Cyber Insurance Policy for Construction & Real Estate

Cyber insurance policy for construction & real estate is an essential insurance policy. It protects the firms against a cyber breach or ransomware attack. This insurance policy is designed to protect Construction and real estate companies from cyber attacks. The insurance policy helps the insured to cover the legal fee and maintain public relations. In addition, the policyholder may escape from the potential damages, which are common today.

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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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Written By: PolicyBazaar - Updated: 07 June 2023
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Policybazaar for Business - Cyber Insurance - Customer Reviews
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4.5/5
Based on 47 reviews
4.5
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Based on 47 reviews
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4.3 October 11, 2022
Aarti Singh
Knowledegable Team
The representatives at PolicyBazaar were knowledgeable, patient and genuinely committed to helping me find the best insurance policy for my requirements. They took the time to answer all my questions and provide valuable guidance, ensuring that I had a thorough understanding of the coverage details and terms. THANKS.
Agra
4.3 October 06, 2022
Amit
Quick And Hassle Free
After seeing a rise in cyber attacks in many of the companies, i decided to purchase a cyber insurance policy for my start up. I went on the Policy Bazaar website and learned about the coverage in detail and purchased it from their website only. It was quick and hassle-free purchase.
Nashik
4.5 October 04, 2022
Pinku
Paperless Process
We bought the contractual liability insurance from policybazaar and received the best overall package. The process was paperless as we applied for insurance online and the support was amazing.
Surat
4.5 October 03, 2022
Aashish
Extensive Coverage
We thoroughly checked all the benefits and features and decided to buy a contractual liability policy from Policybazaar. It provides all the necessary features to safeguard our business against any loss.
Ahemdabad
4.5 October 02, 2022
Nishant
Easy To Buy
It was easy to buy insurance from Policybazaar and customer support was also amazing to clear all the doubts. Contractual liability insurance is essential for my business and I could not get a better deal than this.
Udaipur
4.5 October 01, 2022
Puneet
Easy Plan Comparision
An ideal Contractual Liability Insurance policy purchased to protect our business that we ecounter in our everyday operations. Policybazaar offers a platform to compare multiple plans.
Assam
4.5 September 30, 2022
Govind
No Broker And Paper Work
Great experience at Policybazaar. We did not know that buying Contractual Liability Insurance could be that easy. Also there is no broker and paperwork.
Jharkhand
4.8 September 29, 2022
Rinku
Perfect Insurance Coverage
I purchased Contractual Liability Insurance from Policybazaar and the coverage they provided is perfect to keep my hardware business safe various unforeseen instances.
New Delhi
4.5 March 18, 2022
Ishan
Cloud Storage Cover
I wanted to purchase a cyber insurance policy could provide coverage for the data stored in cloud network. I went on the Policybazaar website and look up for plans that would provide me with this coverage. I compared different plans and in a matter of minutes i found the right cyber insurance plan that would fit my requirement.
Ajmer
4.5 March 17, 2022
Anurag
Good User Interface
I was looking for a cyber insurance policy online. After looking for the insurance plan online I landed on the Policybazaar website. Trust me, the user interface of the website is so good that i was able to locate the cyber insurance plan and purchase it in not more than 10 minutes. Thanks Policybazaar.
Delhi