liability claim is settled by the insurance company
- Any privacy or data breach committed by a third party shall be covered under the cyber policy
- Any loss or damage caused due to cyber extortion shall be covered under the cyber liability insurance policy
Cyber Insurance Policy for Construction & Real Estate: Exclusions
The following risks shall not be covered under the cyber liability insurance policy.
- Any bodily injury or disease to the policyholder shall not be covered under the cyber liability insurance policy
- Any damage which is of tangible nature is not expected to be covered under a cyber policy
- A death caused to the policyholder shall be covered under health insurance policy
- Any willful act done by the policyholder shall not be covered under a cyber policy
- The cyber policy does not include any loss or damage caused due to fraudulent acts of the policyholder
- Any loss or damage caused due to infringement of law, rules and regulations shall not be covered under a cyber policy
- Any loss or damage caused due to the deliberate action of the policyholder shall not be covered under a cyber policy
- The insurer does not provide any coverage if the insured knows the consequences of his action
- Any legal proceeding initiated before subscribing to the cyber liability policy is not privileged to be entertained in a cyber liability policy
- Any loss or damage which is not explainable is not entitled to be covered under cyber insurance
Cyber Insurance Policy for Construction & Real Estate: Claiming Process
The insured must follow the below-mentioned steps in order to file a claim under cyber insurance.
- The policyholder is required to inform the insurance company about the incident
- The policyholder must provide the documents substantiating the claim
- The policyholder should lodge an FIR at the nearest police station about the incident
- The insurance company shall appoint an investigator
- The investigator shall interpret the severity of the cyber incident
- The cyber expert shall also be hired in case of the severity of the cyber attack
- The surveyor shall prepare a report of the incident
- The report shall be submitted by the surveyor to the insurance company
- The insurance company shall interpret the report
- On the basis of the report, the insurance company either accepts or rejects the claim
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