Insuring Clauses under Bajaj Allianz Cyber Insurance Policy
Insuring clauses refer to the risks assumed by the insurer. They are as follows:
- Social Media Cover
- Identity Theft
- Cyber Stalking Cover
- Malware Cover
- IT Theft Cover
- Phishing Cover
- Media Liability Cover
- E-mail Spoofing Cover
- Cyber Extortion Cover
- Data and Privacy Breach by 3rd Party Cover
Bajaj Allianz Cyber Insurance Policy: Inclusions
The cyber insurance offered by Bajaj Allianz General Insurance Company provides coverage for the following perils:
Cost of Prosecuting Criminal Case
- Defence Cost
- Direct & Pure Financial Loss
- Transportation expenses
- Photocopying of documents arising out of defence
- Online loss of funds
- Online payment loss of wallet
- IT Consultant cost
- The cost incurred in a claim for damages against 3rd party
- Legal fees incurred from a claim for damages against Financial Institution/Payment system operators
Bajaj Allianz Cyber Insurance Policy: Exclusions
The cyber insurance policy offered by Bajaj Allianz General Insurance Company does not provide coverage for the following perils:
- Bodily Injury
- Property Damage
- Dishonest & Improper conduct
- Unauthorised collection of data
- Unsolicited communication
- Immortal/Obscene services
Bajaj Allianz Cyber Insurance Policy: Claim Process
To raise a claim under Cyber Safe Insurance Policy, follow the below-mentioned steps:
- Inform the insurance provider
- Submit duly filled, signed and stamped claim form
- The insurance provider will assign an investigator for incident analysis as well as to check the severity of the cyber attack
- The turn-around time for the inspection process is around 4-5 hours
- In case the cyber attack is severe then a cyber expert is hired to analyse the incident. It cannot be done by the in-house cyber expert to avoid biasedness and keep transparency.
- All the concerned parties discuss the resolution of the incident including the policyholder.
- Then the insurer asks the insured about the estimated cost of the loss sustained
- Then all the details are re-reported to the claiming team of the insurance company.
- Then the claiming team reviews it and after the final approval, the settlement is done.
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