Key Features of ICICI Lombard Cyber Insurance
ICICI Lombard's Cyber Insurance policy is designed to address the multifaceted nature of cyber risks. Here are five standout features:
- Comprehensive Coverage
The policy provides extensive protection against various cyber threats, including data breaches, network security failures, and cyber extortion.
- Customisable Policy Options
Businesses can tailor the policy to their specific needs, selecting coverage limits and endorsements that align with their risk profile.
- Immediate Customer Support
In the event of a cyber incident, the policy offers access to expert services for incident response, including forensic investigations and legal consultations.
- Third-Party Liability Protection
The policy covers liabilities arising from claims made by third parties affected by a cyber incident involving your business.
- Extended Reporting Period (ERP) Flexibility
The policy includes a built-in 30-day extended reporting period, allowing claims to be reported even after the policy expires, subject to certain conditions.
ICICI Lombard Cyber Insurance Inclusions
The ICICI Lombard Cyber Insurance policy encompasses several critical areas:
- Individual Security & Privacy Liability: Covers losses from security or privacy breaches by the insured.
- Corporate Security Liability: Covers losses from security breaches resulting in unauthorised disclosure of corporate information.
- Multimedia Liability: Covers losses from multimedia activities of the insured.
- Incidental Claim Costs: Includes coverage for ransomware, forensic investigations, and other related costs.
Disclaimer: This is not a complete list. Please read your official policy documents carefully for full details on all inclusions.
ICICI Lombard Cyber Insurance Exclusions
While comprehensive, the policy does have certain exclusions:
- Anti-Trust Violations: Excludes coverage for unfair competition, antitrust violations, deceptive trade practices, or restraint of trade.
- Insolvency: Excludes coverage if the insured becomes insolvent or is under receivership.
- Bodily Injury/Property Damage: Excludes bodily injury, sickness, disease, death, or damage to tangible property, except for emotional distress arising from covered incidents.
Disclaimer: This is not a complete list. For full details on all exclusions, please refer to your official policy documents.
ICICI Lombard Cyber Insurance Claim Process
Filing a claim under the ICICI Lombard Cyber Insurance policy involves the following steps:
- Immediate Notification
Inform ICICI Lombard of the cyber incident as soon as possible through their official channels.
- Documentation Submission
Provide all necessary documentation, including incident reports, forensic analysis, and any legal notices received.
- Assessment and Investigation
ICICI Lombard will assess the claim, possibly involving external experts to investigate the incident.
- Claim Evaluation
Based on the investigation, the insurer will evaluate the claim's validity and determine the compensation amount.
- Settlement
Upon approval, the claim amount will be disbursed as per the policy terms.
FAQs
-
Who should consider purchasing ICICI Lombard Cyber Insurance?
Ans: Any business that handles sensitive data or relies on digital operations should consider this policy to mitigate cyber risks.
-
Can the policy be customised to fit specific business needs?
Ans:Yes, ICICI Lombard offers customisable options to align the policy with your business's unique risk profile.
-
Does the policy cover losses due to phishing attacks?
Ans:Yes, losses resulting from phishing attacks are covered under the policy's cybercrime protection clauses.
-
What is the process for renewing the policy?
Ans: Policy renewal can be done through ICICI Lombard's official website or by contacting their customer service.
-
Are there any prerequisites for purchasing the policy?
Ans: Businesses may need to undergo a risk assessment to determine the appropriate coverage and premiums.
We don't spam
Expert advice made easy
